A Real Counter-Argument to Keynes

[Velleity]

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Not saying I agree with this one bit, but I am open to real arguments (which I have not seen much of on these boards when it comes to economic thought). I'm reading this book. It's pretty much von Mises's perspective, as far as I can tell so far.

http://mises.org/store/Where-Keynes-Went-Wrong-P633.aspx

[lucy]

Looks like an interesting book.

Thanks for posting this. At this point, who knows what is really happening in the financial universe overall...

[Velleity]

It's the disinformation that bothers me, and there is way too much disinformation.

[lucy]

Disinformation can take many forms.

[Velleity]

Disinformation can take many forms.

One of the most destructive "forms"

[Boffo]

I thank you too, Vel.

It's hard (impossible)to find a liberal willing to acknowledge, even supply strong viable opinions that trash their own long held fallacies.

You are one of a kind.

If you should decide to run for President in 2012 on the Democratic ticket, I hereby promise and vow my tireless and dedicated support all the way through the primaries.

I probably won't read Lewis' book but will assume that he offers no Keynes success examples ie: actual societal application of the theories with a long term positive result, so will rely (wait) on you for those

thanks

[Velleity]

It's hard (impossible)to find a liberal willing to acknowledge, even supply strong viable opinions that trash their own long held fallacies.

 

Actually Boffo it's not that hard to find a liberal who is willing to try to be objective.

By the way, it's nothing new to me. My liberal economics professors did a fine job of presenting the monetarist point of view and even "supply-side" sophistry. The problem here, Boffo, is that "reality has well-known liberal bias."

[johnhp]

To me the real alternative economic theory are espoused by these folks

http://www.urpe.org/

[Velleity]

Not sure what that is, John. If it's Marxist I don't know what to tell you exactly, except that I do think it's premature for rightists to make some of the claims they've made and to do their victory lap. You know, we are in a period of radical changes where more and more goods and services can be produced by fewer and fewer people. No one knows where this change will lead.

As of yet we, as a species, are still poor when you account for everyone in the world. This is one of the conundrums of growth theory. When I was in school I was in awe of Robert Solow's growth model. Now I'm not so sure. Of course I've been out of this for 25 years and I know that while Solow did win the Nobel his model has fallen a little out of favor due to the notion that we shouldn't be so poor given the explosive nature of steady state growth predicted by the model.

So who really knows? The future could yet be like Star Trek where we look upon the Ferenghi as a not so benign joke?

[Boffo]

urpe  LOL!  I think we've just redefined loon !

maybe you should walk a mile in the shoes of a working stiff in China or Cuba, johnny, then report back to us with some utopian tales

still waiting for Keynesian success stories, Vel, got any yet?

Vel, my praise of you for providing the Lewis link is sincere,

"Where Keynes said that spending and not saving is the path to prosperity, the author shows that this is in fact the path to poverty."

rip into it Vel, show us on a micro level how a young family man should invest in a new Hummer instead of saving for retirement, a rainy day or his kids education.  do it


then kick it up to a nation level where trillion dollar deficits, insurmountable debt and a valueless dollar are really good for the country

waiting patiently

[Velleity]

urpe  LOL!  I think we've just redefined loon !

maybe you should walk a mile in the shoes of a working stiff in China or Cuba, johnny, then report back to us with some utopian tales

still waiting for Keynesian success stories, Vel, got any yet?

Vel, my praise of you for providing the Lewis link is sincere,

"Where Keynes said that spending and not saving is the path to prosperity, the author shows that this is in fact the path to poverty."

rip into it Vel, show us on a micro level how a young family man should invest in a new Hummer instead of saving for retirement, a rainy day or his kids education.  do it


then kick it up to a nation level where trillion dollar deficits, insurmountable debt and a valueless dollar are really good for the country

waiting patiently

It isn't about micro Boffo. It's about macro economics.

The success story is only the biggest, greatest success the world has ever known: the U.S. post WWI economy. 

One thing you should know, before you repeat the meme about how Keynesian economics was "discredited." It only fell out of favor, politically, with Ronald Reagan. Actually this was started by Jimmy Carter, but I digress. In academic circles Keynesian economics was never discredited and Lewis' "this is in fact the path to poverty" rhetoric is hardly a foregone conclusion.

[makesenseplease]

You  will be waiting forever, Boffo.

Most of the people advocating all this stupid spending are sitting on their money while telling America to go for broke.

[johnhp]

Not sure what that is, John.

It is a group devoted to what is often called nonheterodox economists.  This in cludes post-Keynesians, Marxists, Mutualists, Sraffians and the like.  i tend toward mutualism.

i am glad, unlike other posters, you did not pretend to know what URPE supports.

Now, watch this drive....

[Velleity]

You  will be waiting forever, Boffo.

Most of the people advocating all this stupid spending are sitting on their money while telling America to go for broke.

I have absolutely no idea what you're trying to say here MSP.

[johnhp]

urpe  LOL!  I think we've just redefined loon !

Boffo, don't sell yourself short.  You've set the benchmark for dumbass for years.

maybe you should walk a mile in the shoes of a working stiff in China or Cuba, johnny, then report back to us with some utopian tales

Explain at length what this remark has to do with URPE.

rip into it Vel, show us on a micro level how a young family man should invest in a new Hummer instead of saving for retirement, a rainy day or his kids education.  do it


then kick it up to a nation level where trillion dollar deficits, insurmountable debt and a valueless dollar are

really good for the country

Excellent example of adapting the ontogenetic fallacy.