Australia's leading libertarian and centre-right blog
If it’s not value adding it cannot add to jobs or make an economy grow. Giving money to your mates might help your mates, it just won’t help anyone else. It will, in fact, make most people worse off.
If you still think Y=C+I+G is the answer to our economic problems even after the past four years I’m afraid I don’t have a cure for insanity.
The video is by Andrew Klavan which I picked up from Powerline.
In a civilized society it is indeed not so much the greater knowledge that the individual can acquire, as the greater benefit he receives from the knowledge posssessed by others, which is the cause of his ability to pursue an infinitely wider range of ends than merely the satisfaction of his most pressing physical needs. Indeed, a ‘civilized’ individual may be very ignorant, more ignorant than many a savage, and yet greatly benefit from the civilization in which he lives.
—
I guess Hurricane Sandy will work as good Keynesian stimulus…
ar
31 Oct 12 at 12:54 pm
The mercantilists just made rules so that favoured people and industries were protected from competition. The focus was preventing foreigners or other competitors from putting people out of work, as well as preventing gold from leaving the borders.
The Keyensian/Corporatist approach is not to make (too many) rules to favour particular industries, but instead to throw money at particular industries, in the hope of protecting them. After all, the underpinning of lifting spending to increase demand is domestically focused, and appears to assume that none of the funds will leak offshore.
So I would say that crony capitalism = mercantilism as well.
brc
31 Oct 12 at 1:09 pm
Crone Capital, Andy, is the economic doctrine of Julia Gillard.
dover_beach
31 Oct 12 at 1:21 pm
Crone Capitalism….
dover_beach
31 Oct 12 at 1:25 pm
Fixed. I think it was the spelling by Andrew Klavan in the title of the video that made me do it. And thank you.
Update: I just looked it up and I was right the first time. Would Andrew Klavan get it wrong? No chance.
Steve Kates
31 Oct 12 at 1:36 pm
Klavan refers to Crone capitalism in the vid – bad joke he uses to start the story.
The pictures of Frank & Dodd are a laugh.
Token
31 Oct 12 at 2:35 pm