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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (616236)6/15/2011 11:26:25 AM
From: i-node2 Recommendations  Read Replies (1) | Respond to of 1580420
 
>> That's the folly of Keynesian economics.

Absolutely. Productivity? Doesn't matter.

Reminds me of this.

Prof. Friedman visited China in the early 1960s and was taken by a government official to see a public works project. Chinese workers were building a canal. Friedman was struck by seeing everyone digging the canal with shovels. Friedman asked the official, "why no heavy earth-moving equipment?" The official said, "oh, this is a jobs program." So Friedman then says to the official, "then why don't you just give them spoons instead of shovels to create even more jobs?"

politicalpolicy.net



To: Tenchusatsu who wrote (616236)6/15/2011 11:33:29 AM
From: bentway  Read Replies (2) | Respond to of 1580420
 
I freely admit that pointlessly filling and digging holes offends me, as it does you. But, it would WORK in boosting the economy.

I had that job, privately funded, and quit when told to refill the hole. The boss just wanted to keep us hard workers around until he needed us.

Actually, no work need be performed. Milton Friedman once proposed dropping money from helicopters to boost spending and the economy, and head off deflation.


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