Go Darke

Light thinks it travels faster than anything but it is wrong. No matter how fast light travels, it finds the darkness has always got there first, and is waiting for it

Economics, Libertarianism

Devolution of economics

My first year economics lecturer was freckled and pretty with long blond hair reaching most of the way down her back. She had a penchant for ballet and would often try to infuse the 101 with ‘culture’ through block bookings of various performances. (Which I dutifully attended). I mention her features only because it was so fantastically different from what I had envisioned. The adherents of the dismal science usual follow a very narrow stereotype.

She was, however, also a committed Keynesian…

Which, now in my old age, is something quite abhorrent to me. I’d likely be more well disposed towards you if you said you adopted puppies from a shelter and then live-streamed yourself drowning them in a bucket.

Of course, back then, I didn’t know any better. And even if I did, her lithe form and superior cheekbones would likely have gotten the better of any ideological high ground I may have considered occupying.

First year economics isn’t really about critical thinking. Its about drawing supply and demand graphs, preferably with a ruler and parroting the theory of Keynesianism versus monetarism. Certainly you are never exposed to Hayek or Von Mises or Rothbard. Economists I didn’t even know existed until after I’d gotten my degree.

In ‘libertarian’ economics John Maynard Keynes is likely the anti-Christ, up there to be voted among history’s most damaging human being. Of course some might pick one of the fascistic dictators of that period… but whoever you pick their lives and legacy affected only millions. Keynes has affected billions and potentially laid out the course for humanity that could one day lead to the implosion of our society.

Vaguely I wonder if that sounds potentially too dramatic. After thinking about it for a while I decide it isn’t.

Keynesian economics is a theory that says the government should increase demand to boost growth. Basically an increase in spending would increase demand. Second, Keynes argued that government spending was necessary to maintain full employment.

Keynes proposed government spending as a cure-all for everything and anything. If your economy falters or starts to stutter… just borrow more or print more money and spend your way out of it.

Everyone knows that this will eventually end badly. Very badly. But as long as we kick the can down the road, it will be someone else’s problem. Right now, it works just fine.

Tick tock…

BACK TO LIBERTARIANISM

6 Comments

  1. jim-

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    Hello they JT. How’s everything?

    1. Jo

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      Hey there Jim. I’m okay. How are you? Are you behaving yourself up there?

      1. jim-

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        I’m not a big fan of winter anymore. Snow for 5 months. Drawing plans for my house addition and getting everything lined up for another summer of kick ass exhaustion. Haha. Adding 1200 sq ft and a shop.

      2. Jo

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        You guys need to suffer for your first world lives. It’s only fair. 😜 Down here at the bottom it is, as you might imagine, clear and sunny.

        Tries to remember American colloquialism… a shop… is like a workshop right? And not a shop where you would sell stuff?

        Also converts sq ft into normal people measurements. That’s quite big. You’re gonna be busy. Keeps you out of trouble though

      3. jim-

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        Workshop woodshop artistry gallery pottery studio shop. Where I make things without the clutter of the garage.

      4. Jo

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        One day, I will come visit you, and you must show me.

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