They do not have to be externalities, but TPTshouldn'tB funded Keynes and then used their influence to put their version of it in all the colleges. So, now it is the only game in town, and is accepted as the truth. If you do not agree, then you do not graduate or ever become a professor, or get into any "peer" reviewed sources.
Govern-cement spending is a hallmark of Keynes economics... but not really, Keynes said to spend during the down turns, and cut during the highs.
Economics is currently about propaganda to make the govern-cement sound like they are doing the right thing for the people.
It is not economics, it is a perversion of economics. But, when only a handful know of the Austrian school of economics, you might as well say it IS "economics".
You might like this too.
http://daviddegraw.org/the-economic-elite-vs-the-people-%EF%BB%BF%EF%BB%BForiginal-99-movement-call-to-action/ @builderofcastles.
Good article. Points out lots of the problems.
I disagree with all of his action points. They are rooted in the old paradigm and will not help out one bit. Several of his suggestions are also impossible, as in A =/= A