Dusty Bake Activate
Fukk your corny debates
...
Whose economic views and vision do you most agree with?
- Thread starter Dusty Bake Activate
- Start date
Dusty Bake Activate
Fukk your corny debates
I thought I made the poll public, but I can't see my vote.
Type Username Here
Not a new member
Somewhere between Keynes and Marx but leaning towards Marx.
Also, I can see your vote VVD. All you have to do is click on vote(s)
Also, I can see your vote VVD. All you have to do is click on vote(s)
Dusty Bake Activate
Fukk your corny debates
I'll try.You have to click on "View Results", then "1 votes".
Anyway...can we get a cliffnotes version of each person's economic views? My economic theory is a little rusty.
Keynes-supporter of capitalism, but believes the marketplace is inherently unpredictable and believes in government spending and aggressive monetary policy to pick up the slack and boost aggregate demand when the economy starts to sputter. You don't go the austerity route because when you cut wages and lay people off, there's less money being spent and you continue on a deflationary spiral of low demand.
Hayek-the market is a complex system and any time the government interferes, it creates distortions and unintended consequences, so government intervention is always bad. Central banking setting interest rates causes artificial inflationary credit expansion that leads to capital misallocation. Minimal social welfare programs, no central banking system, allow competing currencies.
Friedman-supports free markets with little government intervention, supports a negative income tax (people below a certain income pay no taxes and getting living supplements), the purpose of central banking should be keep supply and demand for money at an equilibrium in accordance with economic growth. There's a natural rate of unemployment and government interfering to try and bring it lower than that will lead to inflation.
Marx-capitalism is essentially a dictatorship of the bourgeosie, the organizational force of a society is dependent upon the means of production, human societies progress through class struggle, and eventually capitalism will prove unsustainable in large part due to the source of profits being surplus valie, not labor, and it will be replaced by a stateless, classless society without private property ownership.
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NZA
LOL
i tried to vote keynes and got some kind of error
Dusty Bake Activate
Fukk your corny debates
Honestly, i could just as easily vote friedman, doesn't seem that much of a leap from Hayek.
"Austrian economist Friedrich Hayek criticized Keynesian economic policies for what he called their fundamentally "collectivist" approach, arguing that such theories encourage centralized planning, which leads to malinvestment of capital, which is the cause of business cycles. Hayek also argued that Keynes's study of the aggregate relations in an economy is fallacious, as recessions are caused by micro-economic factors. Hayek claimed that what starts as temporary governmental fixes usually become permanent and expanding government programs, which stifle the private sector and civil society"
Sound familiar?
lol @ anyone who votes marx, commies should be mocked and ridiculed at every turn.
"Austrian economist Friedrich Hayek criticized Keynesian economic policies for what he called their fundamentally "collectivist" approach, arguing that such theories encourage centralized planning, which leads to malinvestment of capital, which is the cause of business cycles. Hayek also argued that Keynes's study of the aggregate relations in an economy is fallacious, as recessions are caused by micro-economic factors. Hayek claimed that what starts as temporary governmental fixes usually become permanent and expanding government programs, which stifle the private sector and civil society"
Sound familiar?
lol @ anyone who votes marx, commies should be mocked and ridiculed at every turn.
theworldismine13
God Emperor of SOHH
yeah my bad, i got confused, thats what i meant, but hayek is close enough
88m3
Fast Money & Foreign Objects
not surprised
marx...
Dusty Bake Activate
Fukk your corny debates
Hayek and Friedman are both free market type guys, but there's a pretty substantial gap in their views.
Friedman was a Chicago school monetarist neoliberal guy...basically Reagan and Volcker. Hayek's vision was considerably more extremist, theoretical, in-a-vacuum...government does nothing, no social safety, no central banking, no one national currency. That's why no government ever implemented his plans and he faded off into near irrelevancy until Margaret Thatcher pulled him out of whatever hole he was in, and even she developed a rift with him over banking regulation.
