Good video about Keynesian Economics versus Reaganomics

I have been watching a lot of Richard Wolff's videos recently and I thought this would be a good one to share with ATS for a basic understanding of the differences between Keynesian economics and Reagonomics. It's a good basic overview of the systems and the problems that we have to day that are based on changing from one economic system to another.

www.youtube.com...

a reply to: CB328




Nobody really cares about economics other than what their partisan agenda tells them.

Insider trading and speculation has drastically changed everything; most people can't see that economic theories are oldschool BS.

And technology ala the www. has put the focus on data. No rules, no limits, no excuses....

So you're saying there's no difference between having a strong government presence in the economy and a weak one? That's ridiculous regardless of technology changes.

originally posted by: CB328
So you're saying there's no difference between having a strong government presence in the economy and a weak one? That's ridiculous regardless of technology changes.

Of course government regulations play a part...if they are enforced and enforced equally. But some entities are more equal than others, depending upon which side of the political spectrum you happen to be on. Capitalism...

originally posted by: CB328
So you're saying there's no difference between having a strong government presence in the economy and a weak one? That's ridiculous regardless of technology changes.

The Keynesian economic theory might actually work, if we applied it.

In a nutshell, spend during booms and save during busts.

What America actually does is spend during booms, spend during busts.

As far as the government's influence on the economy, we need only look at the track record of the Federal Reserve.

Hint... it sucks.

So a stronger governmental presence in regards to the economy only results in better outcomes if the government itself cared about it's populace. What we have in America today is a government that cares only about itself.

Which of course sets the path for totalitarianism... tyranny, if you will.

If you want a sound economic theory that doesn't need a massive bureaucracy that will eventually destroy itself, I suggest you do a little light reading on Hayek.

originally posted by: olaru12
a reply to: CB328

Nobody really cares about economics other than what their partisan agenda tells them.

Insider trading and speculation has drastically changed everything; most people can't see that economic theories are oldschool BS.

And technology ala the www. has put the focus on data. No rules, no limits, no excuses....

And it's a shame (word of the day for some reason) as economics is a more primal science (and I use the word very lightly) then psychology.

An interesting side note is that Daniel Kahneman who won the 2002 Nobel Prize in Economics is a Psychologist. His book "Thinking, Fast and Slow" is brilliant about how we decide things and how easily manipulated we all are.

Another thinker in the areana of economics/psychology is Robin Hanson. Here he speaks with Sam Harris:

samharris.org...

a reply to: CB328

I like Richard Wollfe quite a bit. As an educator of long experience, he is able to put things into terms we can all understand rather then, as most financial types, attempt to 'baffle with BS'.

His "Economic Update" radio show is always taken from the headlines and very educational.

originally posted by: Lumenari


As far as the government's influence on the economy, we need only look at the track record of the Federal Reserve.

Hint... it sucks.

In all things human, a single instance of something is insufficient to determine any rule.

Especially something as complex as intertwined economies. There is no monolithic Economy.

I'm not a fan of the Federal Reserve myself, but I do grasp some of the basics behind it's creation and those motivations were not all nefarious.