'The Keynesians are pretending they have everything under control, but we know that's a fantasy. An even greater opportunity than 2008 awaits us, and we want to help guide public opinion and train a cadre of bright young scholars for that day.
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With your help, we can, at last, awaken from the Keynesian nightmare. As the Korean translator of an Austrian text put it, 'Keynes must die so the economy may live. Samsung Galaxy S3 Photo Editor Apk Download. ' With your help, we can hasten that glorious day. - ' ' by Tyler Durden, ZeroHedge, 2016 'Interesting how a haughty snob is supposed to be celebrated. One explanation may be that this economic phantasy became government econ which per handouts to profs becomes university econ, is miraculously accepted by unions, much easier accepted with the poe (than the poverty-alleviating real economics), is miraculously cherished by the elite and military-industrial complex benefiting from gov't spending, and most definitely is a constant boon to banks required for the monetary expansion, not to forget bail-outs of the most irresponsible banks and companies. Nice move learned from the Nazis.'
- Comment on 2016 'You want more people to know who John Maynard Keynes was. Okay, attention, class. John Maynard Keynes. If you want to know what Keynesian economics is, you're living it: Barack Obama, massive government spending, massive debt, massive redistribution of wealth, the lie that government spending, deficit spending can propel economic growth. She is dead right that they tricked everybody into thinking this is the way we're going to save capitalism! They had no intention of saving capitalism.
Just like Obama, they wanted to destroy it and replace it with socialism or Marxism or fascism or whatever you want to call it. And they got pretty close.' -, 2010 'True, not all those who intended to vote Tory showed their hand to the opinion pollsters, who have almost as much egg on their faces as the Keynesians. Next time, however, the pollsters can simply adjust their projections by using a simple economic model.
Just so long as they make sure it's not a Keynesian one. Shame where shame is due.' - Niall Ferguson,, 2014. There's a very obvious flaw in this logic. It completely ignores the supply part of the supply/demand equation. Politicians generally prefer full employment to low inflation. Of course, both are ideal, but voters tend to prefer a job with a little higher prices than no job and lower prices.
Ultimately, supply shocks (mostly from oil embargoes) coincided with a Federal Reserve that was excessively political and believed it could 'engineer' a lower unemployment rate through excess money creation. The fact that the Fed chairman at the time, Arthur Burns, was trying his hardest to get a Republican, Richard Nixon, re-elected does not alter the value of the lesson in excessive interventions. Consciously or unconsciously, everyone operates with expectations about the future, including expectations on the level of prices. If inflation has been mild and a Central Bank has the confidence from others that it will set policy to maintain low inflation, actors in the economy will make decisions with the expectation that prices will continue to be stable.