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Post by lc on Nov 16, 2006 20:18:26 GMT -6
(Post Deleted by Original Author)
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Post by unlawflcombatnt on Nov 17, 2006 16:13:24 GMT -6
At the same time, his theories seemed too simplistic to many, and often aroused controversy.
*****Economics is in fact much less complex than bankers and financial proffessionals would like us to believe. In fact they generally employ "economics" to manufacture a smokescreen of complexity to obscure reasonably simple realities and relationships.*****
Amen, LC.
Thanks for the post. I couldn't agree more. Though Friedman had some good insight on inflation, he was another proponent of many self-serving economic ideas concocted to justify why it's good for the rich to get richer. Like many economists, he espoused a lot of ideas that were ultimately designed to justify why it was a "good" thing for the rich to get richer.
Unfortunately for the U.S. and the world, his theories gained favor at a time when Right-Wing Corporatists were dying to find ways to disprove Keynes, and to prove the notion that consumer spending and demand were unimportant, and not worthy of consideration. Along with supply-siders, he provided a convenient, self-serving alternative to the logic-based demand side economics of Keynes.
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Post by lc on Nov 18, 2006 12:20:32 GMT -6
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Post by unlawflcombatnt on Nov 18, 2006 16:02:53 GMT -6
LC, The focus on propping up banks and the financial industry reminded me of a post I made around a year ago, titled Investment Does Not Create Jobs. It's just as true now as it was then. Only demand for production, or anticipated demand for production creates jobs. No one is ever hired unless there is at least an anticipated demand for the goods they produce or the services they provide. And yet many people with economics backgrounds will fight to the death to disprove this simple statement. And this "investment creates jobs" myth is at the core of most of the economic concoctions created to prop up banks, the financial industry, and investment companies. These fabrications justify redistributing wealth upward to make make investment capital more plentiful and easier to obtain. These concoctions go even beyond supply-side theory. They could better be labeled as "supra-supply-side" theory.
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