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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (695030)1/24/2013 2:50:34 PM
From: combjelly  Read Replies (1) of 1575807
 
Yes, productive activity is more valuable than non-productive activity. But that is better than no activity. Saying cutting out UI when there just aren't enough jobs is borderline insane. That just means the number of people who are not working will go up.

I like Krugman, that is true. But he hardly is the only one. The problem with Friedman's policies is they leave the economy fragile and prone to periodic collapse. Not to mention they shift income upwards. Both of these are well documented. As are the dangers of the latter. But, yeah when it booms, it really goes. But there is always the eventual collapse. What Friedman wanted to do is recreate the pre-Great Depression economy. Which was marked with dizzy highs ending in a crash. We know what happens, heck we just went through one. That is the sort of thing that wipes out the middle class. I tend think that is a pretty high price to pay so a few people can get mind-boggling wealthy.
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