tag:blogger.com,1999:blog-6276561747841568697.post4862929827315854918..comments2024-03-27T05:23:48.855-04:00Comments on Krugman-in-Wonderland: Falling Into Economic IlliteracyWilliam L. Andersonhttp://www.blogger.com/profile/01802990642236807359noreply@blogger.comBlogger97125tag:blogger.com,1999:blog-6276561747841568697.post-16760535423111007642010-11-03T07:52:25.810-04:002010-11-03T07:52:25.810-04:00Sinville,
That's perfectly fine. But you are a...Sinville,<br />That's perfectly fine. But you are also free to skim De Soto's book, in particular the chapter of the history of fractional reserve banking - from Ancient Greece to the Medicis to the Bank of England to present day. You can also verify the footnotes as you see fit.<br /><br />The pdf of the book is online and can be easily found on Google.<br /><br />After you are done, I am certain you will be convinced that LK's statement shows a tremendous ignorance about the origins of our current banking system.David in Qatarnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-60776330049847733542010-11-03T02:23:42.419-04:002010-11-03T02:23:42.419-04:00I know jack about economics but a statement by an ...I know jack about economics but a statement by an anonymous man, who declares blank is right, and his evidence is he doesn't trust mainstream economic textbooks is clueless too.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-89960610026248735672010-11-03T02:13:09.257-04:002010-11-03T02:13:09.257-04:00David is right, Lord K. I've learned the thing...David is right, Lord K. I've learned the thing you should trust economics textbook or mainstream views the least on - and that is saying something - is on history, which is entirely made up, a Bart Simpson book report. <br /><br />Fidudulary moduli, and maybe the understanding of the endogeneity of money, go back to ancient Mesopotamia.Another Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-17020251512901960452010-11-02T05:42:53.464-04:002010-11-02T05:42:53.464-04:00I would recommend that you read Chapter 2 of De So...I would recommend that you read Chapter 2 of De Soto's "Money, Bank Credit, and Economic Cycles." You would retract your silly statement.David in Qatarnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-17117861026397412282010-10-29T23:18:29.113-04:002010-10-29T23:18:29.113-04:00David in Qatar,
You ought to read your own pro-fr...David in Qatar,<br /><br />You ought to read your own pro-free market and libertarian economists:<br /><br />Selgin, Those Dishonest Goldsmiths, April 14, 2010<br />http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1589709Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-55984805086017512902010-10-28T21:05:45.587-04:002010-10-28T21:05:45.587-04:00"fidiciary (sic) medid"
fidiciary (sic..."fidiciary (sic) medid" <br /><br />fidiciary (sic) media<br /><br />typos are fun for everyoneDavid in Qatarnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-18943669357679242172010-10-28T21:03:59.832-04:002010-10-28T21:03:59.832-04:00@LordKeynes:
"That is why capitalism invente...@LordKeynes:<br /><br />"That is why capitalism invented fidiciary media and FRB in the 19th century."<br /><br />That made me double over backwards laughing. Why don't you go ahead and provide documented evidence that capitalism invented fidiciary (sic) medid and FRB in the 19th century.<br /><br />I'll wait. This is gonna be fun. Then I'll show you evidence that FRB existed as far back as ancient Greece.David in Qatarhttp://caps.fool.com/player/whereaminow.aspxnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-41100227073210599362010-10-28T12:36:03.240-04:002010-10-28T12:36:03.240-04:00@LordKeynes:
http://mises.org/journals/qjae/pdf/q...@LordKeynes:<br /><br />http://mises.org/journals/qjae/pdf/qjae11_3_5.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-29555458607373334812010-10-27T23:44:40.679-04:002010-10-27T23:44:40.679-04:00Mises did not predict the Great Depression.
His &q...Mises did not predict the Great Depression.<br />His "Kreditanstalt" remark applies to one European bank, not to an American stock market crash and a US contraction that lasted years (1929-1933).<br /><br />Only someone truly desperate would try and press that anecdote into a "prediction" of the Great depression.<br /><br />And as for his remarks in 1934 in the English edition of <i>Money and credit</i>, this was years after the depression had begun, and he himself is ridiculously distorting his own earlier remarks about the Kreditanstalt, as though they predicted the Great Depression.<br /><br />Moreover, it isn't difficult to predict that a huge boom on the stock market will bust - but that isn't the same thing as predicting a world economic collapse.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-65338158836723610192010-10-27T23:35:18.950-04:002010-10-27T23:35:18.950-04:00@Lordkeynes: So, instead of contesting the actual ...@Lordkeynes: So, instead of contesting the actual predictions, you point to one that was an obvious hyperbole and one that didn't really even have much to do with economics? Is this how desperate you've become?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-20812857926844833292010-10-27T23:29:25.647-04:002010-10-27T23:29:25.647-04:00Another gem from Mises:
“The deeds of the Fascist...Another gem from Mises:<br /><br /><i>“The deeds of the Fascists and of other parties corresponding to them were emotional reflex actions evoked by indignation at the deeds of the Bolsheviks and Communists. <b>As soon as the first flush of anger had passed, their policy took a more moderate course and will probably become even more so with the passage of time”</b></i> Mises, <i>Liberalism: A Socio-Economic Exposition</i> (1978, p. 45).Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-56359921740244938662010-10-27T23:24:05.364-04:002010-10-27T23:24:05.364-04:00@Lordkeynes: Yet again, you display a lack of fami...@Lordkeynes: Yet again, you display a lack of familiarity with Austrian principles.<br /><br />Steele, G. R. (2001). Keynes and Hayek. Routledge. p. 9. ISBN 0415251389.<br /><br />Skousen, Mark (2001). The Making of Modern Economics. M.E. Sharpe. p. 284. ISBN 0765604795.<br /><br />Read up a bit more on Austrian theory before you criticize it, kay?eAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-27895801132658232722010-10-27T23:24:01.362-04:002010-10-27T23:24:01.362-04:00More awesome predictions from Mises that never cam...More awesome predictions from Mises that never came true:<br /><br /><a href="http://books.google.co.nz/books?id=6sisXMv_AecC&lpg=PA296&dq=%22%2C%20Mises%20always%20expressed%20deep%20skepticism%20about%20the%20ability%20of%20economists%20to%20forecast&pg=PA296#v=onepage&q=%22,%20Mises%20always%20expressed%20deep%20skepticism%20about%20the%20ability%20of%20economists%20to%20forecast&f=false" rel="nofollow">“Mises’s predictive powers were not always prescient, however. In September 1931, Ursula Hicks (wife of John Hicks) was attending Mises’s seminar in Vienna when England suddenly announced it was going off the gold standard. Mises predicted the British pound would be worthless within a week, which never happened. Thereafter, Mises always expressed deep skepticism about the ability of economists to forecast”</a>.<br /><br />Skousen, The Making of Modern Economics. 2008, p. 296, note 2.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-12590647197248509732010-10-27T23:18:04.732-04:002010-10-27T23:18:04.732-04:00And by the way, the Austrian school of economics s...<i>And by the way, the Austrian school of economics successfully predicted both the great depression and our current recession pretty well.</i><br /><br />That is rubbish.<br />If you talking about Machlup's story of Mises talking <br />about the Austrian branch of the "Kreditanstalt" and saying "that will be a big smash" - this was a prediction about one European bank, <i>not about the Great Depression.</i>Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-61889283134402463882010-10-27T23:04:39.268-04:002010-10-27T23:04:39.268-04:00Actually, I was aware of those terms already. That...Actually, I was aware of those terms already. That was more of a troll fail.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-44597557561121374712010-10-27T22:47:50.867-04:002010-10-27T22:47:50.867-04:00Google fail I see. ;-)Google fail I see. ;-)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-76124749074501467832010-10-27T22:43:27.533-04:002010-10-27T22:43:27.533-04:00@rctlfy: I fail to see how using the names of the ...@rctlfy: I fail to see how using the names of the fallacies involved amounts to flosculation. I can link you to them if you aren't familiar with them.<br /><br />http://en.wikipedia.org/wiki/Appeal_to_ridicule<br /><br />http://en.wikipedia.org/wiki/Argumentum_ad_populum<br /><br />When taken as a whole, including all schools of thought and all economists, one could argue that. However, Freud and Jung made quite a few predictions and theories that have turned out to be false. This doesn't mean that the field of psychology is a useless enterprise. That's the nice thing about a science. We make changes as we go along, make better predictions. <br /><br />And by the way, the Austrian school of economics successfully predicted both the great depression and our current recession pretty well. You speak as if economists know nothing about the subject they study.<br /><br />Might I suggest not using outdated English terms next time you post? There's a reason the went out of use. Most of the outdated words you used above have much shorter modern counterparts that would make your sentences far less cumbersome.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-15678802558293731382010-10-27T22:18:59.312-04:002010-10-27T22:18:59.312-04:00@ Anonymous your amandation humors me. Your caco...@ Anonymous your amandation humors me. Your cacozealous flosculation is more than entertaining.<br /><br />The essomenic skills of economists have been phlyarologistic.<br /><br />Few of their predictions have reached eveniency. <br /><br />Feel free to instruct me keleusmatically, and happy googling!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-78070688412857928352010-10-27T20:39:48.551-04:002010-10-27T20:39:48.551-04:00@rctlfy: "@Anonymous do I really need to expl...@rctlfy: "@Anonymous do I really need to explain the fact that when a university has so little confidence in their econ professor's advice over their economic woes, it is more than humorous he wants to advise POTUS. Or are you just incapable of grasping this irony?"<br /><br />As I said, he doesn't have authority there. Your statement just amounts to an argumentum ad populum and an appeal to ridicule. You might want to clean the fallacies out of your comments before you try to be clever.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-4935857413142151302010-10-27T19:47:22.706-04:002010-10-27T19:47:22.706-04:00The problem here is not free-market capitalism or ...<i>The problem here is not free-market capitalism or profit, its poverty.</i><br /><br />In third world countries that might be a problem. Not in industrialized nations, though.<br /><br />A good many drugs cost pennies to produce, and even the more expensive ones can be bought cheaply by the government by buying in bulk (e.g., precisely as the Australia government does for its health care system).<br /><br />The resources involved to provide health care are comparatively small for an industrialized nation, and a great deal of the actual R&D for new drugs is done by the government funded programs anyway:<br /><br />http://www.mindfully.org/Industry/Pharma-R&D-Myths.htm<br /><br />The belief that "scarcity" is limiting basic access to health care is a joke.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-70902284603945952342010-10-27T19:33:24.734-04:002010-10-27T19:33:24.734-04:00"No, he's saying that Misesian praxeology...<i>"No, he's saying that Misesian praxeology based on rule utilitarianism has no convincing arguments against interventions made on robust moral or pragmatic grounds."</i><br /><br />If you bother to read Rothard, you'd know perfectly well that "Misesian praxeology based on rule utilitarianism" = public policies based on Misesian praxeology justified over <b>other systems</b> by rule utilitarianism.<br /><br />While Misesian praxeology is a priori and deductive, Mises advocated it <i>over other rival systems</i> by using utilitarianism.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-27675433597917704562010-10-27T19:07:53.785-04:002010-10-27T19:07:53.785-04:00@Anonymous, anyone who uses that ubiquitous expres...@Anonymous, anyone who uses that ubiquitous expression non sequitur should have their internet privileges suspended.<br /><br />@bravo, did you just pull a Godwin? <br /><br />@Anonymous do I really need to explain the fact that when a university has so little confidence in their econ professor's advice over their economic woes, it is more than humorous he wants to advise POTUS. Or are you just incapable of grasping this irony?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-80236929276677784712010-10-27T18:53:30.499-04:002010-10-27T18:53:30.499-04:00@rctlfy: Do I really need to explain the fact that...@rctlfy: Do I really need to explain the fact that an econ professor doesn't have control over the budgetary decisions of the school he works at, or are you just incapable of grasping this concept?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-84630104419410681532010-10-27T18:49:20.404-04:002010-10-27T18:49:20.404-04:00Well Bob, no doubt your expertise lies in? Possib...Well Bob, no doubt your expertise lies in? Possibly Rothbardville?<br />LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-29221898883880182802010-10-27T18:45:33.966-04:002010-10-27T18:45:33.966-04:00Yes, how dare someone question youth indoctrinatio...Yes, how dare someone question youth indoctrination? Where could that go wrong? The fact that those parents didnt yank their kids out immediately tells you plenty about what they were thinking.ekeyrahttps://www.blogger.com/profile/17413110869433997820noreply@blogger.com