Economics Questions

Re: When a keynesian makes this claim...

Wheylous — Wed, 28 Dec 2011 15:52:25 GMT

JJ, do you mean the GD and WW2?

Oh man, I thought you meant that the Gilded Age was laissez faire:

The robber barons and the real Gilded Age

The Gilded Age: a modest revision

No laissez-faire there

The many monopolies

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 05:26:28 GMT

I sent him a couple of links. One from ben Bernanke admitting the fed caused the great depression. One from the Washington state journal that says Ludwig Von Mises predicted the great depression and one from mises. I'll send him the thread you provided as well.

This guy is hopeless though

Re: When a keynesian makes this claim...

John James — Wed, 28 Dec 2011 05:06:16 GMT

Well of course there's plenty of material on that old wives' tale...

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 04:44:29 GMT

Hillarious I just got a reply from a debate that's been going on a while stating the following:

The laissez-faire period ended by the beginning of the 20th century, when large monopolies were broken up and government regulation of business became the norm.
The Great Depression of the 1930s saw the birth of Keynesian Economics, an influential approach advocating government intervention in economic affairs. The movement toward deregulation of business in the United States that began in the 1970s and 80s is to some extent a return to the laissez-faire philosophy

...

it was keynesian econmomics that ended the depression in the early 40's when the government started a massive investment program called ww2... eisenhower expanded that in the 50's, kennedy kept it going..,, stop lying to people...liar

Re: When a keynesian makes this claim...

z1235 — Wed, 28 Dec 2011 02:56:47 GMT

Wheylous:

Do Keynesians really argue tha market caused the GD? I thought they just blamed the Fed for not doing enough.

For Keynesians, it is "animal spirits" that cause depressions. The Fed is to blame when it doesn't do enough to tame/counter them.

Re: When a keynesian makes this claim...

John James — Wed, 28 Dec 2011 02:51:48 GMT

Wheylous:
Do Keynesians really argue tha market caused the GD? I thought they just blamed the Fed for not doing enough.

Yeah you can always find people who will argue the Depression was caused by everything from concentration of wealth, to a lack of regulation, to (believe it or not) low taxes. Check out the wiki.

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 02:48:13 GMT

I guess I should clarify.

I have heard obvious beginner Keynesians claim that free markets caused the great depression. I'm sure its rooted from the idea that the Fed didn't do enough.

Re: When a keynesian makes this claim...

Wheylous — Wed, 28 Dec 2011 02:42:07 GMT

Do Keynesians really argue tha market caused the GD? I thought they just blamed the Fed for not doing enough.

Re: When a keynesian makes this claim...

John James — Wed, 28 Dec 2011 02:27:30 GMT

jargon:
What is a good text to read after Hazlitt's E-in-1 and before Human Action

Re: When a keynesian makes this claim...

Jargon — Wed, 28 Dec 2011 02:20:58 GMT

What is a good text to read after Hazlitt's E-in-1 and before Human Action?

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 01:14:18 GMT

So far I've just read a lot of Rothbard and Henry Hazlitt Economics in One Lesson. Believe me I'm not fooling myself I understand that I am not ready for Human Action but I figured I can give it a listen since good ol' Jeff is reading it for me. I can always revisit it again once I have a more well rounded grasp on things.

I am only on chapter 3 at the moment.

Re: When a keynesian makes this claim...

John James — Wed, 28 Dec 2011 00:44:17 GMT

Yep. Google:

danbeaulieu:
Btw, I'm currently listening to Jeff Riggenbachs reading of Human Action. So deep.

Whoa!...I hope you've gotten through a few other intermediary works since we last spoke?

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 00:33:30 GMT

oops, I depend on google spellcheck a bit too frequently.

Thanks james.

Btw, I'm currently listening to Jeff Riggenbachs reading of Human Action. So deep.

Re: When a keynesian makes this claim...

John James — Wed, 28 Dec 2011 00:30:11 GMT

Not sure I understand how the first sentence fits in, but other than that, it sounds pretty good to me...other than "seized" should be "ceased"

Re: When a keynesian makes this claim...

danbeaulieu — Wed, 28 Dec 2011 00:14:15 GMT

Thanks James,

When I laughed inside thinking about debating on this forum, I thought of you. LOL

Mud Slinging is a great analogy and is actually something that I called him out on earlier. Specifically I said he was simply regurgitating rhetoric and that he isn't supplying argument.

My response to this comment, if you wish to critique it was the following: (rothbard came to mind)

The differences do not need to be abundant to polarize the model. One of the central and most obvious fallacies is that Keynesian's blame free markets and Austrians blame Central Banks manipulating the money supply.

Most Keynesians will argue that free markets caused the great depression. This is completely false. In 1913 when the central bank began micromanaging the currency it seized to be a free market.

You say the Austrian method is purely theoretical and has never been used. I argue that its been in use around the world for nearly 10,000 years and is the natural fall-back. Free markets are organic and are a natural occurrence of society, once man begins to manipulate we get... bubbles.

Thanks James

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