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Author Topic: Read this before having an opinion on economics  (Read 23855 times)
The Script
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June 24, 2011, 08:25:56 AM
 #281

Because Keynes supports state intervention in matters of money, and states like to intervene in matters of money?

That could be one of the explanations why states like Keynesian theory, but it doesn't explain why most economists do.
 

The missing link to the vicious circle: http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

Note: this is the Huff post which is not a "fringe" website as far as I know.
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jtimon
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June 25, 2011, 12:13:17 PM
 #282

I apologize for bringing this up on an obviously Austrian school forum  Grin but what about Keynes and Friedman? Not bad reads either...

Look at what Keynes said:

"Gesell's chiefwork is written in cool and scientific terms, although it is run through by a more passionate and charged devotion to social justice than many think fit for a scholar. I believe that the future will learn more from Gesell’s than from Marx’s spirit."

And for austrians...What if Keynes was right twice (apart from "In the end we're all death")?
Gesell seems pretty libertarian to me in most of his thoughts.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
JA37
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June 25, 2011, 09:03:37 PM
 #283

The missing link to the vicious circle: http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

Note: this is the Huff post which is not a "fringe" website as far as I know.
Very US-centric but a good read none the less. I'm not convinced that most economists around the world are affected by this, and I would find it hard to believe that you would have such a dominant player in every region that would push everyone to the Keynesian side.

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June 26, 2011, 01:03:54 AM
 #284

The missing link to the vicious circle: http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

Note: this is the Huff post which is not a "fringe" website as far as I know.
Very US-centric but a good read none the less. I'm not convinced that most economists around the world are affected by this, and I would find it hard to believe that you would have such a dominant player in every region that would push everyone to the Keynesian side.

The Federal Reserve is not the only central bank, just one of the most influential (mostly because dollars are the world's reserve currency).
frutza
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June 26, 2011, 04:01:52 PM
 #285

Quote
Look at what Keynes said:

"Gesell's chiefwork is written in cool and scientific terms, although it is run through by a more passionate and charged devotion to social justice than many think fit for a scholar. I believe that the future will learn more from Gesell’s than from Marx’s spirit."

So Keynes believs Gessell is Marx 2.0 Now, how cool is that  Grin Beautiful English though...
jtimon
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June 26, 2011, 04:17:07 PM
 #286

Quote
Look at what Keynes said:

"Gesell's chiefwork is written in cool and scientific terms, although it is run through by a more passionate and charged devotion to social justice than many think fit for a scholar. I believe that the future will learn more from Gesell’s than from Marx’s spirit."

So Keynes believs Gessell is Marx 2.0 Now, how cool is that  Grin Beautiful English though...

Keynes believed that the future will learn something from Gesell's spirit, don't know if we will from Marx's. Not that I'm a Keynes fan, I was just recommending another economics reading. Maybe someone changes his opinion on economics after reading that. If just one of you reads the book my comment worths something. I just think austrians should have an opinion/critique on Gesell. Sorry if I'm too annoying with that.
English is not my native language. Can you point out my mistakes so I can improve?

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
JA37
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June 26, 2011, 06:00:36 PM
 #287

The Federal Reserve is not the only central bank, just one of the most influential (mostly because dollars are the world's reserve currency).
I know there are more central banks. What was displayed was really bad corporate culture. What makes you think that every other central bank in the world would have such bad culture?

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The Script
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June 28, 2011, 06:01:22 AM
 #288

The missing link to the vicious circle: http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

Note: this is the Huff post which is not a "fringe" website as far as I know.
Very US-centric but a good read none the less. I'm not convinced that most economists around the world are affected by this, and I would find it hard to believe that you would have such a dominant player in every region that would push everyone to the Keynesian side.

I'm not saying this applies to every country, though the Central Banks do seem to be fairly interconnected. This article is more of a counter to the people in my country who always say "If the Fed is bad why do so may economists support it?".
The Script
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June 28, 2011, 06:07:56 AM
 #289

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Look at what Keynes said:

"Gesell's chiefwork is written in cool and scientific terms, although it is run through by a more passionate and charged devotion to social justice than many think fit for a scholar. I believe that the future will learn more from Gesell’s than from Marx’s spirit."

So Keynes believs Gessell is Marx 2.0 Now, how cool is that  Grin Beautiful English though...

Keynes believed that the future will learn something from Gesell's spirit, don't know if we will from Marx's. Not that I'm a Keynes fan, I was just recommending another economics reading. Maybe someone changes his opinion on economics after reading that. If just one of you reads the book my comment is worths something. I just think austrians should have an opinion/critique on Gesell. Sorry if I'm too annoying with that.
English is not my native language. Can you point out my mistakes so I can improve?

I corrected the only mistake I found. Your English writing is fairly good from what I've seen. Kudos to you. I am always embarrassed that English is the only language I can speak and write fluently.

I'll have to look in to Gesell, I had never heard of him until you brought him up.
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June 28, 2011, 08:53:09 AM
 #290


I corrected the only mistake I found. Your English writing is fairly good from what I've seen. Kudos to you. I am always embarrassed that English is the only language I can speak and write fluently.

Thank you for the correction and for the compliment.

I'll have to look in to Gesell, I had never heard of him until you brought him up.

That's great. He's quite unknown. He has influenced Bernard Lietaer and Margrit Kennedy though.
Please, let me know what you think after you read him.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
vrotaru
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June 28, 2011, 12:17:34 PM
 #291

Because Keynes supports state intervention in matters of money, and states like to intervene in matters of money?

That could be one of the explanations why states like Keynesian theory, but it doesn't explain why most economists do.
 

Who paying the most economist's wages? Same people who like to intervene in the matters of money?

I'd say that, outright corruption, if anything, is extremely rare. However, at least one prof, confessed that he didn't dare to publish an article opposing the mainstream view for several years, fearing that he may lose his job. But a bias in selection and self-selection of economists is what happens. It starts with public schools and ends with Federal Reserve research grants. Add intellectual fads into mixture.

Also is very easy to be wrong for long time in economics. Unique events, mixed evidence, political pressures. Not exactly a lab.
The Script
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June 29, 2011, 08:07:23 AM
 #292

Because Keynes supports state intervention in matters of money, and states like to intervene in matters of money?

That could be one of the explanations why states like Keynesian theory, but it doesn't explain why most economists do.
 

Who paying the most economist's wages? Same people who like to intervene in the matters of money?

I'd say that, outright corruption, if anything, is extremely rare. However, at least one prof, confessed that he didn't dare to publish an article opposing the mainstream view for several years, fearing that he may lose his job. But a bias in selection and self-selection of economists is what happens. It starts with public schools and ends with Federal Reserve research grants. Add intellectual fads into mixture.

Also is very easy to be wrong for long time in economics. Unique events, mixed evidence, political pressures. Not exactly a lab.

Which is why economics isn't fundamentally an empirical science, but rather a logical axiomatic one.
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