The Essential Fallacy of John Maynard Keynes and His Early Disciples: Paper Money Was a Suitable Means to Alleviate Scarcity

The essential fallacy of John Maynard Keynes and his early disciples was to cultivate the monetary equivalent of alchemy. They believed that paper money was a suitable means to alleviate the fundamental economic problem of scarcity. The printing press was, at any rate under certain plausible conditions of duress, a substitute for hard work and savings and cutting prices.

--Jörg Guido Hülsmann, "New Keynesian Monetary Views: A Comment," Quarterly Journal of Austrian Economics 6, no. 4 (Winter 2003): 73.