This was just uploaded to the Mises youtube channel. I don't expect everyone to watch a full hour of this, but I figure that since the recent Bogosity podcast slightly talked about government role in boosting the economy (increasing taxes and what not.) This debate is between a Keynesian economist and Austrian economist.
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I always go with the simple solution of "Take the kenysian's arguments and take out the government from the picture. Do they still make sense?"
Ie: Does spending yourself out of debt make sense when you personally do it?
This is a GREAT debate! Nice to hear a good examination of Keynesian vs. Austrian economics without strawmanning on either side (although the Keynesian did strawman Say's Law a tiny bit).
Quote from: MrBogosity on September 06, 2011, 04:08:22 PM
This is a GREAT debate! Nice to hear a good examination of Keynesian vs. Austrian economics without strawmanning on either side (although the Keynesian did strawman Say's Law a tiny bit).
I didn't watch the whole thing yet. I got through most of the Keynesian giving his opening statement.
Posted this on another forum, got this response:
QuoteI have to say that I do agree with the Austrians more then with the Keynesians, however I do disagree in one major aspect that represents a crucial flaw in their argument. That is, Austrians are too busy looking at price ranges, they fail to see the effects of monopolies and business controlled prices and services (the best example are health insurance companies). It is this that the government should control, not the production processes by expanding employment and production (even though, given the system, this is the result of a domino effect, as it is the most logical course of action)
I think he fails to realize that the corporatism and monopolies he fears are here already and that falls entirely on the government. You don't use increased government influence when government influence is what caused the problem in the first place.