Why the economic fundamentals still apply
John Maynard Keynes’ acerbic remark that “…in the long run, we’re all dead” resonates because it is true, [1] and because it rightly draws attention to the here and now rather than some uncertain and distant possible future. But it has encouraged some commentators to dismiss long-term considerations as altogether irrelevant. I’m ready to bet Keynes never intended that. Political cycles in democracies practically insist on ignoring the long-term: if a policy is net costly in the short term it will