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Re: Is Walter E Williams a right wing keynesian or an Austrian?

skylien — Mon, 06 Feb 2012 21:37:54 GMT

Thanks James. Great Video!

Re: Is Walter E Williams a right wing keynesian or an Austrian?

John James — Mon, 06 Feb 2012 10:00:57 GMT

Interesting that you would bring this up now...it would be quite the coincidence if it wasn't prompted by Tom Woods' recent intervew (which was just posted on his blog about an hour ago):

My Interview with Walter Williams

Here’s my interview with Walter Williams, from when I hosted the Peter Schiff Show last week. Very smart and interesting guy, as you likely know. Did my best to get a Ron Paul endorsement out of him.

(Please visit the site to view this media)

Re: Is Walter E Williams a right wing keynesian or an Austrian?

Esuric — Mon, 06 Feb 2012 09:46:39 GMT

Right-wing Keynesians = "Supply Side" economists . You can't really call Monetarists Keynesians though they do both employ the same general framework (knightian capital theory, over-aggregation of data, and the income-expenditure model). Basically, to be a Keynesian, you must believe that expansionary fiscal policy is effective in bringing an economy out of a recession.

Re: Is Walter E Williams a right wing keynesian or an Austrian?

Jargon — Mon, 06 Feb 2012 04:40:14 GMT

Hmm interesting, so the definitions of schools of economic thought are actually irrelevant? And the proper way to categorize those schools is on the basis of their position on the federal reserve? And Grover Cleveland was an austrian? Even though he temporarily gave JP Morgan control over the US Treasury? Okaaay got it.

Why do people call libertarians overly-ideological again?

Re: Is Walter E Williams a right wing keynesian or an Austrian?

No2statism — Mon, 06 Feb 2012 04:33:47 GMT

Yes, that was what I meant by "Right wing keynesian". A greenbacker (e.g., Ellen Brown, National Socialists, Communists) would be left wing keynesian, a Chicago-an would be a right wing keynesian and anyone who supports true hard money monometallism (Dr. Paul, Virginia's Old Republicans, Grover Cleveland, Martin Van Buren, Andrew Jackson) would be an Austrian. Basically, the Fed is center-left (since it's enacted by the state and protected by the state, it's a Keynesian policy), greenbackers are on the hard left, and the Bourbon Democrats would be on the hard right.

Thanks for answering my question:)

Re: Is Walter E Williams a right wing keynesian or an Austrian?

John James — Mon, 06 Feb 2012 04:13:19 GMT

I don't know what a "right wing Keynesian" is.

Williams has been at GMU for quite some time, but he's basically a Chicago-an. (I guess if that's what you want to call "right wing Keynesian", then so be it, but you might just stick with the terms people actually know.)

Re: Is Walter E Williams a right wing keynesian or an Austrian?

Friedmanite — Mon, 06 Feb 2012 02:35:48 GMT

It's rather disingenuous to call anyone who doesn't agree with abolishing the Fed as a "Keynesian". Walter E. Williams is a right-wing, mainstream economist. Same with Thomas Sowell.

Is Walter E Williams a right wing keynesian or an Austrian?

No2statism — Mon, 06 Feb 2012 01:36:24 GMT

I've never been able to discern whether he supports the Fed. It's interesting that he hasn't expressed his opinion on the Fed anywhere close to the degree Dr. Paul has (at least not that I know of) since he's an economics professor.

Any educated guesses as to why he doesn't mention the Fed much, if at all?