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Thread: Econ 101: Keynesian Economics Is Wrong...

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    Econ 101: Keynesian Economics Is Wrong...

    Keynesian Economics Is Wrong: Economic Growth Causes Consumer Spending, Not the Other Way


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    Our economy is heavily dependent on consumer spending, correct? That's what I often hear.
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


    ~Alain de Benoist


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    Keynesian Economics Wrong.....uhm thats a bit of an understatement.
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Government spending is also part of GDP. So an increase in GDP isn't always a good thing. I don't think your average person on the street has any idea that government spending factors into the equation.

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    Keynesian Economics Wrong.....uhm thats a bit of an understatement.

    Yes, but it sounds better when she says it.

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    Conley (02-13-2012)

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    It's good to see the knuckleheads come around to discussing economics. Apparently they like the Econ 101 gals better than Dr. Pirie. Well done Chris!

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    Quote Originally Posted by Conley View Post
    Government spending is also part of GDP. So an increase in GDP isn't always a good thing. I don't think your average person on the street has any idea that government spending factors into the equation.
    Right, because government spending doesn't generally generate wealth. It takes from some and gives to others the hope being those others will consume enough to stimulate growth but that discounts the taking from others who are likely better at knowing how to spend or invest their money, discounts interest and other facts mentioned in the video. The Keynesian argument is stimuli have a multiplier effect but this is difficult to argue (see Ramey on Stimulus and Multipliers).

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    Yes, it is. But all things in moderation. A strong savings rate is very healthy as well.

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    Quote Originally Posted by Peter1469 View Post
    Yes, it is. But all things in moderation. A strong savings rate is very healthy as well.
    We always have those stories around Christmas time about consumer spending. A high consumption rate just doesn't seem to be something we would want to rely on but I'm not all that familiar with the topic.
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.


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    Quote Originally Posted by Conley View Post
    Government spending is also part of GDP. So an increase in GDP isn't always a good thing. I don't think your average person on the street has any idea that government spending factors into the equation.
    https://en.wikipedia.org/wiki/Gross_domestic_product

    GDP = private consumption + gross investment + government spending + (exportsimports)
    The flaw with this is the government spending input. I would correct this by separating government spending into two groups. The first would be government spending from revenue; the second would be government spending from deficit spending.

    I would change G to Gs and Gd.

    GDP=C+I+Gs+(X-M-Gd)

    Run our last 3 years of GDP and see what you come up with!

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