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Crony capitalism = both a corruption of capitalism and a corruption of morals


               
2013 May 1, 2:04pm   66,191 views  206 comments

by PeopleUnited   follow (2)  

http://mises.org/daily/6420/Two-Sides-of-the-Same-Debased-Coin

John Maynard Keynes says that his ideas will no doubt be rejected because they are so novel and revolutionary. Toward the end of the same book, he seems to have forgotten this because now he says he is reviving the same centuries-old ideas that he had once dismissed as the most absurd fallacies. At least he acknowledges that he is changing his position, although he does not explain how his ideas can be new, revolutionary, and also centuries old. This is of a piece with his describing himself as a member of the brave army of rebels and heretics down...

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1   indigenous   @   2013 May 4, 12:13pm  

Required reading for all of you Keynesians

2   tatupu70   @   2013 May 5, 7:30am  

indigenous says

In a nut shell Keynesians believe government can and should control the economy.

lol-I love it when posters completely bastardize Keynes. Perhaps you wouldn't be so dismissive if you actually understand his theories

3   indigenous   @   2013 May 5, 7:44am  

tatupu70 says

indigenous says

In a nut shell Keynesians believe government can and should control the economy.

lol-I love it when posters completely bastardize Keynes. Perhaps you wouldn't be so dismissive if you actually understand his theories

I'm sure you understand the nuisances better than I.

Just look at the results that is all anyone needs to know.

4   tatupu70   @   2013 May 5, 7:54am  

indigenous says

I'm sure you understand the nuisances better than I.

Just look at the results that is all anyone needs to know.

Good idea--please share how you view the results. What problems do you attribute to Keynesian economics? Specifically--which actions, which laws, etc.

5   indigenous   @   2013 May 5, 7:55am  

tatupu70 says

Good idea--please share how you view the results. What problems do you attribute to Keynesian economics? Specifically--which actions, which laws, etc.

You first

6   tatupu70   @   2013 May 5, 8:06am  

indigenous says

You first

I'm not the one who said the results is all anyone needs to know. Please elaborate on that statement. To which results do you refer?

7   indigenous   @   2013 May 5, 8:09am  

Lets go with everything to the right of the graph is Keynesian and everything to the left is Free Market

One hundred years after its creation, consumer prices are about 30 times higher than what they were in 1913.

http://www.businessinsider.com/chart-inflation-since-1775-2013-1

Average per capita income was around $7k in 1933 Per capita income is around 43k in 2012 by the above it should be around 210k

http://www.demographia.com/db-pc1929.pdf

1933 was when FDR confiscated the gold

8   bob2356   @   2013 May 5, 9:20am  

indigenous says

Just look at the results that is all anyone needs to know.

The results of what? No one has implemented Keynes theories. They only implemented the part where government spends. Perhaps you should actually read and understand Keynes before you comment.

indigenous says

One hundred years after its creation, consumer prices are about 30 times higher than what they were in 1913.

And the wages are how much higher?

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