Austrian economics
- Thread starter Timshel
- Start date
evince
Truthmatters
Note the date of compliance?
as it turned out giving all those banks all that time to comply ended with them merely having to fess up to what they had done.
A week before the compliance date Bush had to go on TV and tell everyone the banks fucked us
Where did I lie? I quoted him verbatim and provided a link to the source. For you to claim I am lying is ridiculous.
He called for a bubble. He did the same in the 10/07/2001 article. I have lot's more in the tank, where he repeats the same policy prescriptions over and over again. You still have not produced one source on an accurate prediction from non Austrians.
You are in way over your head, desh. You chose this. There is no reason to get all panicky and start slinging mud at me.
No, since all goods come with opportunity costs, housing does not always help an economy.
Cancel 2016.2
The Almighty
So you admit the broker rules are exemptions to regulation?
I'm Watermark
Diabetic
Not always, but when you're trying to regenerate one, construction projects are a pretty effective means of doing so.
/MSG/
Uwaa OmO
Not necessarily. If the construction doesn't spur more permanent demands it's a temporary fix at best.
I'm Watermark
Diabetic
Yeah, there's always that risk. Then you have to account for the labor demands of projects, the wages, the total spending, and so on. So the economics we're dealing with now are all in theory - we could point to a specific situation, say "this'll probably work", or "this has no chance", but even then we're just guessing based on what information's available.
But, speaking generally, spending does increase employment, if it increased equality. Distributing stores of wealth to those who'll spend it - provided it's accompanied with other policies - is one of the more defensible positions, no?
Mott the Hoople
Sweet Jane
which is why economics is considered a social science.
Minister of Truth
Practically Perfect
Which goes along with what the Austrians have long been saying, and against Dr. Desh.
/MSG/
Uwaa OmO
That's an AWFUL lot of varibles there. But mostly it depends what you're building. A new power plant keeps people employed. A new road, not so much (generally speaking).
I'm Watermark
Diabetic
I pretty much agree with that. I would also say that a new road will stimulate demand briefly, and potentially contribute (in a small way) to a recovery.
You could also look at James Galbriath's labor economics, in which he talks about equality. In a highly equal society, he says, the margins are pushed in, resulting in lower unemployment and more effective use of resources.
cawacko
Well-known member
It only took several hundred posts but Desh has finally (sort of) come out and stated what kind of economics she believes in even though she's still speaking of politics and not actual economic theory.
evince
Truthmatters
http://en.wikipedia.org/wiki/We_are_all_Keynesians_now
"We are all Keynesians now" is a famous phrase coined by Milton Friedman and attributed to U.S. president Richard Nixon. It is popularly associated with the reluctant embrace in a time of financial crisis of Keynesian economics by individuals such as Nixon who had formerly favored less interventionist policies.
History of the phrase[edit]
The phrase was first attributed to Milton Friedman in the December 31, 1965, edition of Time magazine.[1] In the February 4, 1966, edition, Friedman wrote a letter clarifying that his original statement had been "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian."[2]
In 1971, after taking the United States off the gold standard,[3] Nixon was quoted as saying "I am now a Keynesian in economics",[4] which became popularly associated with Friedman's phrase.
In 2002, Peter Mandelson wrote an article in The Times declaring "we are all Thatcherites now", referring to the acceptance among the other political parties of Margaret Thatcher's economic policies.[5]
The phrase gained new life in the midst of the global financial crisis of 2008, when economists called for massive investment in infrastructure and job creation as a means of economic stimulation.[6][7]
After the 2012 Republican Iowa caucuses, Congressman Ron Paul (R-TX) publicly declared "We are all Austrians now," a play on his staunch support for fiscal conservatism and laissez faire economics and their rising popularity in the Republican Party.
"We are all Keynesians now" is a famous phrase coined by Milton Friedman and attributed to U.S. president Richard Nixon. It is popularly associated with the reluctant embrace in a time of financial crisis of Keynesian economics by individuals such as Nixon who had formerly favored less interventionist policies.
History of the phrase[edit]
The phrase was first attributed to Milton Friedman in the December 31, 1965, edition of Time magazine.[1] In the February 4, 1966, edition, Friedman wrote a letter clarifying that his original statement had been "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian."[2]
In 1971, after taking the United States off the gold standard,[3] Nixon was quoted as saying "I am now a Keynesian in economics",[4] which became popularly associated with Friedman's phrase.
In 2002, Peter Mandelson wrote an article in The Times declaring "we are all Thatcherites now", referring to the acceptance among the other political parties of Margaret Thatcher's economic policies.[5]
The phrase gained new life in the midst of the global financial crisis of 2008, when economists called for massive investment in infrastructure and job creation as a means of economic stimulation.[6][7]
After the 2012 Republican Iowa caucuses, Congressman Ron Paul (R-TX) publicly declared "We are all Austrians now," a play on his staunch support for fiscal conservatism and laissez faire economics and their rising popularity in the Republican Party.