Keynesian vs. Austrian Debate Hotting Up

Writing at GoldMoney, economist Alasdair Macleod celebrates the grudging attention being given to Austrian economics as the world economy keeps sinking despite — or because of? — ever-more Keynesian medicine.  Macleod’s commentary is headlined “Keynesian vs. Austrian Debate Hotting Up” and it’s posted at GoldMoney here: Keynesian vs. Austrian Debate Hotting Up

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  1. #1 by Michael E Picray on June 4, 2012 - 9:13 pm

    “presumably felt more comfortable defending his interventionist beliefs against a politician than a trained economist.”

    I run into that a lot. In a post on the UK guardian today, an individual held that inflation is caused by a shortage of products to buy. ( re: the cause of the Zimbabwean inflation.) He held that because Mugabe took the farms away from the productive white farmers and gave them to the non-farmer black Zimbabweans, the lack of goods and food available to be purchased caused the inflation. (The prices went up due to scarcity, so the government had to print more money so the people could buy the goods that weren’t being produced) He maintained that inflation is NOT a monetary phenomenon.

    I responded: “…What you’re saying is that because there were no products to buy, more money was created to not buy the non-existent products with. Wow! That’s FUNNY!”

    and he didn’t see the idiocy in his statement at all and responded:
    “It wasn’t funny at all, but that’s exactly what happened. ”

    ROTFLMBO!!!!

    • #2 by carmenalexe on June 5, 2012 - 1:28 am

      Michael, that is so funny! I hope that with what we do, we can help those who want to learn more!

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