As usual Paul Krugman is WRONG on economics
- Thread starter Daal
- Start date
with all this talk of mixed economy and such, I thought I'd quote this post from "The Law Professor Blog".
[blockquote]The current economic crisis has the two schools of economic theory, one associated with Keynes and the other with Von Mises, at odds over the cause and cure. Mises would blame government expansion of credit for the boom and recommend that government stop intervening and let the market readjust for the cure. Keynes would blame private risk taking and recommend that the government stimulate the markets with spending and lending. What recent events have shown is that Mises failed to take into account politics -- the need for politicians to do something in a crisis. With the illusion of control, Keynes theory will usually win in a crisis -- as it currently has.[/blockquote]
I guess when unemployment gets high enough and people get miserable enough, some future president and some future congress will start cutting regulation again. Until then, those who are regulated will make sure that the new regulations favour them over their customers and increase barriers to entry to keep competition out and inefficiency in. The funniest part is that the people begging for all this regulation and government intervention are the ones who will be most hurt by it. You get what you ask for, I guess.
[blockquote]The current economic crisis has the two schools of economic theory, one associated with Keynes and the other with Von Mises, at odds over the cause and cure. Mises would blame government expansion of credit for the boom and recommend that government stop intervening and let the market readjust for the cure. Keynes would blame private risk taking and recommend that the government stimulate the markets with spending and lending. What recent events have shown is that Mises failed to take into account politics -- the need for politicians to do something in a crisis. With the illusion of control, Keynes theory will usually win in a crisis -- as it currently has.[/blockquote]
I guess when unemployment gets high enough and people get miserable enough, some future president and some future congress will start cutting regulation again. Until then, those who are regulated will make sure that the new regulations favour them over their customers and increase barriers to entry to keep competition out and inefficiency in. The funniest part is that the people begging for all this regulation and government intervention are the ones who will be most hurt by it. You get what you ask for, I guess.
Mises failed to take into account politics -- the need for politicians to do something in a crisis. With the illusion of control, Keynes theory will usually win in a crisis -- as it currently has
Keyes theory will be favored and implemented because it gives politicians greater power. The idea that a politician would reduce his power is so rare, I can only think of several instances in history.
Rahm Emanuel had a great quote recently,
'You never want a serious crisis to go to waste'
Mises isn't claiming that people will choose his theory when the STHTF, mises is just showing. That the steps the government will take will cause more pain. And so far, no one has proven him wrong.
The only thing they can do is claim the government has not done enough.
Hoover didnt do enough, FDR didnt do enough, Nixon didnt do enough, Japan didn't do enough.
We'll when we come out on the other side of this, my suspicion is that people advocating for a greater government role to avert crises will be doing so from the gallows
So the best you can come up with is a red herring?
Al Gore and Carter both got a noble prize so it can't be that big of a deal.
Its like the Academy Awards. Peoples get together and give out prizes lol.
Gore's prize was based on bullshit as most people are starting to acknowledge and Carter's peace prize was bringing peace to middle east LOL. Maybe they should both give them back.
The only reason he got the prize was because he is a big government spending loon.
The nobel prize has become a lifetime achievement award for leftist advocacy. its a joke.
Your opinion means nothing to me, since it is based on no facts. Please point out my errors, and explain how my conclusion that the USSR was "morally bankrupt" makes me a "pro commie". Details, please.
I'll give you one more chance before putting you on ignore. You seem rather ignorant--here's your chance to prove otherwise.
