View Poll Results: Do you support Keynesian economics?

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Thread: Do you support Keynesian economics?

  1. #1
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    Do you support Keynesian economics?

    Do you support Keynesian economics?

    Yes
    No
    Don't know
    Don't care
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

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    Gradualist

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    Re: Do you support Keynesian economics?

    Ehhh somewhat......


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    Re: Do you support Keynesian economics?

    Implicitly.
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

  4. #4
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    Re: Do you support Keynesian economics?

    Not in the slightest
    Last edited by Bigfoot 88; 06-03-11 at 10:32 PM.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Chappy View Post
    Do you support Keynesian economics?

    Yes
    No
    Don't know
    Don't care
    Quote Originally Posted by TheDemSocialist View Post
    Ehhh somewhat......
    Damn, I knew I should have included the ‘somewhat’ choice.
    Last edited by Chappy; 06-03-11 at 10:35 PM.
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

  6. #6
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Bigfoot 88 View Post
    Not in the slightest
    I'm glad you didn't take the time to vote in the poll “in the slightest.” LOL
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

  7. #7
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    Re: Do you support Keynesian economics?

    Goodness Gracious no. The History of that theory is atrocious.



    1920: Stock Market Collapse, Unemployment Spikes. Government Response: Cut Spending Reduce Taxes. Effect: Rapid Economic Growth, Unemployment drops to historically low levels.

    1930: Stock Market Collapse, Unemployment Spikes. Government Response: Raise Spending Raise Taxes. Effect: Unemployment spikes higher, the economy shrinks for four straight years, a decade of double-digit unemployment. Market does not recover until 1953.

    Late 1940's: Extremely High Inflation threatens, as does the loss from the necessary massive restructuring from a war to a peace economy. Government Response: Drastically Slash Government Spending. Effect: Unemployment stays at historically low levels, economic growth accelerates.

    WORTH NOTING: this is the single best example of the utter failure of keynesian economics. Keynesians were UNANIMOUS that the reduction in government spending combined with the demobilization of the military would result in mass unemployment. The Government reduced spending by 40%. Millions of men left government service.

    and yet 1946 was the single best year for the private economy in United States History. Production shot up a mind-boggling 30%. AG Hines was predicting we would collapse back into the Great Depression - Unemployment predictions from Keynesians across the country ranged between 6 and 10 million men out of work by winter of 1946.... yet unemployment stayed below 4%. Paul Samuelson predicted we would fall behind the Soviet Union (though, to be fair, he kept predicting that. and just stubbornly kept pushing back his "we will fall behind" date as the predicted times came and went and we remained dammably ahead. as late as 1989 he was holding up the Soviet Union as proof that Socialist Command Economies can grow and "thrive").

    After the repeated failures of the 1930's (which they blamed on 'greed'), the Keynesians put themselves out into a major falsifiable position on a prediction that - if their assumptions were correct - could not possibly fail..... and were 100% completely utterly humiliatingly hilariously wrong.

    Late 1960's: Undaunted by their failure, Keynesians claim that the growth of the 50's and early 60's prove that they have now mastered the business cycle - there will never again need be a recession in the United States of America because they have the power to fine-tune them out via the power of Government expenditures. Arthur Okun (Chairman of the Council of Economic Advisers to the President) wrote an entire book about how recessions were no longer "necessary" and that booms could now be perpetual thanks to the magic of Keynesianism. Result: one month after the book is published, the US goes into recession. Keynesians attempt to bring their brilliance to bear - Result: the 1970s and stagflation. CPI rose about 160% from 1965 to 1980. Unemployment rose and remained high. Inflation-adjusted, the DOW fell fully 80% from it's peak (put that in perspective - the giant market crash that we just went through was smaller).

    STAGFLATION: under Keynesianism, of course, is impossible. They had never considered the possibility that it could happen - because their assumptions mean that it can't. Inflation is supposed to improve employment by reducing real wages which remain sticky in inflated dollars, and more money means more growth.... so stagflation can't happen.... and the fact that it does.... well, just ignore the fact that it does, because otherwise the model doesn't work.

    2001 - Paul Krugman writes about the need to lower interest rates in order to stimulate housing. Bush tells us how we can avoid a recession by jump-starting the economy in 2008. Obama tells us we can keep unemployment below 8% in 2009. Obama tells us that unemployment will peak at around 9% if we don't pas the stimulus.



    you know what the definition of "insanity" is? It's doing the same thing over and over and expecting different results.
    Last edited by cpwill; 06-03-11 at 10:43 PM.

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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Chappy View Post
    Damn, I knew I should have included the ‘somewhat’ choice.
    Sorry. Us socialists can get pretty difficult sometimes.


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    Re: Do you support Keynesian economics?

    Yes. It works for Kenya. It should stay in Kenya.

    America is capitalist, and Kenyan economics isn't really allowed here.

  10. #10
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Mayor Snorkum View Post
    Yes. It works for Kenya. It should stay in Kenya.

    America is capitalist, and Kenyan economics isn't really allowed here.
    Is that guy serious? ^





    As for the OP, I'm unsure. I was a fan of the Chicago School in my youth but I haven't read enough on Keynes to truly take sides.
    Last edited by CaptainDDC; 06-04-11 at 06:04 AM.


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