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Politics : Formerly About Advanced Micro Devices

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bentway

Bilow

To: Joe Btfsplk who wrote (767111)	1/30/2014 7:59:12 PM
From: combjelly	2 Recommendations Read Replies (1) of 1576628

Wow. Some predicted the failure of the Soviet Union. No one else saw that coming... You ever read a novel called The Space Merchants? It was by Frederick Pohl and CM Kornbluth. It predicted the failure of the Soviet Union. It was written in 1952. I can pretty much guarantee neither were fans of von Mises. Let's look at something else. The near collapse of the global economy in 2007-2008. AS didn't and wouldn't have been able to predict that. There were some who were warning about a collapse, but they are mostly Keynesians. AS prescription for the near collapse was austerity. We have a decent experiment here, because some countries practiced it from the beginning, others went with a stimulus followed by varying degrees of austerity and at least one did no austerity at all. Romania went with austerity from the beginning. It devastated their economy. It just recently started to grow again, but it has a long way to go before it returns to the pretty crappy level it enjoyed in 2007. Most of the rest of the developed world went with an initial stimulus, most as a larger percentage of GDP than the US. And most of them weathered the Bellyflop better than the US. But most European countries implemented strong austerity measures after the initial stimulus. And, per Keynesian economics, their economies fell off the cliff. The more austere, the harder the fall. The US implemented much milder austerity measures and saw a lot better results. Which again is in accordance with Keynesian economics. New Zealand did not implement austerity measures. Their economy recovered in 2009 and has been growing at a decent clip ever since. That is despite their economy being primarily export driven. There is a reason most real economists think AS is a bunch of cranks. Their policies don't work. But they do make things worse...

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