The Broken Window fallacy "Thomas J DiLorenzo"

[SullivanChannel]

Paul Krugman said it about 9/11. Send him a copy of the book!

[wuicker]

This is just one of the asinine things with which DiLorenzo has polluted the internets. His analysis of the CRA and the current health care bill are so full of misinformation and terrible logic that I wouldn't have passed a student who had turned it in for an assignment in a college class. I hope that students have the sense to double check any of the shallow bilge that DiLorenzo spews in class.

[szol2005]

The only flaws here, are you're misconceptions of what DiLorenzo is explaining to u....

Just guessing from the way you go off, that you're a Keynesian, if in fact you are aware of such a thing as Keynesian thinking, or know the difference between the different economic schools...

I'm not going to spend my time, trying to explain what he iss saying simply because it could be clear to you that have no clue about what hes explaining. Like all Keynesians.

[wuicker]

I'm not a Keynesian. I find that most schools of economics mistake the trees for the forest. Of course the "science" of economics is recognizing patterns and trends in a large system of human interactions, but the reduction of all transactions becomes absurd when one tries to fit a description of a tree (or even a lot of trees) to a description of a forest. Recognizing all of the forces in play is the failure of most economists. The desire/need for social justice is itself a force in economics.

[szol2005]

@wuicker

For a fact you are Keynesian, but it really shows you're not aware of the different schools, at least you showing you're idea of an economist is a Keynesian one. Proof.

Of course the "science" of economics is recognizing patterns and trends in a large system of human interactions, but the reduction of all transactions becomes absurd when one tries to fit a description of a tree (or even a lot of trees) to a description of a forest.'

[szol2005]

@wuicker

Read up on Ludwig von Mises, Rothbard, etc, you'll be amazed about the similarity in you're views and there's..

[residentzombie]

@wuicker I have a question for you that I wish you to answer. What is money and why do we use money?

[wuicker]

As such, government taxation and spending is the purpose of government. Government does not exist to facilitate an economy. Economics should recognize the nature of government as the cost of living in community. Certainly governments can function efficiently and responsively, but I get tired of these libertarians that think somehow the common good can be found in the market.

[wuicker]

But that is all just context. DiLorenzo makes errors in facts too. For example, his analysis of the CRA is way off. The CRA was established in 1977, but he wants to tie it to the failure of the housing market in 2007? He neglects to mention that the CRA loans have defaulted at a rate less than the average rate of private lending. Certainly high consumer debt levels are plaguing our economy, but this has a lot more to do with private lenders and institutions than with government policy.

[pretorious700]

@wuicker You couldn't be more wrong-the government guarantees on loans is at the root of the consumer debt explosion and the staggering default rate. The progressives thought it would be very egalitarian to provide everyone with a mortgage-even if they had no ability to pay it. The relationship between the fed and the government facilitates all of this phony expansion and false "wealth".

[szol2005]

If you truly are interested in fingering out where the real flaw's are located, or originate from, I suggest you start reading the works of L von Mises and or Hayek, etc...

[wuicker]

What was the interviewer's question? Why is the broken window fallacy so pervasive? Are you trying to say that there are a lot of economists who make the mistake of thinking breaking windows is good for society? Anyone who has been in the real world knows that a good economy is one in which a lot of value is being shared and exchanged between members. The total wealth of the system is one component, but economies can be improved by decreasing accumulation. I don't know how Dr.DiLorenzo has a job

[wuicker]

Dr.DiLorenzo, I hope Loyola University has you teaching sewing or theology or something else totally unrelated to economics. Your complete failure to grasp the seen v. unseen economic forces is so ironic in the context of the discussion. The broken window fallacy is interesting to mathematical economists who never apply anything to the real world - the rest of us can differentiate your vigilante jobs program from a productive jobs program. Was that the point? That no jobs program is productive?

[THEWEEDSM0KER777]

5 sterren vriend :)