ok... I tried to find out what his new marxist ideas are... I saw him speak about austerity for a minute... and I saw this in wikipedia.
One of his students, George Papandreou, went on to become Prime Minister of Greece from 2009 to 2011. Wolff remembers Papandreou as a student who "sought then to become both a sophisticated and a socialist economist."[17] However, CUNY Economics professor Costas Panayotakis observed that "after being elected Greek prime minister in the fall of 2009 on a platform that excoriated austerity as the wrong kind of policy to be adopted at a time of deep economic crisis, George Papandreou has reversed himself and, faced with a debt crisis, called in the International Monetary Fund and imposed the most brutal austerity program the country has ever seen."[18]
Ricter does the same thing... he holds out austerity as a straw man.
austerity is the banker and big govt solution to a recession. Not a capitalists.
Let's go back and see what Keynes says...
.
as keynes actually taught
"When, on the contrary, I show, a little elaborately, as in the ensuing chapter, that to create wealth will increase the national income and that a large proportion of any increase in the national income will accrue to an Exchequer, amongst whose largest outgoings is the payment of incomes to those who are unemployed and whose receipts are a proportion of the incomes of those who are occupied...
Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget. For to take the opposite view today is to resemble a manufacturer who, running at a loss, decides to raise his price, and when his declining sales increase the loss, wrapping himself in the rectitude of plain arithmetic, decides that prudence requires him to raise the price still more--and who, when at last his account is balanced with nought on both sides, is still found righteously declaring that it would have been the act of a gambler to reduce the price when you were already making a loss."
One of his students, George Papandreou, went on to become Prime Minister of Greece from 2009 to 2011. Wolff remembers Papandreou as a student who "sought then to become both a sophisticated and a socialist economist."[17] However, CUNY Economics professor Costas Panayotakis observed that "after being elected Greek prime minister in the fall of 2009 on a platform that excoriated austerity as the wrong kind of policy to be adopted at a time of deep economic crisis, George Papandreou has reversed himself and, faced with a debt crisis, called in the International Monetary Fund and imposed the most brutal austerity program the country has ever seen."[18]
Ricter does the same thing... he holds out austerity as a straw man.
austerity is the banker and big govt solution to a recession. Not a capitalists.
Let's go back and see what Keynes says...
.
as keynes actually taught
"When, on the contrary, I show, a little elaborately, as in the ensuing chapter, that to create wealth will increase the national income and that a large proportion of any increase in the national income will accrue to an Exchequer, amongst whose largest outgoings is the payment of incomes to those who are unemployed and whose receipts are a proportion of the incomes of those who are occupied...
Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget. For to take the opposite view today is to resemble a manufacturer who, running at a loss, decides to raise his price, and when his declining sales increase the loss, wrapping himself in the rectitude of plain arithmetic, decides that prudence requires him to raise the price still more--and who, when at last his account is balanced with nought on both sides, is still found righteously declaring that it would have been the act of a gambler to reduce the price when you were already making a loss."
