*Yawns*
In his "Living #Economics", die-hard Austrian Peter Boettke all but declares war on #Keynesian thought which he singles out as "bad economics" - while betraying the very fundamental misunderstanding about #monetaryeconomics typical for Austrians: thread 🧵
#EconomicThought
⬆️ @ChrisMayLA6
They spun the basic tenet of #Keynsian or #Keynesian Theory:
Per #IMF, "Keynesians believe that… fluctuations in ANY component of spending,… [e.g.] investment,… cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase".
#Reagan's connivers substituted "rich" for "government" and claimed the RICH would drive growth by reinvesting money saved in taxes.
https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm
"A robber who justified his #theft by saying that he really helped his #victims, by his spending giving a boost to retail #trade, would find few converts; but when this theory is clothed in #Keynesian equations and impressive references to the “multiplier effect,” it unfortunately carries more conviction." -Murray Rothbard
#economics #econ #politics #quote #quotes #state #government #libertarian
@lori @randomgeek The structural change was #Congress passing #Keynesian laws in the #1970s to more directly intervene in the #economy. They were responding to increased #inflation and #unemployment, exacerbated by the 1973 oil embargo.
The resulting decades of whipsawing booms and busts came with quicker cycles of hiring binges and #layoffs.
@Hamishcampbell
Not bad at all.
It was easy to see who the #Keynesian #deathCultist and who the #degrowth and #steadyStateEconomy proponent was. #sse
If they talked a bit about where they thought bitcoin sat in amongst all this theory, it would have been perfect.
They characterised #Nixon as #uncooperative (?). Could've gone a bit further and called him militaristic, #hawkish, etc. It was the #debts to #France re VietnamWar that sent #GoldStandard packing.
Interesting re #1962!
Toni Aittoniemi
Jakob Steffen
Ramesh #NotGoingBack
squealermusic
sollee (e/acc) 🟨⬛
Mark Gardner
Hans-Christoph Steiner
Citroen_2CV_Rules 🇨🇦 🇺🇦
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