supply-side economics are PROVEN FAILURES. from Hoover to Reagan and onwards
And saying that Keynes was a government interventionist .. just shows ........ that you don't know what you're talking about ...
.......REPEAT: ..you don't know enough about Keynes (and neither do I and neither does Paul Krugman, of course, HE knows MORE than we DO) to be reaching any conclusions and/or calling him a government interventionist
.....I suggest you read this to become educated a bit more on Keynes, at least enough for you stop making stupid wingnut statements..
Mr Keynes and the moderns
Keynes’ General Theory is 75 years old. In this column, Paul Krugman argues that many of its insights and lessons are still relevant today, but many have been forgotten. A broad swath of macroeconomists and policymakers are applying old fallacies to today’s crisis. As the nostrums being applied by the “pain caucus” are visibly failing, Keynesian ideas may yet make a comeback.
It’s a great honour to be asked to give this talk, especially because I’m arguably not qualified to do so. 1. I am, after all, not a Keynes scholar, nor any kind of serious intellectual historian. Nor have I spent most of my career doing macroeconomics. Until the late 1990s my contributions to that field were limited to international issues; although I kept up with macro research, I avoided getting into the frontline theoretical and empirical disputes. By contrast I probably do have a better sense than most technically competent economists of the arguments that actually drive political discourse and policy. And this discourse currently involves many of the same issues Keynes grappled with 75 years ago. We are – frustratingly – retracing much of the same ground covered in the 1930s. The Treasury view is back; liquidationism is once again in full flower. We’re having to relearn the seeming paradox of liquidity-preference versus loanable-funds models of interest rates.
What I want to do in this lecture is talk first, briefly, about how to read Keynes – or rather about how I like to read him. I’ll talk next about what Keynes accomplished in The General Theory, and how some current disputes recapitulate old arguments that Keynes actually settled. I’ll follow with a discussion of some crucial aspects of our situation now – and arguably our situation 75 years ago – that are not in the General Theory, or at least barely mentioned. And finally, I’ll reflect on the troubled path that has led us to forget so much of what Keynes taught us.
........NOW..go read this and find out just how much YOU don't know ! It's LONG but INFORMATIVE ..there's charts there's all kinds of important stuff in here to understand ... http://voxeu.org/index.php?q=node/6668#_ftnref
SilverSurfer:"Gov should be like an Umpire, not a part of the game"
Spoken like a true right wing A H. IMO get the hell out of the governments way and let the good times roll. IMO that is what is wrong, the Republican right is standing on the sidelines with there fingers up there behinds now. All the time saying Big O will be a one shot prez. You wish. You can't play the game if only one side shows up.
SilverSurfer -- a compare/contrast review of recessions/depressions in the U.S. economy prior to the Great Depression versus since demonstrates precisely the opposite -- there are times when intervention is needed and appropriate, and works, has a very real positive effect (again, first item at http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64573038 ) -- hold to whatever 'haha I can't hear you with my head up my butt' opinion you like, that's the proven fact
and it was precisely the failure of the government to call the balls and strikes and enforce the laws, under dubya, that made possible and enabled, indeed encouraged, the invisible hand of the free market doing God's work's latest-delivered big bubble and crash, the worst since the likewise-delivered Great Depression -- big bubble and crash, over and over, being of course the normal way things went in your glory days of itsy-bitsy government and lotsa God's work before the Great Depression brought FDR and the Dems in complete control and the passage of federal and state securities and banking laws and the creation of federal and state regulatory agencies -- and also brought Keynes
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