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Politics : View from the Center and Left
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To: JohnM who wrote (254961)7/4/2014 1:41:22 PM
From: Steve Lokness  Read Replies (2) of 542214
 
<<<<< One of the interesting things about the ongoing economic crisis.....>>>

What does Krugman think is the "ongoing economic crises" I wonder? I see the pace of recovery here as being nothing short of remarkable. Housing remains a bit weak - but of course it does. Even as housing remains weak for obvious reasons some areas of the economy are rocketing. For instance John - what economic parameter is it that is driving the biotech industry? Even with all the hurdles the conservatives maintain are hurting business, biotechs as an industry is exploding. That industry is way way ahead of where it was before the "economic crises" started. There are other areas too; smart phones - oh my gosh! And the expansion of robot use and what that industry brings into the economy. And energy production; both new green energy and the old standbys that have made us virtually energy independent. My point being - this isn't anything like the Great Depression. It isn't an economic crises - it is an economy in flux - change. Of course - before you point it out to me - this isn't what Krugamn is discussing here. Aznd you would be right. But really "ongoing economic crises"?

As to the rejection of Keynes; Yes, Krugman is right that some on the right reject Keynes - I don't. It has its place. But any keynesian policy to have any hope of success - I believe - must be short term in nature. Isn't that much of the incentive of Keynes thinking? That is that people had to be convinced that tomorrow would be better so that they would invest and spend again? .........But year after year of Keynesian policy becomes the new norm and then next time Keynesian ideas become less effective. All MHO of course!
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