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Politics : View from the Center and Left

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To: Mary Cluney who wrote (201411)	9/14/2012 12:34:04 PM
From: Steve Lokness	Read Replies (1) of 542674

Mary you have posted one of the most bizarre economic arguments ever - and by Krugman! Krugman argues that the iPhone5 is keynesian spending and the iPhone is responsible for the pickup in the economy! (Krugman quote ...."I have news for you: you are, whether you know it or not, a Keynesian"). No argument could be more bizarre. The iPhone is made by business NOT government. Keynesian spending is not about spurring business innovation - it is about the "government" dumping untold zillions into the economy. For the iPhone to qualify for keynesian spending means that the government would mail you a check so you could go out and buy an iPhone!..........BUT, his argument gets even weirder as he goes on to quote Keynes; ............... "“use, decay, and obsolescence”: even in a depressed economy, at some point businesses will start replacing equipment, either because the stuff they have has worn out, or because much better stuff has come along" The absurdity of this will be immediately glaringly apparent to anyone who has watched their child go through one iPhone generation after another. Why didn't all those other iPhones correct the economy? What, iPhone 4 wasn't keynesian but iPhone 5 is? Crazy. I suspect Krugman now is worrying that he was wrong all along and is looking for some escape to blame the "better economy on". But this argument is just so far over the top as to be laughable. The economy wasn't fixed by Obama stimulus trillions in debt - but was by the iPhone5!! I can't think of a better argument against the value of keynesian spending than Krugmans argument here since Apple and the iPhone is about as ungovernment as it gets.

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