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Which economic school of thought do you subscribe to?

  • Keynes

  • Hayek

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Discussion Starter #1

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Discussion Starter #2
Well this sucks, no embedding?
 

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I'm in Hayek's corner, but i have to ask.... why are you not wanting those who are for Hayek to explaine their reasoning?
 

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Hayek ftw. and damn those guys are clever!
 

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I'm in Hayek's corner, but i have to ask.... why are you not wanting those who are for Hayek to explain their reasoning?
I'll explain why I like Hayek's school of thought.

The government creates no wealth. Period.

Thus anyone that thinks the way to create prosperity is to engineer a economic growth spurt by borrowing cash to pay someone to do something and then never actually paying that loan off, is only fooling themselves.

Keynes believes that the government can take your money from you, borrow more, pay you with your own tax money for that job, collect taxes on that money and take out a cash advance on another credit card to pay off the original loan (and hope that someday you can pay that card off) and everyone is better off for it.
What did Keynes believe about debt? | Answers Encyclopedia: Facts and answers verified with sources like Encyclopedia.com

Hayek believes that people own their wealth and are the best ones to decide how it should be spent. He also doesn't believe in massive debt you can never pay off as the answer to temporary economic problems.
Friedrich von Hayek on Debt and Entitlement Spending | Nathaniel Ward
 

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By the way, I have a little side note on this current Keynesian government.

GDP is defined as;

GDP = private consumption + gross investment + government spending + (exports − imports)

But what happens if you take out government spending and account for borrowing?

This guy looked into it and provides a few handy charts too.

Here's Why The "Recovery" Feels So Much Like A Depression

All this talk of a "recovery" is nonsensical. Careful analysis shows the alleged recovery is nothing more than an illusion caused by unsustainable deficit spending. Meanwhile, the real economy is mired at the 2004 level. Simply put, the recovery "feels bad" because there is no recovery in the first place, only a statistical illusion of one.

If you look at the information you will see that our true GDP (using 2005 dollars) peaked in 2007 and has since dropped bac to 2004 levels.

It looks like the truth is out about Keynesian Economics and Quantitative Easing.
 

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Discussion Starter #7
I'm in Hayek's corner, but i have to ask.... why are you not wanting those who are for Hayek to explaine their reasoning?
I wanted to specifically call out anybody who supports these Keynesian economic policies we see today. Won't happen now that this poll was moved out of the PV.

Sorry for not following the rules for posting a poll, but that rule impedes possibly intellectually stimulating discourse with like minded individuals in this case.
 
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