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To: sickoflibs

Keynesian economics should have died in the late 1970s with stagflation...something Keynesian theory said could not happen. J M Keynes is like a zombie who keeps coming back from the dead looking for economies to devour.


12 posted on 08/07/2011 7:58:16 PM PDT by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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To: The Great RJ

I watched an interesting video interview with F.A. Hayek before he died, and he said that in his opinion, even Keynes would vigorously disagree with how his theories have been interpreted.

For my part, I think Keynesian theory is complete hogwash from the get-go.


16 posted on 08/07/2011 8:05:04 PM PDT by rlmorel ("When marching down the same road, one doesn't need 'marching orders' to reach the same destination")
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To: The Great RJ

I think it is like socialism.

No matter how many times it is tried and failed, someone always thinks it is because it was done wrong.

“THIS time, WE will do it right!” It is a form of mental illness.


18 posted on 08/07/2011 8:07:03 PM PDT by rlmorel ("When marching down the same road, one doesn't need 'marching orders' to reach the same destination")
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To: The Great RJ; Mensius

Keynes actually knew that it wouldn’t work if the money multiplier was less than 2. The multiplier has been below 1 since 2008 (and still falling) so it’s no wonder it didn’t work. Obama’s economics team either were ignorant or didn’t care to spoil the party laid on for Obama’s people.


46 posted on 08/07/2011 9:10:58 PM PDT by expatpat
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