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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (871782)	7/10/2015 7:09:29 PM
From: combjelly	Read Replies (2) of 1577061

Keynesianism is what they teach in almost every higher learning institution in the US. Not really. They like to talk about "saltwater" and "freshwater" schools of economics. The institutions on the coasts(i.e. "saltwater") tend to lean Keynesian. Schools in the rest of the country (i.e. "freshwater") tend to lean Chicago School. Austrian School is viewed as a fringe school. Maybe for profit schools lean that way. A famous person once said, we're all Keynesians now. Allegedly by Richard Nixon as recounted by Milton Friedman. Do you know why this statement was allegedly made? Because in times of economic crises, Keynesian economics has a proven track record of working. Austrian School and to a lesser extent, Chicago School has a very poor track record in such times. For example, Estonia. Was one of the fastest growing economy in the world prior to The Great Bellyflop. Got hopped on Austrian School as the roadmap to recovery, implemented austerity measures and cut spending. The economy promptly cratered. Was the poster child for worst performing economies for years. Had a brief blip in 2011, but that didn't last. Unemployment is finally below 10%.

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