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2011-09-20 Economy

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Posted by Steve White 2011-09-20 00:00|| || Front Page|| [11125 views ] Top

Posted by gr(o)mgoru 2011-09-20 00:46|| 2011-09-20 00:46|| Front Page Top

#2 Government tax revenues are disproportionately marginal.

What this means is that tax revenues fall faster than incomes and asset prices.

And the reason they desperately try to 'stimulate' the economy using more debt.

But we are now at the end of the debt fuelled growth road for most governments.

Posted by phil_b 2011-09-20 01:02|| 2011-09-20 01:02|| Front Page Top

#3 "But we are now at the end of the debt fuelled growth road for most governments."

Yay! Keynes is dead!
(curse the idiot)

Posted by newc 2011-09-20 04:41|| 2011-09-20 04:41|| Front Page Top

#4 Tough to fault Keynes - no governement EVER adopted the second half of Keynsianism - pay down the debt in good times.

Posted by Glenmore 2011-09-20 06:10|| 2011-09-20 06:10|| Front Page Top

#5 Keynes ignored human history that politicians would never be motivated to 'pay down' the debt. Using outliers to justify the general rule doesn't make for practical application.

Posted by Procopius2k 2011-09-20 06:39|| 2011-09-20 06:39|| Front Page Top

#6 Glenmore, John Howard did.

His government paid back around 100 billion and left Australia (federal government) debt free. Which scaled up to the US economy would equate to 1.2 trillion.

Of course the current Labor government is busy squandering this.

Posted by phil_b 2011-09-20 09:13|| 2011-09-20 09:13|| Front Page Top

#7 Keynes like Marx believed in the perfectability of man. The issues were always theological/meta-physical/psychological rather than economic.

There never has been nor never will be a "new communist man".

Posted by AlanC 2011-09-20 09:33|| 2011-09-20 09:33|| Front Page Top

#8 I think Marx never understood anything.

Even the simplest reading of Game-theory explains why the tyrant always rules in non-moral i.e. non-capitalist countries.

Even the simplest reading of comparative advantage explains why Marxist economies do not create value.

Posted by Bright Pebbles 2011-09-20 10:18|| 2011-09-20 10:18|| Front Page Top

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