Quote of the day

Beware the Keynesian who wants to have it both ways.--Tyler Cowen

He leads up to this quote in saying:

Flexibility of wages makes it harder to embrace the Keynesian framework. Keynesianism requires sticky nominal wages and since we have been having low inflation times (until now, at least) that means relatively sticky real wages as well. Yet it is claimed implicitly [by Keynesians] that many real and nominal wages have been falling.