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Politics : Formerly About Advanced Micro Devices

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Bilow

To: bentway who wrote (748373)	10/21/2013 3:50:18 PM
From: combjelly	1 Recommendation Read Replies (2) of 1572903

It's funny. Tenchu claims that Keynesian economics was thoroughly discredited in the 1970s. It wasn't. Don't get me wrong, it couldn't model the stagflation of the mid-70s through the early Reagan administration and had to be modified to accommodate those situations. But overall, it has been a better predictor than all of the other schools combined. A big difference between Keynesian and Austrian schools is that the Keynesians realized their model wasn't working well before stagflation had a grip on the country. Austrian school is still insisting they are still correct, despite being totally worthless during the Great Bellyflop and actively harmful in the aftermath. In particular austerity measures before economic recovery is a Very Bad Idea. As we have seen. Again. It has failed every time it has been tried.

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