Comments on: Watching the failure of the “New Economics” http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/ Wed, 16 Jul 2014 00:47:01 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: elsueco http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1351 Fri, 21 Oct 2011 01:13:19 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1351 Where Keynes went wrong????

This is like reading about an eight hour long film of economic GOP policy picking its nose and Libertarian critics acclaiming it as a profound examination upon the contemporary economical condition. Deeply moving.

I would say that Mr Hazlit needs to Occupy something else (why not Wall Street) rather than babble the same ad nauseaum right wing rhetoric.

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By: Woltmann http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1305 Thu, 06 Oct 2011 18:52:08 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1305 OK Feynstein, please explain to me where all the energy (money) in the system went when the banks, GSE’s, federal programs like FHA, and other RE lending entities ended up owning all these foreclosed properties? Where did all this money evaporate off to? These “assets” all have to be on somebodies books somewhere. If it’s on somebodies books chances are 9 out of 10 the US government is subsidizing what its costing to carry it along. Note the Federal Government is subsidizing the Financial Institutions and not the investors. So why don’t we deregulate the banking industry more so they can buy, foreclose and then carry on some set of books somewhere yet more bad book property at ridiculously overinflated prices, and the financial industry can securitize the mortgages on yet even worse investments, the ace ratings agencies can blow AAA gold dust up everyones ass…ad nauseum… Anybody who wants to deregulate the banking and/or financial industry at this point in time is a babbling idiot ..

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By: Woltmann http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1303 Wed, 05 Oct 2011 15:53:23 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1303 I believe the force of outropy is greater than the entropy. Outropy is stronger than entropy and holds entropy in check, creating order out of chaos and preventing systems from disordered dissolve. Keynes works great too: when the distribution of wealth inequality gets too great (we don’t need to go back to fiefdoms), take a lot of money away from the hoarding, freeloading banks and the rich people who aren’t spending enough of their money and give it to lower income people who are really good at spending money. How simple is that!

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By: Aristocrat http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1301 Wed, 05 Oct 2011 14:44:35 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1301 So what’s the alternative? Bank failures on a massive scale? Should we have retried Hoover’s response to a major economic crisis of do nothing and hope for the best?

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By: Jayhay http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1300 Wed, 05 Oct 2011 12:23:23 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1300 “People were not the rational, consistent actors “assumed” by the Keynesian faith for the sake of selling their crackpot ideas, but independent agents.”

That’s ironic considering Austrians and others are famous for a ridiculous conception of rationality while Keynes allowed that economic actors often display “animal spirits.”

“Over the next half century, anything like a free market perspective in American economic thinking became more and more rare as generations of American economists adopted the Keynesian world view of government-managed economies and endless public debt.”

So policies designed to maintain the stability of free markets, property rights, international trade, employment, etc. are not only wrong but are not “anything like a free market perspective”? That, sir, is ridiculous. It’s also ironic, considering that Milton Friedman, the champion of free markets, may have had the most technocratic view of Central Bank management of the money supply.

There are so many other outright errors in this article, I would say that for Americans and any other people who value truth, this article ought to be anathema, not a widely read and respected contribution to the world of ideas.

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By: SeanFernyhough http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1296 Tue, 04 Oct 2011 21:19:26 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1296 An utterly wrong appraisal of the history of economic thought in the post WW2 period.

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By: SeanFernyhough http://blogs.reuters.com/christopher-whalen/2011/10/04/watching-the-failure-of-the-new-economics/comment-page-1/#comment-1295 Tue, 04 Oct 2011 21:02:19 +0000 http://blogs.reuters.com/christopher-whalen/?p=723#comment-1295 OK this tells me all I need to know: it’s a rant not a book. Move along nothing to see here.

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