Krugman: U.S. Needs Death Panels, Sales Taxes.

[Goo For You]

How are you gentlemen?

Ask goo for you, he's paul krugman jr.. I hope he's alright, he had a bit of a meltdown.

Learning is serious business.

and nothing of value was lost

Glad you missed me.

[Goo For You]

So you don't believe in economic and business cycles or you don't believe in hayek's underlying causes?

What I don't believe in is Mises's theory of the business cycle.

Hayek has nothing to do with this. I love his work, and people right of Horwitz consider him a socialist. (True story, ask Avery to confirm it.)

One of the basic assumptions of economics is people or businesses will base decisions on their own best interests. The problem with the government being involved is who's best interest are they acting on, the governments or the people they're supposed to be representing?

That there is a surprisingly cogent point from you. You took your meds today?

I thought that Keyn's believed that government intervention was a plus but not something that should be controlling at all times.

I am actually asking....

You're right. Some people here probably don't know that Keynes was a conservative.

oh, and they're definitely headed for a federal VAT

bank on that

Is US the only developed country without one?

[I invented that]

That is obviously a false assumption, and it was made clear in 2008. That is like assuming that athletes would opt not take performance enhancing drugs because of long term effects. We are an immediate gratification nation now and that goes for the financial sector too.

Since I know you weren't caring in 2008, look up derivatives and credit default swaps. Look up how much supposed money is still in the derivative market. I don't fully understand derivatives, and most here probably don't-they are basically bets or bets on a bet. Needless to say the derivative market is supposedly 10 to 20 times world GDP. The financial markets had far to little govt. intervention that allowed a nonsensical amount of BS investments. They did not act in their own self interest(save an immediate reward), and entire economy almost collapsed.

ask adam smith about about it

[Goo For You]

Well Hayek's economics are theory just like anything else. I feel there is great flaw in the thought that a free market devoid of any govt. intervention/regulation can regulate itself.

Hayek was no regulator, but you have to remember he was fighting against purebred socialists during most of his career. As for intervention, he writes very clearly in his most polemical work (Road to Serfdom) that he is in favor of social safety nets.

It's funny how left-wing writers always miss those paragraphs, and right-wingers zoom in on them like they prove Hayek is a socialist devil.

One of the basic assumptions of economics is people or businesses will base decisions on their own best interests. The problem with the government being involved is who's best interest are they acting on, the governments or the people they're supposed to be representing?

That is obviously a false assumption, and it was made clear in 2008. That is like assuming that athletes would opt not take performance enhancing drugs because of long term effects. We are an immediate gratification nation now and that goes for the financial sector too.

False, but extremely useful.....

It's hard to do science without assumptions. While the behavioral economics people make many interesting points about various ways in which people fool themselves, they emphatically do not offer anything better to replace the foundations of economic theory.

I think it's time for left-wingers to get over their fears of Homo Economicus and Efficient Market Hypothesis. These theories won't bite. Even sociologists use rational actor models in their research, for chrissake...

[MatthewT]

What I don't believe in is Mises's theory of the business cycle.

Hayek has nothing to do with this. I love his work, and people right of Horwitz consider him a socialist. (True story, ask Avery to confirm it.)




That there is a surprisingly cogent point from you. You took your meds today?




You're right. Some people here probably don't know that Keynes was a conservative.




Is US the only developed country without one?

it's funny; the "you" 20 years ago was confidently informing everyone who would listen that we had "conquered" the "business cycle"

[I invented that]

What I don't believe in is Mises's theory of the business cycle.

Hayek has nothing to do with this. I love his work, and people right of Horwitz consider him a socialist. (True story, ask Avery to confirm it.)

what's the difference between hayek's business cycle and mises's? everything i see has both their names attached to the "austrian business cycle". let me guess you like hayek more because he has a nobel.

[MatthewT]

austrian school of economics is full of fail and AIDS

[BeetTheBoxer]

government can fix "everything"

ignorant libtard

[BeetTheBoxer]

why do libs hate the invisible hand? it is truly infallible

[BeetTheBoxer]

what's the difference between hayek's business cycle and mises's? everything i see has both their names attached to the "austrian business cycle". let me guess you like hayek more because he has a nobel.

[BeetTheBoxer]

[Goo For You]

it's funny; the "you" 20 years ago was confidently informing everyone who would listen that we had "conquered" the "business cycle"

What's funny? You may have misinterpreted my comment.

what's the difference between hayek's business cycle and mises's? everything i see has both their names attached to the "austrian business cycle". let me guess you like hayek more because he has a nobel.

Are you implying it's stupid to think the prize correlates with the quality of the recipient's work?

Hayek worked on the Austrian Business Cycle Theory in his youth but became famous for other stuff.

He has relatively little to do with what is today known as the ABCT.

It's a whole thing...

In a nutshell, there are two Austrian schools out there. The one talking about ABCT is the Ludwig von Mises Institute (i.e. nonacademic) camp that worships Mises and Rothbard (and considers Hayek a socialist, unless it's convenient to use his name for their advantage). The other (i.e. academic) camp emphasizes the work Hayek became famous for (on knowledge, monetary theory, etc.).

There's a huge methodological/philosophical rift between the two camps.

They're never on the same page about anything.

austrian school of economics is full of fail and AIDS

Regarding everything right of Hayek, agreed.

[Goo For You]

Et tu, Brute?

[RiotGrip]

ask adam smith about about it

I don't think Adam Smith could have ever imagined the credit default swap

[RiotGrip]

austrian school of economics is full of fail and AIDS

So you support it fully then? Sounds like your cup of tea

[JDs tees]

More Krugman

http://www.nytimes.com/2013/02/11/op...s&emc=rss&_r=0

[RiotGrip]

Straight from the horse's mouth:

Federal Reserve Bank of Chicago President Charles Evans: “The investment climate seems to be one where people are increasingly understanding that very low interest rates on super safe assets are going to be around for a while. And if they’re worried by that they need to take on more risk - and taking on that more risk will help get the economy growing.”

Take on more risk=stocks.

Ok so you believe the govt is keeping rates artificially low to prop up the stock market? This quote says if. Also, stocks are not the only high risk investment out there. 90+% of businesses fail within 7 years, so starting your own business is a high risk investment too. But one could certainly argue that low rates would increase someone's likliehood of starting a business(conservatives love small business right?). Also most people dont think they are taking much of a risk when investing In a 401k but chances are some of it is going to the stock market.

Glad to know in your narrow mind that stocks are the only thing that counts as taking a risk

[I invented that]

Ok so you believe the govt is keeping rates artificially low to prop up the stock market?

no, but it might advantageous to the government, keeps debt expense down. i vaguely remember something about acting in one's own best interest.

[RiotGrip]

no, but it might advantageous to the government, keeps debt expense down. i vaguely remember something about acting in one's own best interest.

Agreed, stimulating the economy is in everyone's best interest. Govt and private sector.

[I invented that]

That is obviously a false assumption, and it was made clear in 2008. That is like assuming that athletes would opt not take performance enhancing drugs because of long term effects.

i know you claim to be a mind reader(), but how do you know what the athlete perceives as his own best interest? show all work