Are We a Nation of Idiots?

[Sola_Fide]

Actually, Keynesianism has not played a major role in setting economic policy for most of the 20th or 21st century.

What Keynesianism is commonly perceived as and what it actually is are very different things. For instance, if we had employed Keynesian recommendations, the government would have ran surpluses for most of the last decade.

I think it's much more realistic to attribute our problems to political incentives rather than a flawed economic theory.

Realllllyyyyy? Did we just not print enough? The stimulus wasn't big enough, right?


Edit: Did you actually say Keyensianism hasn't played a role in setting economic policy? Could you explain that?

 

[MJU1983]

Well.....not to sound so matter of fact here....but that is a big part of where we are today. We have been brainwashed with Keyensianism. You can thank Keyensianism for taking our country to the brink of collapse.

I know! I beg to differ with his overall assessment based on my daily interactions with "the general public". I'd be happy if people read anything, not just Austrian School and Libertarian works. Most people listen to the radio or watch the idiot box and regurgitate whatever the talking heads tell them to. We have our horrible state mandated indoctrination camps, aka public schools. We only "learn" whatever the powers that be want us to...

I've traveled to 30 or so countries on five continents in the past few years and I have to say that "we" are some of the laziest, ignorant, and arrogant out of almost anyone. We also have a sense of entitlement. We are perceived as aggressors and war mongers and I happen to agree. I love being "home" but I hate being back in the US for the first time, the people are so BLAH and our airports are shit.

I guess if you think about it...all of our "faults" can be blamed on too much government. Lazy? 'Great Society' welfare programs. Ignorant? Department of Education. Arrogant? Military-Industrial Complex, Pentagon, CIA, illegal wars, torture, killing of MILLIONS of innocent civilians.

'MERIKA.

 

[eworthington]

Actually, Keynesianism has not played a major role in setting economic policy for most of the 20th or 21st century.

What Keynesianism is commonly perceived as and what it actually is are very different things. For instance, if we had employed Keynesian recommendations, the government would have ran surpluses for most of the last decade.

I think it's much more realistic to attribute our problems to political incentives rather than a flawed economic theory.

I'm not a big fan of Keynesian theory, but you are right. It's unfair to the man, and his ideas, to label every moronic action by officials as Keynesian or Socialist.

 

[MJU1983]

Actually, Keynesianism has not played a major role in setting economic policy for most of the 20th or 21st century.

What Keynesianism is commonly perceived as and what it actually is are very different things. For instance, if we had employed Keynesian recommendations, the government would have ran surpluses for most of the last decade.

I think it's much more realistic to attribute our problems to political incentives rather than a flawed economic theory.

You might want to find the time to read some Austrian School stuff...

Then you won't be "really sick of the attitude that anyone who doesn't have the time or disposition to read treatises on libertarianism or Austrian economics is an idiot."

Here is a good starting point:
Learn Austrian Economics - Thomas Woods
Want to Understand the World? Read These Books - Thomas Woods

I never thought anyone on this site would be carrying the water of the status quo, Keynesianism, and John Maynard Keynes.

 

[Teaser Rate]

You might want to find the time to read some Austrian School stuff...

Then you won't be "really sick of the attitude that anyone who doesn't have the time or disposition to read treatises on libertarianism or Austrian economics is an idiot."

Here is a good starting point:
Learn Austrian Economics - Thomas Woods
Want to Understand the World? Read These Books - Thomas Woods

I never thought anyone on this site would be carrying the water of the status quo, Keynesianism, and John Maynard Keynes.

I've actually read quite a bit on Austrian economics and I'm actually ideologically closer to Austrians than to Keynesians.

Notice that I didn't say that Keynesianism was correct, I said that it hadn't been practiced by our government as evidenced by the large deficits during prosperous times.

 

[AcousticFoodie]

I am absolutely appalled that our government would even think we can solve our debt crisis by getting ourselves into more debt, thus, calling to raise the debt ceiling. Isn't it common sense that one cannot borrow himself out of debt?! You don't need to be a professional economist to understand that.

I would argue that it is actually more common sense that ONE CAN borrow themselves out of debt. A person in debt cannot find work, so he takes on more debt to start a business or get a degree for a job which will pay off both debts in the future. "Takes money to make money." Therefore, people think stimulus projects help because it creates jobs for people out of debt. They just fail to see that creating jobs and gaining wealth are two seperate things.

 

[heavenlyboy34]

I would argue that it is actually more common sense that ONE CAN borrow themselves out of debt. A person in debt cannot find work, so he takes on more debt to start a business or get a degree for a job which will pay off both debts in the future. "Takes money to make money." Therefore, people think stimulus projects help because it creates jobs for people out of debt. They just fail to see that creating jobs and gaining wealth are two seperate things.

Yes, but you're describing "good" debt (debt that is put to productive use and to earn more money than was borrowed). Theo was describing "bad" debt-figuratively breaking windows in order to provide work for glaziers.

 

[Mogambo Guru]

Actually, Keynesianism has not played a major role in setting economic policy for most of the 20th or 21st century.

What Keynesianism is commonly perceived as and what it actually is are very different things. For instance, if we had employed Keynesian recommendations, the government would have ran surpluses for most of the last decade.

I think it's much more realistic to attribute our problems to political incentives rather than a flawed economic theory.

...and some people, most at RPF's, believe that it was fiat money and keynesian theory that enabled the political recklessness and corporatism to get us to where we are today. Its the camels nose under the tent, its the taste of heroin that gets the addict hooked... over time it gets us dependent on the debt drug... ultimately its a dishonest system..

Especially a full debt based monetary system where all money is credit... What a terrible thing when money should be constant and stable.

You dont seem to have much of an open mind in learning austrian views, so why are you in here anyways? I dont think you will be changing any minds on this topic, just sayin...

 

[Mogambo Guru]

I've actually read quite a bit on Austrian economics and I'm actually ideologically closer to Austrians than to Keynesians.

Notice that I didn't say that Keynesianism was correct, I said that it hadn't been practiced by our government as evidenced by the large deficits during prosperous times.

Yes, yes it did... What you see now is many decades of that system evolving and growing out of control.. because its a flawed, dishonest system. The more it evolves, the worse it gets, and it must continue to evolve to stay alive.