Keynes Vs. Hayek

This is a discussion on Keynes Vs. Hayek within the Economic & Fundamental Analysis forums, part of the Methods category; Those of you with a serious interest in economics will find this interesting -- very relevant to today's economic mess! ...

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Old Aug 24, 2011, 11:24am   #1
 
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Keynes Vs. Hayek

Those of you with a serious interest in economics will find this interesting -- very relevant to today's economic mess! (recording of debate at LSE)

http://www.bbc.co.uk/iplayer/episode...nes_Vs._Hayek/

mp3 file attached for those with no access to BBC iPlayer.
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File Type: mp3 Keynes vs Hayek.mp3 (4.89 MB, 2215 views)
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Old Aug 24, 2011, 11:36am   #2
 
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Re: Keynes Vs. Hayek

Was on Radio 4 this morning - good stuff.
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Old Aug 24, 2011, 12:38pm   #3
 
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Re: Keynes Vs. Hayek

Just wait for Attila to find the above gem.

What do I think ? Phew hard to know really. Except that Cameron should shower less money on 3rd world losers and subsidise the poor here in the UK.
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Old Aug 24, 2011, 12:39pm   #4
 
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Re: Keynes Vs. Hayek

Thought it was going to be this.

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Old Aug 24, 2011, 3:05pm   #5
 
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Re: Keynes Vs. Hayek

The socialists just can't 'fess up it was largely their fault the world is in economic meltdown. They ( Clinton/Blair/Brown ) unleashed the reins on bankers and those so-called top people cr*pped all over us, the ordinary Joes, who have to pay for their mistakes. Huge borrowing to cover loans that had little chance of being repaid and weren't checked properly. Huge Govt spending to try and re-susitate the senile economies of the West by Keynesian largesse. There is little point in giving a sick man more viagra or a sick economy more money.

The Western economies have been living well beyond their resources now for decades. Overpaying the upper elite and overtaxing the rest. Politicians just couldn't say no to more hand-outs for political reasons and now "the crunch" has come.

The idiotic socialists will go on spending/wasting ( Keynes )
The Tories are strangling the patient with their stupid remedies. ( Hayek )
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Last edited by Pat494; Aug 24, 2011 at 4:56pm.
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Old Aug 24, 2011, 3:27pm   #6
 
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Re: Keynes Vs. Hayek

I think there is a complete lack of original thought going on here !

It's not a question of Hayek v. Keynes.

Let's hope the clever Professors/Doctors of economics can properly earn a big reputation with a viable solution. Not just re-gurgitating the same old H and K stuff. which has mostly been tried and failed.
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Old Aug 24, 2011, 4:29pm   #7
 
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Re: Keynes Vs. Hayek

Hayek for sure:

Click the image to open in full size.
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Old Aug 24, 2011, 5:01pm   #8
 
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Re: Keynes Vs. Hayek

Quote:
Originally Posted by Pat494 View Post
I think there is a complete lack of original thought going on here !

It's not a question of Hayek v. Keynes.

Let's hope the clever Professors/Doctors of economics can properly earn a big reputation with a viable solution. Not just re-gurgitating the same old H and K stuff. which has mostly been tried and failed.
I disagree...sort of. It is Governments who adulterate theories to suit their political careers. Just look at the constitution of the USA and it is clear that the Framers knew that Government couldn't be trusted and wanted its powers to be limited. Anyone with an ounce of common sense could see that is why they mentioned that only gold and silver should be made legal tender.

Section 10. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

The coinage act of 1792 which was an act of congress made a Gold standard explicitly clear.

http://www.constitution.org/uslaw/coinage1792.txt

Modern economists (Keynesians) will try and convince you that the gold standard is a relic of the past which in my opinion proves they are absolutely clueless and naive.

The depression of 1920-21 is a good example of what a President with the right idea can achieve. It was very sharp but short lived and the roaring 20’s followed soon after.

Robert Gordon, a Keynesian, admits, “government policy to moderate the depression and speed recovery was minimal. The Federal Reserve authorities were largely passive. … Despite the absence of a stimulative government policy, however, recovery was not long delayed.”

Kenneth Weiher, an economic historian, notes, “despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.” He then briskly concedes that “the economy rebounded quickly from the 1920-1921 depression and entered a period of quite vigorous growth.”

Warren Harding’s (President of the United States, from 1921-1923) inaugural address is a great read and clearly contrasts the ideas of today's moronic leaders.

http://www.vlib.us/amdocs/texts/34hard1.htm

Contrast this with the Great depression starting in 1929 (The one Ben Bernanke studied carefully) which lasted many, many years.
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