Discussion of the Austrian School

[EdwardBaiamonte]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

yes some harm compared to his version of freedom and capitalism but none compared to lib communism. THey were joined at the hip about significant issues.

 

[Rshermr]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

actually England was closest to austerity and they are doing well now as a result.

No, it was far from a success:

Austerity has failed.

It has failed in the UK and it has failed in the eurozone. Its failure was predictable and, by some at least, predicted. It turned a nascent recovery into stagnation. That imposes huge and unnecessary costs, not just in the short run, but in the long term, as well: the costs of investments unmade, of businesses not started, of skills atrophied and of hopes destroyed.

This is not, as many seem to believe, a debate about the short term versus the long term. It is a debate about both the short and the long term, because what we do in the short term shapes the long term. What is being done here in the UK and also in much of the eurozone is worse than a crime, it is a blunder. If policymakers listened to the arguments put forward by our opponents, the picture, already dark would become still darker.

Austerity cannot kill the economy. “There is”, as Adam Smith said, “a great deal of ruin in a nation”. But it can inflict a great deal of unnecessary suffering and waste. Austerity is a treatment that aggravates the illness.

Failure Of Austerity, In 1 Chart
Thttp://www.huffingtonpost.com/2013/07/23/austerity-failure-1-chart_n_3639674.htmlhe Complete

BY GEORGE, BRITAIN’S AUSTERITY EXPERIMENT DIDN’T WORK!
By George, Britain's Austerity Experiment Didn't Work! : The New Yorker

The only people who suggest that austerity worked in the UK are the politicians who suggested it, and who are now worried about their jobs.
And,of course, ed and other con tools. Not economists.

 

[EdwardBaiamonte]

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

actually England was closest to austerity and they are doing well now as a result.

No, it was far from a success:

Failure Of Austerity, In 1 Chart
Thttp://www.huffingtonpost.com/2013/07/23/austerity-failure-1-chart_n_3639674.htmlhe Complete

BY GEORGE, BRITAIN’S AUSTERITY EXPERIMENT DIDN’T WORK!
By George, Britain's Austerity Experiment Didn't Work! : The New Yorker

The only people who suggest that austerity worked in the UK are the politicians who suggested it, and who are now worried about their jobs.
And,of course, ed and other con tools. Not economists.

austerity has worked so well that Spain just introduced another round. Common sense will tell you that the libturd bureaucratic govt does not invent products so can't grow the economy. Thus, the more resources the private sector has the faster the economy will grow.

 

[Shanty]

Well, since the reality of the austerity programs have become known,

can you tell us where you think there was austerity? Isn't thinking fun?

Spending fell after the stimulus, even though spending was still needed to put idle production and workers back into producing.

 

[Shanty]

actually England was closest to austerity and they are doing well now as a result.

No, it was far from a success:

BY GEORGE, BRITAIN’S AUSTERITY EXPERIMENT DIDN’T WORK!
By George, Britain's Austerity Experiment Didn't Work! : The New Yorker

The only people who suggest that austerity worked in the UK are the politicians who suggested it, and who are now worried about their jobs.
And,of course, ed and other con tools. Not economists.

austerity has worked so well that Spain just introduced another round. Common sense will tell you that the libturd bureaucratic govt does not invent products so can't grow the economy. Thus, the more resources the private sector has the faster the economy will grow.

You're uninformed.
? Spain - Government revenue and spending 2014 | Statistic

 

[EdwardBaiamonte]

No, it was far from a success:






The only people who suggest that austerity worked in the UK are the politicians who suggested it, and who are now worried about their jobs.
And,of course, ed and other con tools. Not economists.

austerity has worked so well that Spain just introduced another round. Common sense will tell you that the libturd bureaucratic govt does not invent products so can't grow the economy. Thus, the more resources the private sector has the faster the economy will grow.

You're uninformed.
? Spain - Government revenue and spending 2014 | Statistic

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

 

[Shanty]

austerity has worked so well that Spain just introduced another round. Common sense will tell you that the libturd bureaucratic govt does not invent products so can't grow the economy. Thus, the more resources the private sector has the faster the economy will grow.

You're uninformed.
? Spain - Government revenue and spending 2014 | Statistic

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

OK. So post your source.

"austerity ease"
http://www.bloomberg.com/news/2014-...es-as-household-government-spending-rise.html

 

[EdwardBaiamonte]

You're uninformed.
? Spain - Government revenue and spending 2014 | Statistic

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

OK. So post your source.

"austerity ease"
Spain Growth Speeds Up as Consumer, Government Spending Rise - Bloomberg

I did!!!!WSJ, Updated July 17, 2014 8:20 p.m. ET you chart shows nothing

 

[Shanty]

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

OK. So post your source.

"austerity ease"
Spain Growth Speeds Up as Consumer, Government Spending Rise - Bloomberg

I did!!!!WSJ, Updated July 17, 2014 8:20 p.m. ET you chart shows nothing

OK, so post it.

And my charts showed decreasing spending g during the time of Spain's falling GDP, but later link shows increasing GDP with higher spending.

 

[EdwardBaiamonte]

OK. So post your source.

"austerity ease"
Spain Growth Speeds Up as Consumer, Government Spending Rise - Bloomberg

I did!!!!WSJ, Updated July 17, 2014 8:20 p.m. ET you chart shows nothing

OK, so post it.

And my charts showed decreasing spending g during the time of Spain's falling GDP, but later link shows increasing GDP with higher spending.

so are you claiming the more the govt steals from and cripples the private sector the more productive the private sector will be???

 

[Shanty]

I did!!!!WSJ, Updated July 17, 2014 8:20 p.m. ET you chart shows nothing

OK, so post it.

And my charts showed decreasing spending g during the time of Spain's falling GDP, but later link shows increasing GDP with higher spending.

so are you claiming the more the govt steals from and cripples the private sector the more productive the private sector will be???

I didn't say government steals anything. Your red herring isn't working.

 

[EdwardBaiamonte]

OK, so post it.

And my charts showed decreasing spending g during the time of Spain's falling GDP, but later link shows increasing GDP with higher spending.

so are you claiming the more the govt steals from and cripples the private sector the more productive the private sector will be???

I didn't say government steals anything. Your red herring isn't working.

are you afraid to share your theory? How will you learn if you are afriad to try?

 

[Shanty]

so are you claiming the more the govt steals from and cripples the private sector the more productive the private sector will be???

I didn't say government steals anything. Your red herring isn't working.

are you afraid to share your theory? How will you learn if you are afriad to try?

Theft has nothing to do with Keynesian theory. Your red herring failed.

 

[rightwinger]

I have been reading some stuff mainly about Rothbard, which has got me to thinking. Is there any interest in a somewhat technical and nerdy discussion of the "Austrian School" and should it be here or in the CDZ? My first choice would be to put it here. What say you?

Who cares about a school on kangaroos and Fosters beer!

 

[EdwardBaiamonte]

I have been reading some stuff mainly about Rothbard, which has got me to thinking. Is there any interest in a somewhat technical and nerdy discussion of the "Austrian School" and should it be here or in the CDZ? My first choice would be to put it here. What say you?

Who cares about a school on kangaroos and Fosters beer!

I say cut the BS and tell us if you are liberal or conservative and why!!

 

[rightwinger]

I have been reading some stuff mainly about Rothbard, which has got me to thinking. Is there any interest in a somewhat technical and nerdy discussion of the "Austrian School" and should it be here or in the CDZ? My first choice would be to put it here. What say you?

Who cares about a school on kangaroos and Fosters beer!

I say cut the BS and tell us if you are liberal or conservative and why!!

I am a paid Internet poster, I will take any side you pay me for

 

[ScienceRocks]

So building highways and investing in first rate science institutions is somehow bad.

lol

Your belief system is as dumb as the Amish!

 

[Rshermr]

You're uninformed.
? Spain - Government revenue and spending 2014 | Statistic

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

OK. So post your source.

"austerity ease"
Spain Growth Speeds Up as Consumer, Government Spending Rise - Bloomberg

Poor old ed. Said austerity was working great in Great Britain, then it was proven he was lying. Again. The brits know better, of course.
Now, after 6 years of driving Spain into the ground with austerity plans, ed says things are great there now. However, the spanish seem to know better:

Spain austerity: Huge Madrid protest turns violent
BBC News - Spain austerity: Huge Madrid protest turns violent

And the gov of Spain disagrees, also:

Saying No to Austerity, Spain Unveils Tax Cuts
By RAPHAEL MINDER JUNE 20, 2014
http://www.nytimes.com/2014/06/21/b...k-from-austerity-plans-to-cut-taxes.html?_r=0

And the mess made of the infrastructure in spain, by austerity measures, further hurt the economy there:

Austerity endangers Spain's road users
Austerity endangers Spain's road users - Telegraph

No, the concept that austerity worked in Spain just plain does not pass the giggle test. It is just ed. Question is, is ed just lying, or is he stupid, or is he stupid and lying. I vote for the latter.

 

[EdwardBaiamonte]

No, the concept that austerity worked in Spain just plain does not pass the giggle test.

actually it does to Spain which just implemented more austerity much to the dismay of the IMF.



WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

 

[Rshermr]

No, the concept that austerity worked in Spain just plain does not pass the giggle test.

WSJ, Updated July 17, 2014 8:20 p.m. ET
Madrid last month cut corporate and personal tax rates, simplified Spain's personal-income tax system and vowed to close loopholes. That's good news, and now there's more: The government projects the economy to expand in 2014. OK, so maybe 1.2% projected GDP growth isn't much, but consider that the Spanish economy contracted by 0.93% between 2009 and 2013, according to the World Bank.


Of European countries, only Greece, Macedonia and Serbia have higher ue rates, and then only slightly. The only eu country with a higher rate is Greece, and then only .3% higher. The other 45 european countries have generally much better unemployment rates. Most are under 10%. If you call having an ue rate of over 15% a success, then you are an idiot.

So leave it to the austerity scolds at the International Monetary Fund to call for tax increases.

So, on balance, it has been a failure. Austerity, that is. Which is why the lying con tool ed does not want to provide a link. The pres of spain, who has pushed austerity and gotten rich as a result of the moves made there, is the person saying austerity has had some success. If there was more to it than that, as in success as a result of austerity, 1. There would not be riots going on in spain protesting austerity there, and 2., ed would provide a link to the story in the wsj. Just more proof that ed lies.

Spain’s housing bubble was funded by an out of control banking sector and the bad loans are causing increasing damage to the banks. “anks’ assets continue to deteriorate with an increase in the number of loans not being paid back.”

Spain Rains on Rehn’s Austerity Victory Parade: Unemployment Rises to 26%
At yearend 2013, the Spanish government and the EU were desperately trying to spin Spain as a success story attributable to austerity and labor “reform.” Citing a nation with 26% unemployment as one’s great success story, a few weeks before Spain had to admit that the unemployment rate had increased, is sad. I asked a former student who is a financial reporter what the EU considers a failure, if Spain is their great success. The reporter answered: “Cyprus.”
Spain Rains on Rehn?s Austerity Victory Parade: Unemployment Rises to 26% | New Economic PerspectivesNew Economic Perspectives

Ed thinks that austerity must be a success in Spain when unemployment is only 26%, which is as high as the rate ever got during the great republican depression ithat started in 1929. By comparison, the ue rate never got higher than 10% in the us during the great republican recession of 2008. Ed simply has an issue with high scores versus low scores. He believes the higher the ue rate the better. Poor ignorant tool.