Henry Hazlitt, in 'The Failure of the New Economics', quoting Keynes:

"For my own part I am somewhat sceptical of the success of a merely monetary policy directed towards influencing the rate of interest. I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investment."

Hazlitt replies:

So there you have it. The people who have earned money are too shortsighted, hysterical, rapacious and idiotic to be trusted to invest it themselves. The money must be seized from them by politicians, who will invest it with almost perfect foresight and complete disinterestedness (as illustrated, for example, by the economic planners of Soviet Russia). For people who are risking their own money will of course risk it foolishly and recklessly, whereas politicians and bureaucrats who are risking other people's money will do so only with the greatest create and after long and profound study. Naturally the businessmen who have earned money have shown that they have no foresight; but the politicians who haven't earned the money will exhibit almost perfect foresight. The businessmen who are seeking to make cheaper and better than their competitors the goods that consumers wish, and whose success depends upon the degree to which they satisfy consumers, will of course have no concern for "the general social advantage"; but the politicians who keep themselves in power by conciliating pressure groups will of course have only concern for "the general social advantage". They will not dissipate the money for harebrained schemes in East Africa; or for crop supports that keep submarginal farmers in business and submarginal acreage in cultivation; or to build showy dams and hydroelectric plants that cannot pay their way but can swing votes in the districts where they are built; or to set up Reconstruction Finance Corporations or Small Business Administrations to make loans to projects in which nobody will risk his own money. There will never be even a hint of bribery, or corruption, or the gift of a mink coat to a minor official by the beneficiary of the loan...

This is the glorious vista that Keynes unveils. This is "the new economics"

(Ellipsis in original)