Paul Krugman (accounting, cost, fees, unemployment)

[CaptainNJ]

Originally Posted by Jesse276

If nobody knows the answer, why base policy on the confidence fairy? Sure, a government can wait out the downturn, leaving millions of people under/un-employed. That does real long term damage to the economy, country & its people.

i find it ridiculous that you accuse me of being "simple minded" and you state the above. you are implying that there is a route that can be taken that has guaranteed success, otherwise you are basing policy on the "confidence fairy." so which route guarantees success? it seems you support more "stimulus" spending, so you are saying that route guarantees success? suggesting that you believe it would succeed because x, y and z isnt sufficient, i need a guarantee.

[mysticaltyger]

Originally Posted by DSOs

However, this logic doesn’t work unless you raise taxes & pay down some deficits during the good times. For whatever reason, NOBODY wants to pay down some deficits during the good times!

Correct. This is the inherent problem with Keynesian economics. It totally fails to take human nature into account.

[CaptainNJ]

looks like ireland may need another bailout. a big part of the problem is that these countries are all connected and the dumb actions of one member can cancel the wise actions of another.

Euro austerity example Ireland 'may need second bailout' - Telegraph

[pvande55]

I read his book. A good work. If his prescription were followed millions could go back to work and get our country on track. Not only that, but a lot of our infrastructure is structurally deficient or functionally obsolete, defects hidden by lower traffic. Imagine if we could bring it up to snuff while the labor is available and be ready for the heavier loads resulting from a stronger economy. Politically, though, not likely.

[cpg35223]

Originally Posted by pvande55

I read his book. A good work. If his prescription were followed millions could go back to work and get our country on track. Not only that, but a lot of our infrastructure is structurally deficient or functionally obsolete, defects hidden by lower traffic. Imagine if we could bring it up to snuff while the labor is available and be ready for the heavier loads resulting from a stronger economy. Politically, though, not likely.

Oh, wait. You must be thinking of Milton Friedman.

[imokay]

Originally Posted by cpg35223

Oh, wait. You must be thinking of Milton Friedman.

That retard who said that greed is good? I don't think so.

[munna21977]

Is there any country in the world who got out of recession by following austerity and tax cut for rich???

[aliveandwellinSA]

Originally Posted by Suncc49

Krugman is a shill for the globalist view that more debt is good. He had to remove his blog comments because his economic policy was getting skewered.

He is a horrible economist.

Correct, he gets a lot more wrong than he gets right.

Google

[cpg35223]

Originally Posted by munna21977

Is there any country in the world who got out of recession by following austerity and tax cut for rich???

Actually, both Germany and Sweden did exactly what the austerity advocates advised and they haven't felt nearly the effects of the PIIGS. I wish you guys would learn economics. What's more, Milton Friedman consulted heavily with countries such as Sweden and eastern Europe, all of which are thriving. While the countries that continue to pursue the tired Keynesian theories you like are floundering in a rather spectacular manner.

[fibonacci]

GDP=C+I+G+(X-M)

Once you understand this, you'll see things differently. Most people have been taught economics through politics, yet have never actually learned any of the fundamental theories behind even basic economics.