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What's Your Economic Policy?

mark.marrocco
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7/24/2012 10:39:17 PM
Posted: 4 years ago
Honestly, if I had to admit of a topic that I was the most ignorant about on DDO, it would be economics. I have never liked money, and probably harbor some disdain for it's very existence in actuality. Thus, I have avoided it (well, any excess of it) and all of the so-called principles and systems people tend to try to manipulate it with.

So, tell me, whether it's your own or a particular institution's, what economic theory or system do you subscribe to and why?
"Belief is the death of intelligence. As soon as one believes a doctrine of any sort, or assumes certitude, one stops thinking about that aspect of existence."
bossyburrito
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7/24/2012 10:47:43 PM
Posted: 4 years ago
No money.
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Contra
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7/24/2012 10:51:50 PM
Posted: 4 years ago
I support Keynesian economics, but overall when it comes to economics I am a Centrist but believe that government has a vital role in ensuring greater stability and protection of consumers and facilitating the success of markets.

--I believe in Keynesian economics because I think the economy should be more balanced and more stable overall than having rapid fluctuations basically.

--I believe in a Capitalist Mixed Market economy because although Capitalism has many benefits and is much superior than a statist economy, gov't has a role in providing equal opportunity and the advancement of the public interest such as ensuring clean air and water and protecting consumers, and ultimately allowing markets to succeed with a strong infrastructure to grow from.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
mark.marrocco
Posts: 236
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7/24/2012 10:52:26 PM
Posted: 4 years ago
At 7/24/2012 10:47:43 PM, bossyburrito wrote:
No money.

Now that's one I could easily agree to. If only our species was so wise. lol
"Belief is the death of intelligence. As soon as one believes a doctrine of any sort, or assumes certitude, one stops thinking about that aspect of existence."
Lordknukle
Posts: 12,788
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7/24/2012 11:10:54 PM
Posted: 4 years ago
Very libertarian. I support complete privatization of nearly all government owned companies, with the exception of a few critical services such as defence, water, and roads.

-Naturally, the economy always adjusts to the natural rate of unemployment so focusing on unemployment in the short run often causes negative effects in the long run.

-Inflation should be tamed, since it is much more lethal than unemployment in the long term.

-The government should reduce regulations as much as possible (minimum wage, production compliance regulations) to decrease the natural rate of unemployment and make goods lower prices.

-All Union power is immediately abolished and any demanding for higher wages as a Union will be classified as attempting coercion under the NAP and be subject to persecution.

-Most welfare programs should be abolished, with the exception of a few job training programs.

- Free trade for the win!

- Healthcare ought to be completely privatized except for one rule: The amount charged by a hospital cannot exceed the total assets owned by the consumer to be paid back by the consumer- the government must cover the additional costs.

-Reign spending at 15% of GDP.

Pretty much that and you're back to 1980's Chile.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
Ore_Ele
Posts: 25,980
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7/24/2012 11:17:21 PM
Posted: 4 years ago
At 7/24/2012 10:39:17 PM, mark.marrocco wrote:
Honestly, if I had to admit of a topic that I was the most ignorant about on DDO, it would be economics. I have never liked money, and probably harbor some disdain for it's very existence in actuality. Thus, I have avoided it (well, any excess of it) and all of the so-called principles and systems people tend to try to manipulate it with.

So, tell me, whether it's your own or a particular institution's, what economic theory or system do you subscribe to and why?

Fairly loosely Keynesian. However, it must be held during the good times (cut spending, create a surplus, and pay off any debt and build up a savings toward any future crashes that need stimulus'). Of course, how stimulus' are done is another subject all together.
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LaissezFaire
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7/24/2012 11:21:07 PM
Posted: 4 years ago
Laissez-faire.
Should we subsidize education?
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NixonianVolkswagen
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7/25/2012 5:34:19 AM
Posted: 4 years ago
Lapsed Ferengi.
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Masego
Posts: 4
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7/25/2012 5:41:07 AM
Posted: 4 years ago
It is probably fitting to say that economic theory is being tested across the atlantic ocean. With America using stimulus and the Europeans using austerity and self correction. It remains to be seen which is more effective, but it is without doubt that both have their consequences.

Strictly speaking and as with all theories, there is always some evolution from what we are taught in Economics 101 and beyond. In this environment I'd say each measure would have to be assessed per country. As an example I would most likely not subscribe to stimulus for the Eurozone (particularly in the longer term) but would be more inclined to do so for America. This is because there is (in principle) a higher probability of fiscus support within one country relative to many. That being said it is also important to note that even in being only one country, US fiscal policy makers continue to disagree (backed by political agendas) and the government continues to expect Ben Bernanke to miraculously resolve the problems of the US.

At 7/24/2012 10:39:17 PM, mark.marrocco wrote:
Honestly, if I had to admit of a topic that I was the most ignorant about on DDO, it would be economics. I have never liked money, and probably harbor some disdain for it's very existence in actuality. Thus, I have avoided it (well, any excess of it) and all of the so-called principles and systems people tend to try to manipulate it with.

So, tell me, whether it's your own or a particular institution's, what economic theory or system do you subscribe to and why?
Jake-migkillertwo
Posts: 67
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7/25/2012 9:42:10 AM
Posted: 4 years ago
If I had to use a label, I'd say that I'm a "Neo-Keynesian."

Neoclassical economics (austerity, free trade, low regulation, some welfare state) in the long run, Keynesian economics (fixed exchange rates, fiscal and monetary stimulus) in the short run.
darkkermit
Posts: 11,204
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7/25/2012 10:38:06 AM
Posted: 4 years ago
At 7/24/2012 10:52:26 PM, mark.marrocco wrote:
At 7/24/2012 10:47:43 PM, bossyburrito wrote:
No money.

Now that's one I could easily agree to. If only our species was so wise. lol

debate me on this. I can't think of a more harmful thing to our species than to remove money.
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JamesMadison
Posts: 381
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7/25/2012 11:17:34 AM
Posted: 4 years ago
Good question:

- Very much pro free trade. For all economic purposes, trade is pretty much always good.

- A far as taxes go, I would like to see lower and simpler tax rates on labor, business, and capital. Would be OKAY with shifting some of the tax burden to a VAT, so long as we had dramatically lower corporate, investment, and income taxes alont with it.

- On regulation, we need less and more modern regulation. Regulation and red tape does a ton of harm to the economy, we need to roll it back.

- On HC, we need to make health care look more like a consumer market. We do this by expanding Health savings accounts and allowing individuals to buy ALL HC with pre-tax dollars. Also, crack down on excessive litigation.

- On fiscal policy, we need dramatic reductions in spending in both the medium and long term. And, as far as stimulus goes, evidence shows stimulus spending is NOT very effective.

- On monetary policy, Fed should get rid of dual mandate and should switch to inflation targeting alone. Focus should be on stability.

Overall, I am a big fan of economic freedom as opposed to more government controls.
As a general rule, you'll find that, when a conservative is talking about policy, history, economics, or something serious, liberals are nowhere to be found. But, as soon as a conservative mentions Obama's birthplace or personal life, liberals are everywhere, only to dissappear again when evidence enters the discussion.
Wallstreetatheist
Posts: 7,132
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7/25/2012 11:23:31 AM
Posted: 4 years ago
Free market capitalism / Austrian Economics

I like to be right, so I side with the economic theory that is obedient to reason and conducive to human flourishing.

The best thing to do is to let the market work unobstructed by government policy. Nearly every single economic ill is directly traceable back to incompetent government policy.
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mark.marrocco
Posts: 236
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7/25/2012 4:47:58 PM
Posted: 4 years ago
At 7/25/2012 10:38:06 AM, darkkermit wrote:
At 7/24/2012 10:52:26 PM, mark.marrocco wrote:
At 7/24/2012 10:47:43 PM, bossyburrito wrote:
No money.

Now that's one I could easily agree to. If only our species was so wise. lol

debate me on this. I can't think of a more harmful thing to our species than to remove money.

I will. I don't know that I'm prepared right now, though. I would at least like to finish my current debates. The one I'm about to start with LaissezFaire is going to be fairly time-consuming. It sounds like you know a lot about this and have a strong opinion about it, me not necessarily so. I'll need some time to do a little research on an alternative system, but it wouldn't be too long. I'm fairly fast with research. How about a week or two? I won't back out.
"Belief is the death of intelligence. As soon as one believes a doctrine of any sort, or assumes certitude, one stops thinking about that aspect of existence."
mark.marrocco
Posts: 236
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7/25/2012 4:50:41 PM
Posted: 4 years ago
Interesting. Thanks guys. I now know where to start looking into to learn more about this.
"Belief is the death of intelligence. As soon as one believes a doctrine of any sort, or assumes certitude, one stops thinking about that aspect of existence."
16kadams
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7/25/2012 6:05:04 PM
Posted: 4 years ago
I am undecided, many of my views are Austrian but others (gold standard) seem more Keynesian.

But as a general rule:

--Low taxes are key in promoting economic growth, a low (9%) income tax would be a good fit, a low (9%) business tax would also be good. And no federal sales tax.
--We need less regulation do the costs to business are lower and so they can function properly.
--We don't want a gold standard as that will cause deflation and I don't see it having an effect on inflation...
--Balanced budget amendment

I am Austrian on everything except monetary policy, small amounts (2% or under) rates of inflation is nessacary.
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"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
16kadams
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7/25/2012 6:06:31 PM
Posted: 4 years ago
At 7/25/2012 11:17:34 AM, JamesMadison wrote:
Good question:

- Very much pro free trade. For all economic purposes, trade is pretty much always good.

- A far as taxes go, I would like to see lower and simpler tax rates on labor, business, and capital. Would be OKAY with shifting some of the tax burden to a VAT, so long as we had dramatically lower corporate, investment, and income taxes alont with it.

- On regulation, we need less and more modern regulation. Regulation and red tape does a ton of harm to the economy, we need to roll it back.

- On HC, we need to make health care look more like a consumer market. We do this by expanding Health savings accounts and allowing individuals to buy ALL HC with pre-tax dollars. Also, crack down on excessive litigation.

- On fiscal policy, we need dramatic reductions in spending in both the medium and long term. And, as far as stimulus goes, evidence shows stimulus spending is NOT very effective.

- On monetary policy, Fed should get rid of dual mandate and should switch to inflation targeting alone. Focus should be on stability.

Overall, I am a big fan of economic freedom as opposed to more government controls.

Overall I agree with this ^
https://www.youtube.com...
https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
darkkermit
Posts: 11,204
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7/25/2012 9:15:13 PM
Posted: 4 years ago
At 7/25/2012 6:05:04 PM, 16kadams wrote:
I am undecided, many of my views are Austrian but others (gold standard) seem more Keynesian.

But as a general rule:

--Low taxes are key in promoting economic growth, a low (9%) income tax would be a good fit, a low (9%) business tax would also be good. And no federal sales tax.
--We need less regulation do the costs to business are lower and so they can function properly.
--We don't want a gold standard as that will cause deflation and I don't see it having an effect on inflation...
--Balanced budget amendment

I am Austrian on everything except monetary policy, small amounts (2% or under) rates of inflation is nessacary.

You sound more like a monetarist. Mainly a supporter of Milton Friedman. Balanced budget amendment is completely contradictory to Keynesian economics as keynesian would advocate deficit spending in a recession or depression. You can't do that under a balanced budget amendment.
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Contra
Posts: 3,941
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7/25/2012 10:31:58 PM
Posted: 4 years ago
- Simplifying regulations
- Simplifying progressive income tax
- Simplify government programs and operations
- Protect consumers and stability
- Flat and simple 25% corporate income tax
———{Smart Government}

- Expand Free trade with other nations
- Invest in a strong education system
- Expand Earned Income Tax Credit
- Invest in a robust infrastructure and infrastructure bank
———{Broad Prosperity}

- Universal and Improved Medicare for All
- Equal opportunity
- Prioritize high-skill immigration
———{Common Responsibility}

A smart progressive government can protect and empower citizens, while liberal markets recognize the critical role of the public and the ethical obligation toward maintaining and empowering the public by ultimately improving the common good with private enterprise. All these policy ideas come from the values that many Americans hold.

And, I think we should prioritize long term debt reduction. Unlike conservative goals, which are deficit-growing policies.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
Wallstreetatheist
Posts: 7,132
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7/26/2012
Posted: 4 years ago
At 7/25/2012 10:31:58 PM, Contra wrote:
- Simplifying regulations
- Simplifying progressive income tax
- Simplify government programs and operations
- Protect consumers and stability
- Flat and simple 25% corporate income tax
———{Smart Government}

- Expand Free trade with other nations
- Invest in a strong education system
- Expand Earned Income Tax Credit
- Invest in a robust infrastructure and infrastructure bank
———{Broad Prosperity}

- Universal and Improved Medicare for All
- Equal opportunity
- Prioritize high-skill immigration
———{Common Responsibility}

A smart progressive government can protect and empower citizens, while liberal markets recognize the critical role of the public and the ethical obligation toward maintaining and empowering the public by ultimately improving the common good with private enterprise. All these policy ideas come from the values that many Americans hold.

And, I think we should prioritize long term debt reduction. Unlike conservative goals, which are deficit-growing policies.

Your version of tyranny is less oppressive than most. Congratulations!
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Numidious
Posts: 18
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7/28/2012 2:58:26 AM
Posted: 4 years ago
Still not sure, but here's a few that appeal to me...

SOCIAL CREDIT

The idea that wealth should be redistributed in a national dividend to all individuals equally. C.H. Douglas, who founded Social Credit, believed that since workers were not paid in wages equal to the total economic product of their production, the wealth that should have been in their wages had to be redistributed. This economic policy may use any kind of tax, although a progressive tax would be most likely. This solves problems such as poverty and wage slavery without introducing government and bureaucracy. It usually accompanies a relatively libertarian philosophy on all other economic matters.

SYNDICALISM

Economic democracy, where workers control where they work in the same way that the people control the country that they live in. Syndicalism has incentives because, since one of the main parts of it is that everyone has a share in the enterprise, everyone works towards a greater goal. Hierarchy may also exist, but the essential theory is that co-operatives work better than hierarchical business, and they are more in tune with human nature - if you went camping, would you charge your friends to eat berries you found?

SOCIAL DEMOCRACY

This is where government intervenes in the economy to promote greater amounts of equality for it's citizens whilst being responsible and counter - coercive, maintaining civil liberties including those that exist in terms of exploitation by business as well. Social Democratic countries such as the Netherlands and Sweden enjoy relatively free trade whilst sponsoring environmentalism and maintaining high income taxes and redistributing that wealth. In fact, the nations with the highest GDP per capita not generated off of oil or from being low population financial centers usually are social democratic. Social Democracy's free market also allows for co-operatives, private enterprise, and sometimes public enterprise but not in the Keynesian way, i.e. money is not spent periodically by government, but rather the wealth redistribution system is maintained and government pays attention to standards of living as well as the economy.

In fact, social democratic countries with lower GDPs per capita inevitably have higher standards of living than non - social democratic countries with higher GDPs per capita, for instance, the US has a 15.4 on the human poverty index, whereas Canada has a 10.9, even though the US has $48,442 in international dollars and Canada only has $40,541 in international dollars in GDP per capita.
Lordknukle
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7/28/2012 3:08:09 PM
Posted: 4 years ago
At 7/28/2012 2:58:26 AM, Numidious wrote:
Still not sure, but here's a few that appeal to me...

SOCIAL CREDIT

The idea that wealth should be redistributed in a national dividend to all individuals equally. C.H. Douglas, who founded Social Credit, believed that since workers were not paid in wages equal to the total economic product of their production, the wealth that should have been in their wages had to be redistributed. This economic policy may use any kind of tax, although a progressive tax would be most likely. This solves problems such as poverty and wage slavery without introducing government and bureaucracy. It usually accompanies a relatively libertarian philosophy on all other economic matters.

SYNDICALISM

Economic democracy, where workers control where they work in the same way that the people control the country that they live in. Syndicalism has incentives because, since one of the main parts of it is that everyone has a share in the enterprise, everyone works towards a greater goal. Hierarchy may also exist, but the essential theory is that co-operatives work better than hierarchical business, and they are more in tune with human nature - if you went camping, would you charge your friends to eat berries you found?

SOCIAL DEMOCRACY

This is where government intervenes in the economy to promote greater amounts of equality for it's citizens whilst being responsible and counter - coercive, maintaining civil liberties including those that exist in terms of exploitation by business as well. Social Democratic countries such as the Netherlands and Sweden enjoy relatively free trade whilst sponsoring environmentalism and maintaining high income taxes and redistributing that wealth. In fact, the nations with the highest GDP per capita not generated off of oil or from being low population financial centers usually are social democratic. Social Democracy's free market also allows for co-operatives, private enterprise, and sometimes public enterprise but not in the Keynesian way, i.e. money is not spent periodically by government, but rather the wealth redistribution system is maintained and government pays attention to standards of living as well as the economy.

In fact, social democratic countries with lower GDPs per capita inevitably have higher standards of living than non - social democratic countries with higher GDPs per capita, for instance, the US has a 15.4 on the human poverty index, whereas Canada has a 10.9, even though the US has $48,442 in international dollars and Canada only has $40,541 in international dollars in GDP per capita.

All of these are completely idiotic. Also, the reason why socialistic countries have the highest standard of living is because they are homogenous.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
NixonianVolkswagen
Posts: 481
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7/28/2012 3:12:03 PM
Posted: 4 years ago
At 7/28/2012 3:08:09 PM, Lordknukle wrote:
At 7/28/2012 2:58:26 AM, Numidious wrote:
Still not sure, but here's a few that appeal to me...

SOCIAL CREDIT

The idea that wealth should be redistributed in a national dividend to all individuals equally. C.H. Douglas, who founded Social Credit, believed that since workers were not paid in wages equal to the total economic product of their production, the wealth that should have been in their wages had to be redistributed. This economic policy may use any kind of tax, although a progressive tax would be most likely. This solves problems such as poverty and wage slavery without introducing government and bureaucracy. It usually accompanies a relatively libertarian philosophy on all other economic matters.

SYNDICALISM

Economic democracy, where workers control where they work in the same way that the people control the country that they live in. Syndicalism has incentives because, since one of the main parts of it is that everyone has a share in the enterprise, everyone works towards a greater goal. Hierarchy may also exist, but the essential theory is that co-operatives work better than hierarchical business, and they are more in tune with human nature - if you went camping, would you charge your friends to eat berries you found?

SOCIAL DEMOCRACY

This is where government intervenes in the economy to promote greater amounts of equality for it's citizens whilst being responsible and counter - coercive, maintaining civil liberties including those that exist in terms of exploitation by business as well. Social Democratic countries such as the Netherlands and Sweden enjoy relatively free trade whilst sponsoring environmentalism and maintaining high income taxes and redistributing that wealth. In fact, the nations with the highest GDP per capita not generated off of oil or from being low population financial centers usually are social democratic. Social Democracy's free market also allows for co-operatives, private enterprise, and sometimes public enterprise but not in the Keynesian way, i.e. money is not spent periodically by government, but rather the wealth redistribution system is maintained and government pays attention to standards of living as well as the economy.

In fact, social democratic countries with lower GDPs per capita inevitably have higher standards of living than non - social democratic countries with higher GDPs per capita, for instance, the US has a 15.4 on the human poverty index, whereas Canada has a 10.9, even though the US has $48,442 in international dollars and Canada only has $40,541 in international dollars in GDP per capita.

All of these are completely idiotic. Also, the reason why socialistic countries have the highest standard of living is because they are homogenous.

Homogenous?
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16kadams
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7/28/2012 3:33:33 PM
Posted: 4 years ago
At 7/25/2012 9:15:13 PM, darkkermit wrote:
At 7/25/2012 6:05:04 PM, 16kadams wrote:
I am undecided, many of my views are Austrian but others (gold standard) seem more Keynesian.

But as a general rule:

--Low taxes are key in promoting economic growth, a low (9%) income tax would be a good fit, a low (9%) business tax would also be good. And no federal sales tax.
--We need less regulation do the costs to business are lower and so they can function properly.
--We don't want a gold standard as that will cause deflation and I don't see it having an effect on inflation...
--Balanced budget amendment

I am Austrian on everything except monetary policy, small amounts (2% or under) rates of inflation is nessacary.

You sound more like a monetarist. Mainly a supporter of Milton Friedman. Balanced budget amendment is completely contradictory to Keynesian economics as keynesian would advocate deficit spending in a recession or depression. You can't do that under a balanced budget amendment.

Cool
https://www.youtube.com...
https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
Logic_on_rails
Posts: 2,445
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7/28/2012 4:56:07 PM
Posted: 4 years ago
There's obviously a lot to say. but I'll be brief.

Generally free markets should be allowed to operate fairly freely; ignoring capitalistic ideas is foolish. However, there are many instances where exceptions can be created.

Firstly, employment - a minimum wage to prevent monopsonies among other things. There's many other reasons (will be debating LaissezFaire on this soon) . Secondly, there are times where the market price mechanism is inaccurate. Think negative externalities in particular. Government should intervene in these cases, an example being the environment. Third, there's a certain need to provide some services like education. Talking more morally than purely economically, yet having government provide services gives people at least a degree of knowledge. Privatising all education would be foolhardy for instance. Finally, a degree of redistribution can be justified on utilitarian grounds based on the idea that a millionaire's loss of $10 does little to hamper his happiness, but a man with $100 who receives $10 has had a massive increase in utility. Now, this shouldn't go too far for obvious reasons, nor do some support utilitarianism (I don't completely, but it has some positives) , but at times you've got to realise that economic policy is trying to achieve more than purely economic results.

And here's a final point to ponder... any economic policy is dependent partially upon people's beliefs. Why? If people believe and support a policy they are more likely to be productive. Ie. If people think the minimum wage is just then they are more likely to work productively due to thinking they're being paid reasonably. In this manner public belief can influence the effect of any economic policy.
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Wallstreetatheist
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7/28/2012 5:20:29 PM
Posted: 4 years ago
At 7/28/2012 2:59:54 PM, Cody_Franklin wrote:
I don't have one, cuz I'm not a planner. :(

You realistic, sensible fvck.
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