Tom Woods and Murry Rothbard on Keynesian Predictions vs. American History–Lessons President Obama Never Learned–Videos

Posted on February 7, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Video, Wisdom | Tags: , , , , |

“The fallacies implied in the Keynesian full-employment doctrine are, in a new attire, essentially the same errors which [Adam] Smith and [Jean Baptiste] Say long since demolished.”

“What he really  did was to write an apology for the prevailing policies of governments.”

~Ludwig von Mises writing about John M. Keynes

Keynesian Predictions vs. American History

John Maynard Keynes: Hero or Villain?

The Future of Austrian Economics

“Keynes did not add any new idea to the body of inflationist fallacies, a thousand times refuted by economists… He merely knew how to cloak the plea for inflation and credit expansion in the sophisticated terminology of mathematical economics.”

“In old fashioned language, Keynes proposed cheating the workers.”

Ludwig von Mises

Background Articles and Videos

Keynesian Economics

“…Keynesian economics (pronounced /ˈkeɪnziən/, also called Keynesianism and Keynesian Theory) is a macroeconomic theory based on the ideas of 20th-century British economist John Maynard Keynes. Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and therefore advocates active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle.[1] The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936; the interpretations of Keynes are contentious, and several schools of thought claim his legacy.

Keynesian economics advocates a mixed economy—predominantly private sector, but with a large role of government and public sector—and served as the economic model during the latter part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the stagflation of the 1970s. As a middle way between laissez-faire capitalism and socialism, it has been and continues to be attacked from both the right and the left.[2][3] The advent of the global financial crisis in 2007 has caused a resurgence in Keynesian thought. The British Prime Minister Gordon Brown and other global leaders have used the theory of Keynesian economics to justify intervening in the world economy.[4]

…”

 http://en.wikipedia.org/wiki/Keynesian_economics

 

Austrian School

“…The Austrian School (also known as the Vienna School or the Psychological School) is a non-mainstream school of economic thought that emphasizes the spontaneous organizing power of the price mechanism or price system. Austrians hold that the complexity of human behavior makes mathematical modeling of the evolving market extremely difficult (or undecidable) and advocate a laissez faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be coercive (in particular the smallest possible amount of government intervention).

The Austrian School derives its name from its predominantly Austrian founders and early supporters, including Carl Menger, Eugen von Böhm-Bawerk and Ludwig von Mises. Other prominent Austrian School economists of the 20th century include Henry Hazlitt, Murray Rothbard, and Nobel Laureate Friedrich Hayek.[1] Though called ‘Austrian’ today, supporters or proponents of the Austrian School can come from any part of the world. The Austrian School was influential in the early 20th century and was for a time considered by many to be part of mainstream economics. Austrian contributions to mainstream economic thought include involvement in the development of the neoclassical theory of value, including the subjective theory of value on which it is based, as well as contributions to the “economic calculation debate” which concerns the allocative properties of a centrally planned economy versus a decentralized free market economy.[2] From the middle of the 20th century onwards, it has been considered a heterodox school[3][4] and arguably contributes relatively little to mainstream economic thought.[5][6]

Austrian School economists advocate strict adherence to methodological individualism, which they describe as analyzing human action from the perspective of individual agents.[7] Austrian School economists argue that the only means of arriving at a valid economic theory is to derive it logically from basic principles of human action, a method called praxeology. Additionally, whereas natural experiments are often utilized within mainstream economics, Austrian economists contend that testability in economics is virtually impossible since it relies on human actors who cannot be placed in a lab setting without altering their would-be actions. Mainstream economists are generally critical of methodologies used by modern Austrian economics.[5]

http://en.wikipedia.org/wiki/Austrian_School

Why You’ve Never Heard of the Great Depression of 1920

The Founding of the Federal Reserve

Tom Woods – The Great Awakening – Ending The Federal Reserve

A lesson in the Austrian School

Applying Economics to American History

 

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