Keynesian Economics vs. Austrian Economics

[Deicide]

[Soul Crusher]

The funny thing is that keynes never advocated tax increases in a recession and advocated cutting back during good times.

[Deicide]

The funny thing is that keynes never advocated tax increases in a recession and advocated cutting back during good times.

Yeah, what they are doing is not classical Keynsianism, it's more like doing what they have always been doing...without thinking.

[Soul Crusher]

[GigantorX]

Yeah, what they are doing is not classical Keynsianism, it's more like doing what they have always been doing...without thinking.

It's all they know how to do, it's what they've been taught and they live within that bubble. So they will do QE to infinity, print money with reckless abandon and redistribute wealth like crazy people...they will do it, fight for it and preach how it will work and can't fail even as the evidence of it's total failure stares them right in the face.

But again, that's the bubble they exist in, they can't possibly be wrong. The status quo must be maintained.

When QE5/6/7/8 is rolled out under whatever moniker several years from now they will be saying the same stuff.

[Kazan]

[George Whorewell]

Actually, Obama is following a carefully crafted strategy known as "Kenyan" Economics.

Many in the press and academia typically misspell or confuse this school of thought on economics with Keynesian.

In Kenyan economics, the goal is to skyrocket unemployment, devalue the currency and throw society into hopeless and unrelenting chaos. In the midst of the rubble, the population will branch out into various tribal groups based on geographic location, skin color and who can run the fastest.

In the end, an extremely small group of well to do, insulated government officials will run the country as a military dictatorship.

Obama has done brilliantly thus far in applying Kenyan economics to the United States. By most projections, he will have succeeded well before the 2012 election.

- Source AP
 

[Soul Crusher]

Lmao.

[Mr. Magoo]

Do you think Keynes saved england from going bankrupt during/after ww1? (I think that time frame is right, I don't remember, early 1900s at least)

I read Bertrand Russell's autobiography recently and he talks very highly of Keynes. He said the last time he saw Keynes was from a distance in the streets of....some city in England, and Keynes was asking around frantically for a motorcycle to drive to london. Russell said it appeared Keynes hadn't slept for days and that he was probably on his way to save england.

Keynes's intellect was the sharpest and clearest that I have ever known. When I argued with him, I felt that I took my life in my hands, and I seldom emerged without feeling something of a fool. I was sometimes inclined to feel that so much cleverness must be incompatible with depth, but I do not think that this feeling was justified.
Bertrand Russell, in Autobiography Ch. 3 : Cambridge, p. 69

[The True Adonis]

Kenya Vs. Hitler.  This is a tough one.