| Title | : | Why Paul Krugman is wrong: Austrian Economics vs Keynesian Economics | Saifedean Ammous |
| Lasting | : | 48.15 |
| Date of publication | : | |
| Views | : | 516 rb |
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The Austrian model works until the economy collapses and the involvement of the State saves it Comment from : @jonathangonzalez327 |
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Gold is confidence, America is confidence all money is rooted in confidence So gold is an illusion of confidence thus this fella is out of his depth Comment from : @vespasian266 |
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has this guy read anything about the Gilded Age ugh Comment from : @jpgo5 |
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Did he just compare a barber shop to a power plant? Comment from : @greektrumpet |
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- Krugman fails to understand all the intracacies of keysian economicsbr- Saifedean Ammous is another austrian school idiot Comment from : @willemgrooters4958 |
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companies became global, governments not but there are no tax on capital cross border transfers, examples discussed here ard from industrial age, we live in the information age Comment from : @TheMaerli |
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Austrian school of economics and libertarian-ism is not working either How you will regulate monopolisation in libertarian-ism ? You will end up to have huge corporations that will work even worst than a state one Do you think Musk corporations will have survived without government subsidies and contracts Comment from : @MKSense1 |
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This guy is very weak academically speaking he lies a lot about Keynes Comment from : @JohnnyBanu |
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Killtony cannot answer a straight question: "Does market failure exist?"- "Uhhh but gun to my head ahhh" Comment from : @noamchomsky7077 |
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This guy paid by the devils Comment from : @thedynamo543 |
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Not all economic decisions are made at the margin tho Maybe 50-70 are but that still leaves a large chunk of the economy that is fraught with illogical/emotional decisions Comment from : @VeritasDude |
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Host was great, guest was a DB Probably trying to sell your grandma meme coins right now Comment from : @malcolmsmith6449 |
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Geez, Lex sounds like a communist! Comment from : @steveholmes1736 |
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Inflation needs to be non zero and balanced to overcome the psychological risk aversion threshold that would otherwise cause people not to invest Deflation is no joke Inflation promotes the production of capital goods Comment from : @KaiStarkk |
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Sometimes slowing down traffic can resolve congestion and allow more throughput in different timeframes That's Keynesian economics and it's been demonstrated to be true Comment from : @KaiStarkk |
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All the big scientific projects got the government influence, is simple tell Elon musk to sort out atomic fusion or helium 3 energy extraction and we are safebrOH NOOO HE GOT MILLIONS FROM THE AMERICAN GOVERMENT ISN'T it???? I!!!! Comment from : @mariosantos8591 |
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He compared power plants with barber shopbrThis guy is a lunatic!!!! Comment from : @mariosantos8591 |
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About 41 mins in brVote the bums out doesn't work in reality because there's a lag effect they put things in place higher wads of people contracts or multi-year Trade commitments etc etc etc By the time you see what's going on it's too late It needs to be some national referendum on some of the bigger programs bigger spending Comment from : @charlier5225 |
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Water x diamond : One cannot pay too much for something used everyday If water was not "cheap" there would be no life Keynesianism value Investment, not spending Comment from : @antonius_006 |
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Ironically there is a propaganda machine that promotes Friedman economics I’d rather go with JMK who historically founded the best period post war thanks to his economic philosophies Comment from : @jayareaytee |
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To push back, when he says there is inflation and recessions happing simultaneously, is he talking about within the same industry? I would think that would work as sufficient evidence to disprove, but if we are talking fallibility in the aggregate, I do not think it would — obviously Comment from : @josephwatson7232 |
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21:40 I wish the guest had asked: "are you certain about this?" Comment from : @TM-et7wi |
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2 minutes in and I’m bored of the gibberish Funny how childish parables pass for economic thought Comment from : @abuyusufabdulhakim952 |
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This guy starts by claiming the Austrian school goes back to the Greeks and proves he’s a liar Now you know that, you know that everything will also be fiction Comment from : @abuyusufabdulhakim952 |
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he needs to have tom woods on Comment from : @deframon |
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Lex the data comes from the chicago school of economics Comment from : @JOEY-710 |
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A lot of Strawman argument happening here Dad would call it, "arguing out of both sides of your mouth" Comment from : @justintindall9515 |
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The scarcity argument doesn't exist in the everyday world, producers throw away (hold back)goods to raise price all the time; unwilling to lower cost Comment from : @justintindall9515 |
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The pendulum has to be able to swing in both directions constraints on the unit of spending produce stagnation, and unlimited expansion produces inflation! Comment from : @justintindall9515 |
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Austrian here Comment from : @peterponcedeleon3368 |
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Sorry, couldn't stick around long enough to get to a point I'd like a clip of every time he says "Keynesian nonsense" and chuckles "good one" to himself Comment from : @a38yearoldman |
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the problem for this argument is, yes, he is correct that government is coercive but he made this impression that with a small government ( or anarchy ) it will be different Matter of fact, there will always coercive force and it usually even more brutal and less influenced by mass This is naive at best, self serving at the core it is the favorite theory for the strongest since they will be the coercive force without government get in the way Comment from : @手笨也得吃饭 |
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Economics fails whenever it assumes that it can lead humanity It cannot Economics is a toll that we use for recreation Comment from : @alextabet9247 |
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His critique of Keynesian economics is well thought out, but i struggle to move towards his interpretation of Austrian Econ Like the point at the end, replace Coke with Purdue Pharma As a non-oxy user and not a share holder, i (we*) still deal with the fall out of that corruption Whats the mechanism for feedback there? Company goes under, citizens have to deal with fall out by funding rehabs or just deal with a humanitarian crisis on the streets? Either way aren’t I being coerced? 46:36 Comment from : @sandgies5239 |
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What he leaves out is the disruption caused when the money supply does not grow with the economy When the US was on the Gold Standard, depressions happened every 20 years At the present time, humans have never been so prosperous While America was on the Gold Standard 80 of Americans lived below the poverty line Comment from : @KevinPeterson506 |
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Does he ever offer a scientifically proven alternative in this interview? Comment from : @benjaminworkman1442 |
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What about the risk of price gouging? Comment from : @dinojoe1788 |
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I appreciate that Lex pointed out that there are very few, if any, contentions about anything that warrant extreme certainty I'm no epistemological relativist, and certainly on the conservative side of the economic debate, but it seems like that kind of certainty only gets you in trouble Unfortunately, it has an effect on the perception of veracity of the speaker, too, such that anything they say which is susceptible to hole-poking can invalidate anything they say in the eyes (ears?) of an undecided audience It's critical to get people to understand how the flaws of Keynesian economic thought leave ordinary people perpetually underwater, financially - do not leave it to the misinformed or bad actors to take advantage of hubris in order to tip the balance of whose story wins out Comment from : @JWForce1059 |
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What an absolute idiot ! Comment from : @konstantinosntinas8139 |
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Ya Austrian economics does not do well when the government has a monopoly on the supply of money Comment from : @mandypants226 |
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According to this guy, any time you make someone do something by threatening them with violence, the ends cannot be justified brbrSo according to his logic prisons should not exist Law enforcement should not exist Yup Nothing radical about his stances… Comment from : @carloandreaguilar5916 |
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Austrian Economics is like the Republican party - pretending there are no problems, nuances or challenges so you dont have to solve, understand or adress any of it Anybody who tries to solve them is a commie or a big government conspirator😂 Austrian economics is wishful hope that people will be rational Keynesian parctices are not perfect but at least they are reactive to the actual indicators of an economy and not just a sit back and jesus take the wheel Comment from : @jaimed9154 |
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Reminder that Austrian economics is pseudoscience It rejects precision, empirical refutqcion, and mathematical models Comment from : @AlvaroALorite |
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There is endless evidence that government intervention leads to inefficiencies in the market It’s hard to imagine how one could ague otherwise Keynesian economics has been a plague on the world nearly as bad as Marxism Comment from : @kurtwagner350 |
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The simplicity and certainty that the interviewed person shows is certainly concerning Comment from : @fernandoespinosa3403 |
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When a clip is 1 hour long Comment from : @afbdreds |
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Fascists really having no idea what there their saying, the entire concept of property requires coercion the question is what form of property should be coercively enforced, it’s a red herring Comment from : @Iandar1 |
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All you have to do is look out the window at the ecological/social/political wreckage that 50 years of naive trickle-down, Austrian economics has cursed Humanity with brSeriously What does it take to admit this is a failed ideology? Wait Hold me beer Here comes Trump and Republicans to finished the job Comment from : @ibodhidogma |
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That’s also not the basis of Keynesianism Comment from : @bayoustateroofing5733 |
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Have you considered the continuity of the gov is more vital than economics ?brbrYou can’t have an economy for long without a gov Comment from : @bayoustateroofing5733 |
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Lex, it’s obvious this guest has no idea what he’s talking about, and frankly, the intellectual quality of the show has plummeted recently Comment from : @The222nick333 |
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To start with, diamond-water dilemma, definitely humankind spend more for potable water than diamonds brbrThe trick here is, how you look at itbrbrOn individual level, a piece of diamond may seem more valuable, but in collective level water is always more valuable brbrLet's not confuse between the "value" and the "exchange price" Comment from : @EbadulKarim-k1p |
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Inflation is not good because it also stimulates spending for the sake of spending and goes against saving money to spend on investments rather than because the money if saved will not in the future be worth it is today So people spend it on things that are consumer related rather than investment realted which is productive Keynesians ignore this Comment from : @Rob-fx2dw |
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Diamonds are used for tips in industrial drills They are valuable for that because they are hard Comment from : @Rob-fx2dw |
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All economists are propagandists Comment from : @epicphailure88 |
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Thinking that voting a politician out counts as accountability when they can (and do) force people to endure losses in billions is laughable Comment from : @nunterz |
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His understanding of economics seems overly simplistic And he uses emotional language when asked for rational argumentsbrbrOne big mistake he's making is not differentiating between short term spending and investing He thinks you can only do short term spending, or save He mentions food, shelter, Ferraris But what about building factories, research and development? These aren't things people need It's things people spend money on because they imagine potentially better return than just saving and accruing interest brbrIf you take away inflation, it massively reduces the incentive to invest Likely technology will move much slower, and we'll see much more rent seeking Comment from : @AlbertCloete |
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John Maynard Keynes was an outstanding intellectual leader of the first half of the 20th century I am not an historian, though I have tried not to be ignorant of the past I see numerous references to Keynesianism that even a casual scholar would know are false, and I find the level of ignorance concerning the accomplishments of the great man distressing Not only is this unfair, but it produces a readiness to receive an untrue picture of the economic blunders and deliberate falsifications that have led the United States into the danger of default on its public debt and widespread domestic impoverishment I shall with great brevity describe the lies about what Keynes advocated as a scholar 1) He recommended government borrowing and spending but only as a last resort in a time of total economic stagnation 2) When times return to normal that borrowing is to be repaid by taxation 3 The wealthy never willingly share the tax burden and have vilified and misrepresented Keynes 4 Keynes warned the world about the Versailles Treaty, but was ignored 5 Keynes tried at Bretton Woods to have the US agree to sharing control over monetary policy in the west, but the US ignored him 6 Keynes made significant contributions to the mathematics of probability, and was recognized for it by Bertrand Russell I am sure that Keynes did much more deserving of great praise, but I make no claim to completeness Comment from : @goedelite |
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The interviewer is a dumb propagandist Comment from : @oommaass |
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Krugman supports neoliberalism That's why he won the Nobel prize Comment from : @vivalaleta |
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48 MINUTES ON SO-CALLED "KEYNESIANISM", BUT NOT A SINGLE QUOTATION FROM ANYTHING KEYNES SAID, NOT A SINGLE CITATION FROM ANYTHING HE WROTE Comment from : @goedelite |
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NO EVIDENCE HAS BEEN OFFERED THAT ANYTHING KEYNES WROTE OR SAID WAS AN ADVOCACY OF INFLATION THAT CHARGE IS NOT DEMONSTRATED IT IS A FALSE ACCUSATION WHAT KEYNES DID ADVOCATE WAS TEMPORARY BORROWING AS NECESSARY BY GOVERNMENT TO RESTORE CONSUMER DEMAND AND THUS STIMULATE BUSINESS TO INVEST WITH THE STAGNATION ENDED, THE GOVERNMENT IS TO TAX IN ORDER TO REPAY WHAT WAS BORROWED THIS IS WHAT MADE HIM THE BETE NOIR OF CONSERVATIVES THEY DON'T WANT TO PAY TAXES ANY OR EVER !!! Comment from : @goedelite |
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The level of spending can't be higher or lower than the level of aggregate output, because the level of aggregate output is the value of that output as determined by what is spent or paid for it What is possible is that the level of spending can be increasing because the quantity of available output is decreasing; the demand of spenders for the output has increased beyond the supply of the output That causes the bidding to increase, and as a consequence both the level of spending and the level of aggregate output as determined by the instantaneous exchange price multiplied by the volume of sales both increase At the same time the available output is reduced The level of spending is always the same as the level of aggregate output! QED Comment from : @goedelite |
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Why is it true with regard to Keynes and not in regard to most other social philosophers, that views are offered as his and no citations are given? He is not an ancient Greek whose work is no long available; only to be surmised from copies made by monks hundreds of years ago of which the originals have been long lost Keynes believed this and that and recommended this and that; but never a footnote Even his "General Theory of Money, Interest, and Employment", though occasionally mentioned, is rarely cited by a reference to a sentence or a paragraph I can think of one reason Very few people understand what he wrote in his General Theory! Comment from : @goedelite |
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Why the excesses of establishment-economics are blamed on Keynes with no voice raised in objection, I don't know I have not been able to find any writing or discourse of JMK's that justifies this false accusation Keynes did write a treatise on how to revive an economy that was depressed by the fears of investors, investors unwilling to risk continuing stagnation from lack of consumer demand The "General Theory " urges that in such conditions, the government must be the spender of last resort to spend and create thereby an environment of positive expectations of recovery in order to encourage the investors again to take risks The government, by borrowing money, creating public debt to be paid off in the future when the economy is again healthy, must as the agency of last resort, re-start business activity His clear insights were, in fact, what the New Deal did, and it worked until 1938 Just when the economy in the US was returning to life, FDR pressured by conservatives, slowed the New Deal programs, and the economy fell again until spending for WW2's armaments finally raised our country from the great depression Keynse war reviled by the economic right, and far dimmer intellects were enlisted by the universities to distort as Keynesianism what led to the MIC and borrowing madness that has led the US to become the world's greatest debtor and now a declining power Comment from : @goedelite |
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Lex, despite your best effort to make this guy deal with reality, he just can't come out of his circular world Sorry, this is one of your worst guests brI have an MBA and look into alternative solutions to the sociology of economics, I found this interview offensive with all the childish unsuprted generalities Comment from : @atanacioluna292 |
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See u cannot let one person build some toxic business and we suffer the fool as the toxic business fails Comment from : @89volvowithlazers |
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Somehow praticality is lost on economist whether it is innovation or human foresight it is just not a big deal for these theorist Frugality is a principal too at micro and macro levels Yet Austrian econ philes omit this as part of explanation That is fraud if u ask me Comment from : @89volvowithlazers |
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Austrian economic theory sounds profoundly elitist and assumptive of haves and have nots as just the normal order Fiat currency is small d democratic and u cannot escape these 2 perspectivez Comment from : @89volvowithlazers |
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Garcia Cynthia Allen Kevin Davis Barbara Comment from : @DeloresCastillo-k1d |
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That is very beautiful to see a dreamer talking Comment from : @AllexFerreira |
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Austrian ideological fantasies - surprisingly he does not mind how little evedince is there for his claims Comment from : @opensky6580 |
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"Forcing people to do things in the scientific way" compelling statement bravo! Comment from : @savagesteve5894 |
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Government good/bad? The government is highly corrupt and self-serving Comment from : @1Skeptik1 |
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