I shall fortify myself for the ordeal but tonight at 9:30 on SBS:
John Maynard and Keynesianism – BBC economics editor Stephanie Flanders examines how three extraordinary thinkers, Keynes, Hayek and Marx, helped shape the 20th century. John Maynard Keynes was the first economist to become a global celebrity. He made his name during the worst economic crisis the world had seen, the Great Depression. His theory that only government spending could kick-start a depressed economy was controversial, but recently both the US and UK governments have pumped money into their stuttering economies.
We have seen how well government spending has been at kick starting our economies but I shall look on with interest. Good to see some recognition of the importance of the history of economic thought.
Hopefully, Kates, you’ll also consider the counterfactual for a change too.
William Bragg
13 Feb 13 at 6:15 pm
Braggs, you dickhead. merely stating people don’t understand this or that doesn’t make it so, you odious twit. You need to explain why or stop trolling.
You’ve been beaten to a pulp on every single thread.
Loser.
Jc
13 Feb 13 at 6:19 pm
And hasn’t that worked a treat?
Rabz
13 Feb 13 at 6:49 pm
More to life than going along with big bosses
stackja
13 Feb 13 at 8:02 pm
I’ve seen it before. It’s crap.
As you would expect from SBS and the BBC – ‘We have been very even handed it our assessment, but Hayek is just plain wrong and Keynes is right. That nice Mr Marx has some interesting ideas though.’
Johno
13 Feb 13 at 9:09 pm
We’ve all considered the counterfactual. That’s why we are so certain that Keynes is crap.
Johno
13 Feb 13 at 9:14 pm
I doubt if any of the Big Three could immagine the microeconomic barriers to economic activity.
Environmentalism, labour market regulation and town planning to name only 3 areas.
It is getting worse all the time. The latest proposal to cost employers if an employee suffers domestic violence is perhaps the most bizare
Rodney
13 Feb 13 at 9:20 pm
Macroeconomics is irrelevant. Take Spain for example.
!. No 114 in the world for ease of starting a new business.
2. 55% youth unemployment, after any young people who can have left the country.
3. Anyone employing anyone for more than 6 months faces 27 weeks redundancy payment.
4. Wind farms galore.
5. Public Service employment still at 2008 level.
Does anyone seriously see monetry or fiscal policy making any difference.
Rodney
13 Feb 13 at 9:44 pm
I hope you had a good single malt Steve. Unfortunately I missed it…
If that’s true, I’m glad I missed it…
Skuter
13 Feb 13 at 10:54 pm
Only politicians and economists. The people that do the employing couldn’t care less about it.
Infidel Tiger
13 Feb 13 at 11:03 pm
It truly astonishes me that Marx and Keynes have any credibility.
Like Tolkien they created their own little world and then came up with solutions to solve the problems they created. Connection to the real world? Nil.
Jack Lacton
13 Feb 13 at 11:18 pm
While you and your Libertarian mates have clearly been beating something with your invisible hands, JC, since you haven’t laid a finger on me I suggest the source of your pleasure is closer to home.
PS: As I’ve mentioned to Dotty before, you don’t need to include an additional sign off at the bottom of your comments as the system automatically identifies who submitted the comment over on the right.
William Bragg
13 Feb 13 at 11:23 pm
Yea, you said that on the other thread too Braggs. Truth hurts, hey? Lol
I don’t. References at the end of a comment like Loser etc are directed at you. But you know that already, you deadshit.
You’re such a putz, braggs, a real live one.
“A tax isn’t a cost, it’s a transfer” has to be the stupidiest comment since Homer was spinning Skanke Ho.
You have to be an APS clarke, Braggs.
Jc
13 Feb 13 at 11:31 pm
Macro is really Monetary policy. It is really important.
Jc
13 Feb 13 at 11:32 pm
Stimulus is fine when it builds stuff you actually need, and does so efficiently. What we have to remember is that this is the most cack-handed government in Australian history; a government that cannot implement a single policy with any degree of competence. That should have been evident as far back as the 2020 Summit. The writing was clearly on the wall after that point; things like Grocery Watch, Fuel Watch and the alcopops business only served to throw it into ever sharper relief. Pink Batts and the BER business should have come as no surprise.
perturbed
14 Feb 13 at 12:57 am
No form of government spending is better at achieving this than markets, which means any form of ‘stimulus’ is a second best option to leaving it to the market. There is no such thing as a good stimulus.
johno
14 Feb 13 at 7:04 am
JC:
Does monetry policy matter anymore?
Loose monetry policy should theoretically stimulate growth and cause inflation. In the EU, UK, and USA it appears to do neither.I suggest that govt reguation has prevented the growth.
As to inflation, the level of Govt debt in most western countries can only lead to default either via inflation or by other means.
Rodney
14 Feb 13 at 7:28 am
I don’t see much wrong with Keynes theories from the little I know. The problem mostly is implimentation. Even running continuous deficits works for a low income country to move up the ladder but tends not to work for developed countries that throw money away much more easily than many developing nations.
I admit I don’t know too much about him. Did he like the idea of a welfare state noting he died well before the welfare state existed? Did he believe in efficient infrastructure spending by governments? Did he believe that the government should mostly run surplusses and only intervene during downturns? Sorry about all the questions but if someone answers them it would be appreciated.
kelly liddle
15 Feb 13 at 12:25 am