Keynes' interpretation of Hayek is still relevant for today's economic policy makers

[SunTrader]

If you want "pure" liberty, then put your money where your mouth is and go live under the radar in the jungle or desert somewhere. Or maybe Galt's Gulch, if you can find it. Because you won't find it in any real or civilized society.

There is either liberty or there isn't.

Such a simple concept that so many find hard to understand. Oh well.

 

[tommcginnis]

Nothing to do with faith or extremism and everything to do with liberty pure and simple.

"Those who would give up essential Liberty, to purchase a little temporary Safety (or for an every present nannystate to wipe their azz) , deserve neither Liberty nor Safety." Ben Franklin

"Beer is proof that God loves Man, and wishes him to be Happy." Ben Franklin.
Have one.

 

[Martinghoul]

I've not read The Wealth of Nations, so you have me at a disadvantage. But, as I understand it, Smith was the Invisible Hand guy who was not averse to the notion of "trickle down."

Smith's views are hotly debated, since he wrote two major works and they appear to be somewhat in contradiction. And yes, he appears to lean more towards the "libertarian" perspective (which is why he's perceived to be the inspiration for all the aficionados of "free markets"), but even there he never goes "full retard", so to speak.

For instance, how about this:
"It is only under the shelter of the civil magistrate that the owner of that valuable property, which is acquired by the labour of many years or perhaps of many successive generations, can sleep a single night in security".

Again, you can agree or disagree with Adam Smith's worldview, but he was well ahead of his time in formulating a coherent and self-consistent view of how the economic machine should function. One of the great geniuses that Scotland has given the world, IMHO.

 

[speedo]

Yes, Smith's work had contradictions but it was thought provoking stuff.

 

[speedo]

"Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer." -Adam Smith

 

[SunTrader]

It's "Life, Liberty and the pursuit of Happiness"

Not "Life, Keynsianism and the pursuit of Happiness"

 

[tommcginnis]

"Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer." -Adam Smith

"Consumer Sovereignty" -- I wonder if Smith coined the term? Huh.
He certainly describes it nicely.

 

[tommcginnis]

It's "Life, Liberty and the pursuit of Happiness"

Not "Life, Keynsianism and the pursuit of Happiness"

The original threesome from Locke was "Life, Liberty, Property."
Look up why the U.S. Founding Fathers changed that to
Life, Liberty, & the Pursuit of Happiness" and you'll understand a good deal more.

 

[speedo]

"The end of law is not to abolish or restrain, but to preserve and enlarge freedom. For in all the states of created beings capable of law, where there is no law, there is no freedom."
- John Locke

 

[SunTrader]

The original threesome from Locke was "Life, Liberty, Property."
Look up why the U.S. Founding Fathers changed that to
Life, Liberty, & the Pursuit of Happiness" and you'll understand a good deal more.

I care more about the change to: "Life, Keynsianism and the pursuit of Happiness".

That is current day America.