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

To: combjelly who wrote (712360)	4/29/2013 4:45:06 PM
From: i-node	1 Recommendation Read Replies (1) \| Respond to of 1571707

>> Which recedes when the economy is growing. Austerity, which causes the economy to shrink, brings that point closer. Austerity does NOT cause the economy to shrink. I'm not sure where you got THAT idea. Reading Krugman's blog? The money that isn't spent by government is just spent by other people who are more productive than government. That's what's wrong with the entire Keynesian philosophy, and everyone but you and Krugman ought to know that by now. In Part 5 of his famous essay on What is Seen, Bastiat succinctly debunked the notion (in 1850, no less) that public works programs cause growth: 1.93 As a temporary measure in a time of crisis, during a severe winter, this intervention on the part of the taxpayer could have good effects. It acts in the same way as insurance. It adds nothing to the number of jobs nor to total wages, but it takes labor and wages from ordinary times and doles them out, at a loss it is true, in difficult times. 1.94 As a permanent, general, systematic measure, it is nothing but a ruinous hoax, an impossibility, a contradiction, which makes a great show of the little work that it has stimulated, which is what is seen, and conceals the much larger amount of work that it has precluded, which is what is not seen.