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To: BfloGuy

I thought I’d just mention that this thread is very thoughtful and shows that this group has an above average knowledge of economic theory.

Not to get down in the mud here, but I really think most of the people who actually apply Keynesian theory to fiscal and monetary policy don’t understand it as well as you folks who don’t support it.


17 posted on 03/15/2012 7:16:27 AM PDT by Shout Bits
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To: Shout Bits
I really think most of the people who actually apply Keynesian theory to fiscal and monetary policy don’t understand it as well as you folks who don’t support it.

That's an interesting observation. I do know that pro-Keynesians know virtually nothing about the classical economists, the Currency School, or the Austrian school. I read articles periodically where some Keynesian (Krugman comes to mind) will write dismissively of the Austrians all the while seriously misstating their theories.

The "modern" macroeconomists focus on mathematical formulas to the virtually complete exclusion of economic theory. In fact, they make fun of theory-based economics such as the Austrians and the classicals. To their detriment I think.

18 posted on 03/15/2012 1:59:38 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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