Do you agree with Keynes?

>>1575587

On the government's role in the economy: mostly.

On having sex with other dudes: not so much.

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Yes/no, I believe that monetary policy is a better way to regulate the economy than investment and taxes, not that I know anything about anything

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>>1575587
Monetarism > Keynesianism > Austrianism

>>1575668
How can you compare theory to practice though?

>>1575587
On mostly everything, I disagree with him on economic models and the existence of equilibrium. Post Keynesianism is gay as fuck.

New Keynesianism>

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>>1575587
no

>>1576821
What do you mean

give more context

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>>1575587
Yes.
We're already at zero key interest, quantitative easing, yet there's neither inflation nor growth.
Time to stimulate the economy with spending.

Fuck no Hayek was right, a competitive market for competing currencies is a necessity for deterring dodgy monetary practices.

He's also right that central bankings biggest flaw is that it distorts the market causing short term results at the expense of disaster later on.

>>1578658
>Fuck no Hayek was right, a competitive market for competing currencies is a necessity
u mean like Forex?
>biggest flaw is that it distorts the market
not another of those 'businesses are effeicient but cant forecast inflation....for some reason

>>1578687
I mean like legal tender within the country. Also it's pretty simple, interest rates are price signals like any other, they convey information, distort the interest rate and you distort the signals/information people rely on when engaging in economic activity.

Time will tell whether these distortions are true and will tell if a monopoly currency in its' current form is too destructive to continue being the way forward.

>>1578658
>>1578743
Hayek's policies would've stabilized nominal income (http://www.cnbc.com/id/45223999) which means that Hayek would be telling the ECB to print money right now to fight off deflation/a drop in nominal income.

"I am the last to deny – or rather, I am today the last to deny – that, in these circumstances, monetary counteractions, deliberate attempts to maintain the money stream {NGDP], are appropriate. I probably ought to add a word of explanation: I have to admit that I took a different attitude forty years ago, at the beginning of the Great Depression. At that time I believed that a process of deflation of some short duration might break the rigidity of wages which I thought was incompatible with a functioning economy. Perhaps I should have even then understood that this possibility no longer existed. … I would no longer maintain, as I did in the early ’30s, that for this reason, and for this reason only, a short period of deflation might be desirable. Today I believe that deflation has no recognizable function whatever, and that there is no justification for supporting or permitting a process of deflation."
-Hayek

(source: http://www.themoneyillusion.com/?p=5966)

>>1575587
No, Hayek is right. Keynes is just the crutch that socialists use to seize more control of the economy.

>>1578835
> Hayek would be telling the ECB to print money right now to fight off deflation/a drop in nominal income.

That's a mischaracterization if I've ever seen one. It's reminds of the same talk about Friedman.

Hayek clearly states in interviews and writings in the last 70's early 80's that he doesn't believe government intervention in the economy has ever produced a good result and that he maintains his stance about circumventing the current banking system to create his free banking system.

A lot of these questions he's been asked particularly in the link you posted are talking about existing circumstances and systems, not his ideal circumstances and systems. So just as Friedman does he answers the questions and proposes opinions about what to do in the current system but has always declared what he wants to actually be done.

See: The Denationalization of Money (1976) and the subsequent interviews in the 1980's where he expands on his earlier views and the last views of his life about the political feasibility of his ideas and alternatives.

>>1578658
Competing currencies are retarded, currency as a good is naturally monopolistic, you'd be accomplishing nothing. Not to mention that you run into a whole bunch of problems regarding counterfeit money and the enforcement of such a thing. btw The Fed does a perfectly fine job with currency as of today.

Central Banking does not cause the business cycles you fucking moron, that myth relies on 1. Interest rates being unpredictable and 2. That businessmen are absolutely retarded when they take out loans.

And even if central banking doesn't cause the business cycles, Says law is wrong (price and wage rigidities), so I'd rather have a boom bust cycle than a 20 year long recession.

>>1578470
This is a retarded post. There very much IS growth in the US, and low inflation. We can't rightly go out spending because we spent so much for a bailout that you may have forgotten about, and moreover, the monetary policy hasn't failed, it's just really hard for the US dollar to inflate when every body else in the fucking world is struggling twice as hard and their currency is devaluing.

Everybody's wrong, almost all economics simplify and make the assumptions that support their preferred ideology. Economics is on the Aristotle/Ptolemaic stage.

Go back to first principles, input real quantities and behaviour into chaotic models, stop simplifying the mathematics to reduce complexity (neoclassicals), stop assuming equilibrium (classicals), stop denying mathematics (austrians), stop inventing "animal spirits" (keynes), stop regarding "friction" as an adjustment (neo-keynes) and realize that IT'S ALL FRICTION AND CHAOS!

You are denying the reality in front of you on behalf of maintaining your beliefs. You all follow different religions.

Some of them create good predictions, in very limited fields of applicability. Ptolemy's model of the heavens predicted the movement of planets very precisely. And totally failed on comets.

Newton predicted both. Einstein predicted even more.

>>1579945

The rest of the world that you mentioned is what I'm talking about. Particularly the Eurozone and Japan with their dismal growth figures.

Also, as you said yourself, the US has applied a lot of Keynesian stimulus, namely Obama's and the government gifts to your dearest real estate speculation... Ehm, banking sector.

Yes. The age of Keynes is also called the Golden Age of Capitalism.

>>1579945
us made money on the bailouts when they sold off the stock

] On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial, essentially ending the program. TARP revenue has totaled $441.7 billion on $426.4 billion invested.[2]