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Politics : View from the Center and Left
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To: TimF who wrote (105607)3/7/2009 12:35:02 PM
From: Steve Lokness  Read Replies (1) of 541674
 
Tim;

Great conversation - some of it spot on some of it just missperceptions of Keynesians and Austrians. So - keeping in mind I'm an Austrian believer - My comments;

In the canonical Keynesian story, paying workers to dig ditches and fill them in again can cause a boom.

It's a different world today than when Austrian theories were developed and some of those changes find more support from Keynesians and rightly so. How do we build rapid transit, an efficient power grid, nationwide electronic medicals records without tipping into the Keynsians bucket? Going to the moon or the things listed above will never happen without significant coordination by government - not in our world today. BUT who would ever say these worthwhile projects are digging holes and filling them back in?

Soooooo, while the basics rules of Austrian thinking must be remembered, to fail to acknowledge that some good things can come out of Keynesian government spending is a grave mistake. Our world will be better for some Keynesian type spending. .........Orrrr, to put it another way; failure to thinking like an Austrian put us in the mess we are today. We can wait for normal correction via Austrian thinking, or we can put people to work on the government dime because these people will be unemployed anyway.

steve
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