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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (749856)10/28/2013 5:00:14 PM
From: RetiredNow  Read Replies (2) of 1577835
 
So Keynesian school. - modeled the what the economy would do under the circumstances with accurate projections.Austrian School - got everything as wrong as they could. Maybe even a little more than is possible.
We haven't tried Austrian economics in this country since 1971, when Nixon went to pure fiat. We had a small dose of Austrian economics when Volcker crushed inflation with high Fed Reserve rates and went to a strong dollar policy. But beyond that, it's been Keynesianism all through the 80's and especially the 90's and 00's. Deficit spending as far as the eye can see, dollar devaluation, and never dealing with consequences.

One thing the Keynesians always get wrong is they don't understand the difference between good deflation and bad deflation. You think all deflation is bad. But stop and think for a moment. If prices are declining because of productivity improvements and economies of scale, then that's GOOD deflation. It means you get more for your money. Why would anyone in their right mind want to discourage a standard of living increase like that? But you Keynesians do all the time. You never saw a price decline you liked. All price declines are bad in your book.

Deflation is not an all purpose bogeyman to be shunned at all costs. This endless monetary devaluation that you Keynesians engage in is really nothing more than a bullet to the heart of our standard of living. It's a policy of endless declines in our purchasing power and standard of living.
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