[Potemkin]

Why do both Keynes and Hayek have American accents?

...

Never mind.

[Nets]

I thoroughly enjoyed the video, amdjmg or whatever the hell your name is.

Honestly, I stopped watching at the line 'cause we're all Keynesian now'.

Why? That is a historical quote, and it is important when looking at Economic history through the 1970s.

I just kind of wanted a New Keynesian to come in and tell them they were both correct on certain things but not everything.

[amjdmg]

I just kind of wanted a New Keynesian to come in and tell them they were both correct on certain things but not everything.

[Wolfman]

Why? That is a historical quote, and it is important when looking at Economic history through the 1970s.

It's also not accurate, since Deficit Spending is only supposed to occur in a recession, and is supposed to cool off after the economy has mostly regained it's former strength. It's not deficit spend constantly, that's Reaganomics.

[Todd D.]

That's not even Reaganomics, since Reaganomics argues that by virtue of the Laffer Curve and spending cuts, tax cuts can lead to budget surpluses. Permanent deficits are the ideology of a 16 year old with her parent's credit card.

[Wolfman]

That's not even Reaganomics, since Reaganomics argues that by virtue of the Laffer Curve and spending cuts

Spending increased under Reagan though. So, was Reagan a 16 year old girl?

[Suska]

If the 16 year old girl is your daughter at least you can cut her credit cards in half

[Todd D.]

What Reagan did and the theory of "Reaganomics" are not the same thing.

[Wolfman]

If you say so boss.

[Nets]

It's also not accurate, since Deficit Spending is only supposed to occur in a recession, and is supposed to cool off after the economy has mostly regained it's former strength. It's not deficit spend constantly, that's Reaganomics.

Wolfman, as Todd D. has pointed out, you are having trouble distinguishing between political actions and economic theory. That quote was modified from a Milton Friedman quote, and in fact most economists today are Keynesians to a degree (inflexible prices mostly). The song was about economists, not politicians.

The economic policy of the Reagan administration only partly followed what has come to be called "Reaganomics". And a lot of modern Keynesian economists have abandoned deficit spending and fiscal stimulus as the means of business cycle stabilization in favor of different interest rate levers, but they are still Keynesians.

[Wolfman]

Wolfman, as Todd D. has pointed out, you are having trouble distinguishing between political actions and economic theory.

Not really.

A popular term used to refer to the economic policies of Ronald Reagan, the 40th U.S. President (1981–1989), which called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets.

[DanDaMan]

Damnit, someone post something funny!

[Potemkin]

I thought they were. I've certainly had a good laugh over the last few posts.

[DanDaMan]

The biggest joke in America, as explained by Beck...
(Make sure to watch all five!)

[youtube]3MreNxYWWoc[/youtube]

[Ombrageux]

Loved the econ video. Makes me want to read Smith, Condorcet, Ricard, Marx, Keynes, Polanyi and even Hayek/Friedman.

[Nets]

You should read Samuelson, Solow, John Muth, Robert Lucas, and Milton Friedman.

[killim]

Keynes is unreadable.....

[Aekos]

[Quantum]

Why did Reagan cross the road?

To get to the Supply Side.

[DanDaMan]

Little Johnny meets Barack Obama

Barack Obama was visiting a primary school and he visited one of the classes. They were in the middle of a discussion related to words and their meanings. The teacher asked the president if he would like to lead the discussion on the word 'tragedy.' So our illustrious president asked the class for an example of a 'tragedy.'

One little boy stood up and offered: 'If my best friend, who lives on a farm, is playing in the field and a tractor runs over him and kills him, that would be a tragedy.' 'No,' said Obama, 'that would be an accident.'

A little girl raised her hand: 'If a school bus carrying 50 children drove over a cliff, killing everyone inside, that would be a tragedy.

I'm afraid not,' explained Obama. 'That's what we would call great loss.'

The room went silent. No other children volunteered. Obama searched the room. 'Isn't there someone here who can give me an example of a tragedy?'

Finally at the back of the room, Little Johnny raised his hand. In a quiet voice he said: 'If the plane carrying you and Mrs. Obama was struck by a 'friendly fire' missile and blown to smithereens that would be a tragedy.' 'Fantastic!' exclaimed Obama. 'That's right. And can you tell me why that would be tragedy?'

'Well,' says Johnny, 'It has to be a tragedy, because it sure as hell wouldn't be a great loss... and you can bet your ass it's probably not an accident either.