Paulie
Diamond Member
- May 19, 2007
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I tried to wade throught that...but it was difficult. Could you summarize it for me in your own words? Methinks they suffer a bit from confirmation bias.You didn't even read it, did you?
As for your assertion, that all depends on whether it works or not.
I've read the book on Keynesian economics. It doesn't work, period. There are plenty of studies to prove that it doesn't work. As a quick example, Japan spent hundreds of billions on Keynesian public works schemes after 1991, and economic growth averaged only 1.1 percent. On the other hand, other economic theories have been proven to work. Here's a Harvard study entitled "Fiscal Policy, Profits and Investment" in 18 large economies by Profs. Alesina, Ardagna, Perotti and Schiantarelli. The data is overwhelming:
http://fmwww.bc.edu/EC-P/WP504.pdf
If you apply an economic theory that has been proven to fail, it will fail. So why would anyone do something so foolish? Politics.
Translation: "Me duzzn't understands a darn thang, so it rong"