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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (685875)	11/23/2012 2:00:26 AM
From: Tenchusatsu	1 Recommendation Read Replies (1) of 1579459

CJ, you are just making everything up. Stagflation was never a consideration in classic Keynesian economics. Even now no macroeconomic theory can reliably predict when stagflation will occur. Claiming that high interest rates is "Keynesian" is a silly claim. Traditionally high interest rates would lead to economic contraction, which is indeed what happened when Volcker resorted to them. Yet the economy recovered after that thanks to Reagan-style supply-side economics. Short-term pain for long-term gain. Like I said, there are reasons why Keynesian economics fell out of favor after the 70's. The only reason why Keynesianism is making a comeback is because the allure of using government policy to artifically boost GDP is too strong for liberals to resist. Tenchusatsu

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