Author Topic: Keynesian Economics  (Read 6138 times)

MrBogosity

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Keynesian Economics
« on: August 05, 2009, 01:19:09 PM »
I'm getting a lot of requests for this one. Post relevant videos (pro and con) here!

Travis Retriever

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Re: Keynesian Economics
« Reply #1 on: August 05, 2009, 02:25:28 PM »
Against:

(A bit odd, but still interesting.  Dunno if this is what you want, but I thought I'd post LadyAttis's video just cuz)



For: 



More of an overview:

Hope I don't accidentally put irrelavent videos in this again. ^^;  I'd just figure I'd throw what I can find out there.
May it be to your liking. :)
"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
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IceSage

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Re: Keynesian Economics
« Reply #2 on: September 03, 2009, 03:44:20 PM »
I'm getting a lot of requests for this one. Post relevant videos (pro and con) here!

Are you even working on anything new? Haven't seen a new bogosity thing from you in quite awhile. Also, how's that DVD coming? I know it's off-topic, but I just had to ask, since you're considering new topics for bogosity eps.

MrBogosity

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Re: Keynesian Economics
« Reply #3 on: September 03, 2009, 06:18:24 PM »
I think the DVD is all done except for the translations. Once they come in, it'll be TRI-lingual! (English, Spanish, German.)

IceSage

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Re: Keynesian Economics
« Reply #4 on: September 08, 2009, 07:34:16 PM »
I think the DVD is all done except for the translations. Once they come in, it'll be TRI-lingual! (English, Spanish, German.)

Subtitle or Dub? I think it would be hilarious if someone dubbed you in German.

MrBogosity

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Re: Keynesian Economics
« Reply #5 on: September 08, 2009, 07:42:04 PM »
Subtitles and menus.

Travis Retriever

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Re: Keynesian Economics
« Reply #6 on: September 09, 2009, 10:40:00 PM »
Very much against.

"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
-Captain America, Amazing Spider-Man 537

Travis Retriever

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Re: Keynesian Economics
« Reply #7 on: December 10, 2009, 07:42:30 PM »

For and Against.
Very good video. :)
"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
-Captain America, Amazing Spider-Man 537

Travis Retriever

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Re: Keynesian Economics
« Reply #8 on: February 06, 2010, 03:37:37 PM »
A counter-argument regarding stagflation/ for Keynesian Economics from my professor (provided a while back):

He told us that it is true that in the 1970s that there was high inflation and unemployment, however, Reagan's Tax cuts (referred to as supply side economics) were what saved the day.
Using the aggregate supply and aggregate demand graph, he stated that the tax cuts pushed the supply curve to the right, pushing down prices (reducing inflation) and pushing up the quantity demanded (which was we were taught was more or less proportional to employment; meaning that unemployment decreased).

I'm surprised no one I've encountered online arguing for Keynesian Economics has thrown out this argument.

Shane, what is your rebuttal to this argument?
"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
-Captain America, Amazing Spider-Man 537

MrBogosity

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Re: Keynesian Economics
« Reply #9 on: February 06, 2010, 06:14:55 PM »
First of all, is he talking about short run or long run aggregate supply?

Travis Retriever

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Re: Keynesian Economics
« Reply #10 on: February 06, 2010, 06:50:46 PM »
First of all, is he talking about short run or long run aggregate supply?
Well, I just spent like...20-30 minutes looking for and through my notes.
They (the notes) didn't really specify, but according to my book:
"To summarize:  Lower marginal tax rates encourage saving and investing.  Workers therefore find themselves equipped with more and technologically superior machinery and equipment.  Labor productivity rises, and that expands long-run aggregate supply and economic growth, which in turn keeps unemployment rates and inflation low."  So it looks like long run.
Also, "Supply-side advocates respond to the skeptics by contending that the Reagan tax cuts in the 1980s works as Laffer predicted."

I also remember another one of the counter arguments.
This time regarding the Phillips Curve.
The economics text I have agrees with you...sort of.
It says that in the short run that unemployment and inflation are inversely proportional (decrease one and you increase the other), but that this relation disappears in the long run (called the Long Run Phillips curve).
« Last Edit: February 06, 2010, 06:59:48 PM by surhotchaperchlorome »
"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
-Captain America, Amazing Spider-Man 537

MrBogosity

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Re: Keynesian Economics
« Reply #11 on: February 06, 2010, 07:02:09 PM »
I'm even skeptical about the short-run Phillips Curve.

If tax cuts are matched with spending cuts, then I agree. Otherwise, you just increase deficits, which, while you get short-term gains, in the long run you end up paying for it. In fact, the short-term gains are an illusion generated by inflation.

Travis Retriever

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Re: Keynesian Economics
« Reply #12 on: February 06, 2010, 07:14:51 PM »
I'm even skeptical about the short-run Phillips Curve.

If tax cuts are matched with spending cuts, then I agree. Otherwise, you just increase deficits, which, while you get short-term gains, in the long run you end up paying for it. In fact, the short-term gains are an illusion generated by inflation.
I wouldn't be surprised, given my book's track record.

Agreed.  I almost face palmed from my professor's usage of the Reagen era tax cuts as an example of the Supply Side + Keynesian Economics working.
Reagen also presided over the biggest federal budget deficits ever at that point.
We all know what that means.
« Last Edit: February 06, 2010, 07:17:31 PM by surhotchaperchlorome »
"When the mob and the press and the whole world tell you to move, your job is to plant yourself like a tree beside the river of truth, and tell the whole worldó'No. You move.'"
-Captain America, Amazing Spider-Man 537

MrBogosity

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Re: Keynesian Economics
« Reply #13 on: February 06, 2010, 07:22:16 PM »
Yes: the deficits mean that we'll usher in an age of prosperity and there'll never be any boom and bust cycle ever again! It'll be paradise! Utopia!

...Oops, sorry. Must have been channelling Keynes there.

Gumba Masta

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Re: Keynesian Economics
« Reply #14 on: February 13, 2010, 04:03:17 AM »
Well... do we get Lions and Tigers with our keynesion economics?
« Last Edit: February 13, 2010, 04:07:08 AM by Gumba Masta »