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Mises or Keynes

bluesteel
Posts: 12,301
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11/28/2010 8:28:44 PM
Posted: 6 years ago
I'm reading about monetary malinvestment theory right now, and I'm astounded that I wasn't taught any of this in the course of acquiring an economics degree from a premier university.

We even learned that the Great Depression led to a huge amount of unused capital stock, which is what Misesian theory would predict. And yet we were only ever taught Keynes.

If Hayek won a nobel prize for his work on this, why isn't it more widely taught?
You can't reason someone out of a position they didn't reason themselves into - Jonathan Swift (paraphrase)
Sieben
Posts: 2,736
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11/28/2010 8:36:22 PM
Posted: 6 years ago
Cus it means that all government activity is harmful... and the government, controlling education, doesn't want you to know that.
Things that are so interesting:

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bluesteel
Posts: 12,301
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11/28/2010 8:40:11 PM
Posted: 6 years ago
At 11/28/2010 8:36:22 PM, Sieben wrote:
Cus it means that all government activity is harmful... and the government, controlling education, doesn't want you to know that.

But colleges can all teach socialism? Guess it's not much of a threat as a competing ideology
You can't reason someone out of a position they didn't reason themselves into - Jonathan Swift (paraphrase)
LaissezFaire
Posts: 2,050
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11/28/2010 8:44:20 PM
Posted: 6 years ago
There are probably a lot of different reasons, but I think the main one is the government. When Keynes' General Theory was published, it provided a theory that justified exactly what governments had already been doing for a while. The establishment obviously would prefer this school of economics over the one that blamed government intervention for the problems of the Great Depression. Because of this, economists that agreed with the establishment opinion had much easier careers than those that opposed it. People that go with the flow get government jobs running the economy, think tank jobs, university posts. People that don't are ridiculed by the mainstream. See Alan Greenspan and Murray Rothbard for an example of this (http://mises.org...).
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: At 6/22/2011 6:57:23 PM, el-badgero wrote:
: i didn't like [Obama]. he was the only black dude in moneygall yet he claimed to be home. obvious liar is obvious liar. i bet him and bin laden are bumfvcking right now.
bluesteel
Posts: 12,301
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11/28/2010 8:58:51 PM
Posted: 6 years ago
At 11/28/2010 8:44:20 PM, LaissezFaire wrote:
There are probably a lot of different reasons, but I think the main one is the government. When Keynes' General Theory was published, it provided a theory that justified exactly what governments had already been doing for a while. The establishment obviously would prefer this school of economics over the one that blamed government intervention for the problems of the Great Depression. Because of this, economists that agreed with the establishment opinion had much easier careers than those that opposed it. People that go with the flow get government jobs running the economy, think tank jobs, university posts. People that don't are ridiculed by the mainstream. See Alan Greenspan and Murray Rothbard for an example of this (http://mises.org...).

Wow, Greenspan wrote an article linking the gold standard and economic freedom...fascinating
You can't reason someone out of a position they didn't reason themselves into - Jonathan Swift (paraphrase)
J.Kenyon
Posts: 4,194
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11/28/2010 9:04:39 PM
Posted: 6 years ago
At 11/28/2010 8:58:51 PM, bluesteel wrote:
Wow, Greenspan wrote an article linking the gold standard and economic freedom...fascinating

That was before he sold he sold his soul to the Devil in exchange for the Fed chairmanship. I think another one of the stipulations of the agreement might have required him to royally f*ck up the economy and then blame it on capitalism.
djsherin
Posts: 343
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11/28/2010 10:21:53 PM
Posted: 6 years ago
At 11/28/2010 8:58:51 PM, bluesteel wrote:
At 11/28/2010 8:44:20 PM, LaissezFaire wrote:
There are probably a lot of different reasons, but I think the main one is the government. When Keynes' General Theory was published, it provided a theory that justified exactly what governments had already been doing for a while. The establishment obviously would prefer this school of economics over the one that blamed government intervention for the problems of the Great Depression. Because of this, economists that agreed with the establishment opinion had much easier careers than those that opposed it. People that go with the flow get government jobs running the economy, think tank jobs, university posts. People that don't are ridiculed by the mainstream. See Alan Greenspan and Murray Rothbard for an example of this (http://mises.org...).

Wow, Greenspan wrote an article linking the gold standard and economic freedom...fascinating

And Ron Paul asked him to a few years back while he was still chairman of the Fed if he still endorsed everything he wrote in it and he said yes.