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Politics : Formerly About Advanced Micro Devices
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To: neolib who wrote (751375)11/6/2013 1:45:55 PM
From: Tenchusatsu  Read Replies (1) of 1577109
 
Neolib, you're just looking at numbers, which I would argue is the biggest flaw in so-called "Keynesian" economics. Keynesianism has it's place, but it also has its limits, and those who don't respect its limits will make the same mistakes that seems to be repeated every generation.

Going back to the broken window, a vandal breaking a window just committed a crime. There is no debate over this. Property was destroyed, and value was lost..

A property owner that breaks his own window did it either for his own (perverse) enjoyment, or he did it because he never liked the window in the first place. In the former case, he spent his own asset in enjoying himself. In the latter case, the old window depreciated to the point where it represented negative value, and the owner decided it was time to replace it with something better.

A property owner that breaks his own window for the benefit of a crowd does it for entertainment. There is value being created there.

A police officer forcing the property owner at gunpoint to break the window also committed a crime. There is no debate over this. Property was destroyed, and value was lost.

In every case, the difference is whether value was created or not. Otherwise, "stimulus" would involve paying people to dig holes that others fill up. Who cares whether the activity is useless in the end as long as money is flowing?

Tenchusatsu
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