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To: guitarist

Keynes was right once and they crowned him god of economics. Ronald Reagan could show you on a cocktail napkin more about economics than John Maynard Keynes ever knew. Further, they should teach Hayek and von Mises over Keynes because Hayek and von Mises and Friedman and Sowell are the inheritors of Smith and Ferguson, and we are a capitalist nation. Let them teach Keynes and Marx in France.


10 posted on 04/05/2005 12:59:45 PM PDT by SittinYonder (Tancredo and I wanna know what you believe)
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To: SittinYonder

Have you ever actually read anything by Keynes? I mean a real book?


25 posted on 04/05/2005 2:04:22 PM PDT by justshutupandtakeit (Public Enemy #1, the RATmedia.)
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To: SittinYonder

Keynes probably was shocked about much of what was passed off as extensions of his writing. But the reference shows how much this author has his head stuck in the sand. Even PBS in running "Commanding Heights" was able to allow that the Keynesian theory that allowed expansion of socialist doctrine and planned economies lost all influence to Hayek and his fellows in economic assendancy.

Any Economics Department that is "teaching" Keynes and ignoring Hayek would be a joke today, IMHO. Eastern establishment schools like Syracuse have enough Hayek to fully explore that winnning side of economic theory.


35 posted on 04/05/2005 2:59:59 PM PDT by KC Burke (Men of intemperate minds can never be free....)
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To: SittinYonder

Actually....

Keynes was the father of modern economics. His approach was unique for the time and transformed the discipline. Sure, some of his ideas have been overturned and replaced, but many of them are still around today. The argument that the Bush tax cut was a justified and proper stimulus to avert an inherited recession is Keynesian to the core.

As far as other the cocktail napkin comment goes, it was actually Laffer showing Reagan, not the other way around. Reagan, despite his other attributes, was not a trained economist.

Nor was von Hayek -- he was a political theorist. His ideas were influential on people such as Milton Friedman, but von Hayek himself would never have claimed to be an economist.

Von Mises was a protectionist who was in many ways the antithesis of Adam Smith. Von Mises argued for high tariffs and intense government involvement in industry. His ideas are more influential on Japanese and other Asian "industrial policy" managers than in the US.

Finally why shouldn't universities teach Keynes and Marx? Of you don't read Keyens, you don't know what Friedman is criticizing. If you don't read Marx, you don't understand von Hayek. Universities should, and usually do, teach all ideas.

OK, I am now stepping down from my high horse.


47 posted on 04/12/2005 2:02:53 PM PDT by Natty Boh
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