The first, from Cato.org by Clifford F. Thies:
The second by Robert P. Murphy of the Ludwig von Mises Institute:
The paradox of thrift simply took Keynesian economics to its illogical conclusion. If governments should increase their spending during recessions, why should not households? If there were no principles of "sound finance" for public finance, from where would such principles come for family finance? Eat, drink and be merry, for in the long-run we are all dead.
The Keynesian revolution was about overthrowing the doctrines of balanced budgets and sound money, free international trade, and laissez-faire economics, and adopting instead the doctrines of deficit spending, inflation, and the managed economy. Adherence to the tried and true was to be replaced by trust in the new, self-confident generation of macroeconomists, who were not to be constrained by old-fashioned precepts, but who were to be free to do as they knew best.
The most central lesson of economic science—going back further than Adam Smith's "invisible hand" metaphor at least to Mandeville's 1732 Fable of the Bees—is that in a system based on private property, private vices can actually be harnessed for the benefit of the public at large. Specifically, a market economy steers greedy businesspeople into staying up all night, thinking about how best to satisfy their customers.Economics is good for the soul.