Friedman's Overcleverness

[gizmo2084]

Dogs and vlogs do no mix.

[radiohogan]

Please elaborate.

[gizmo2084]

Just messing. Your dog was barking. :)

[surnbe]

Keynes was wrong, all his theory are mercantilism or, more precisely, John Lawism pure and simple. Thus they do not recognize that the objections of the classical economists to mercantilism are valid also in respect to their own teachings. Nor do they see that many concepts of the modern planners — fair prices, fair wages, fair profits, and so on — are nothing else than a new edition of justum pretium and justum salarium, which proved so detrimental to economic progress.

[radiohogan]

Keynes had nothing to do with Mercantilism.

[surnbe]

I am saying that he is making the same argument

[radiohogan]

I disagree. You are no familiar with Keynes ideas, apparently.

[kpp1212]

what data were you referring to when you said that real income has decreased since 1978? according to census data, real income has gone up every year.

[radiohogan]

Hi:

My source is a 20 - 25 years of reading magazines, books & newspapers. Google results are history rewritten ("1984").

All the Best / MH

[kpp1212]

Do you have a specific source? Honestly, I prefer to use science. I used the official census bureau data.

[IWLocal8]

Look up info on Friedman's "Chicago boys".

[radiohogan]

I read all about them in Naomi Klein's book: The Shock Doctrine.

[IWLocal8]

Great book!

[Scoforever]

That decrease in real income was caused by inflation and the federal reserve. Ron Paul has explained this multiple time.

[radiohogan]

Isn't Dr. Paul a medical doctor?

[Scoforever]

I think he's studied economics. Try Peter Schiff. Ron Paul certainly knows more about economics than any other congressmen.

[radiohogan]

Where does Peter Schiff teach - West Virginia University?

[Scoforever]

He's an investor.

[investortownhall]

Keynes vs Friendman Why not take the best of both views? These two men where like great coaches. You only love them when their winning. Look this old man remembers the 72-82 time period. Bad economic times for the US and GB indeed. How quickly we forget how Carter lost to Regan because the economy was in such bad shape and Keynesian thinking was dying so a former Keynesian turned to the Austrian School of Economics M. Friedman and free to choose was a hit!

[radiohogan]

Hello ITH:

Yours is an excellent review of the past. Of course, your view can be enlarged to cover more ground.

All the Best / Mike Hogan

[investortownhall]

Yes, youre right about American real median income not growing and the rich getting richer. TWO WORDS CHINA and INDIA over the last 20 years many high paying jobs left the USA, many for CHINA and Mexico and now Vietnam. We lose jobs in return for lots of affordable things to buy on easy credit like Houses and SUVs.

[investortownhall]

INDIA a country that had few Mainframes Computers in 1975 and No PCs is now the leading IT outsourcer / importer for high paying jobs. The majority of H1-B visas issued in America go to India IT outsourcers to replace American workers. Keynes and Friedman never needed to face these facts.

[investortownhall]

Keynes vs Friendman Why not take the best of both views? These two men where like great coaches. You only love them when their winning. Look this old man remembers the 72-82 time period. Bad economic times for the US and GB indeed. How quickly we forget how Carter lost to Regan because the economy was in such bad shape and Keynesian thinking was dying so a former Keynesian turned to the Austrian School of Economics M. Friedman and free to choose was a hit!

[investortownhall]

Keynes vs Friendman Why not take the best of both views? These two men where like great coaches. You only love them when their winning. Look this old man remembers the 72-82 time period. Bad economic times for the US and GB indeed. How quickly we forget how Carter lost to Regan because the econ was in bad shape and Keynesian thinking was dying so thinking taken from the Austrian School of Economics was in vougeM. Friedman and Free to Choose was a hit!

[yeahwotevaman]

Your dog's obviously a Freidmanite.

[AustrianSchool]

A primer on Austrian economics: watch?v=rMn2R5txO28

[zsylvana]

1)Friedman's scientific position is that the realism of assumptions is irrelevant if you want to know whether a theory is "good". It is only the approximate conformity of its implications with observation that counts. Moreover, Friedman claims, if you want such conformity, quite often you will be successful using unrealistic assumptions. Assumptions should be abstract, that is, only depict the main features of the process modelled, ignoring less relevant details.

[zsylvana]

The most notable critic of Friedmans Methodology was P.A. Samuelson, who claimed no meaningful distinction between "theory", "assumptions", and "implications" can be made, and these terms al refer to exactly the same thing, the model used.

[zsylvana]

Paul Diesing is a great philosopher of the social sciences.Diesing published six important books during his career,but became not particularly famous.

Until his retirement,Diesing taught in the State University of New York at Buffalo.Diesing was enrolled at the University of Chicago philosophy (social ethics) Professor from 1950 to 1952 worked was closely familar with Friedman and his work.Latter year, Diesing took a position in the Philosophy Department of the University of Illinois.

[zsylvana]

Because of reenginering and financiel speculations the growth in the 500 largest american companies increased 92% in 1980-87. 1987 61% of profit got CEO and and Executives it was 22% 1953,2/3 of Economic Growth in USA 1980-87 got to 1% of the popualation!!!!(Jeremy Rifkin, The End of Work,New York,Putnams Sons,1995)

[wuddychunk1]

i meant labour productivity. i imagine business owner won`t pass the increase of the benefits of investment in capital on to the workers.

[radiohogan]

Yes, I am also referring to labor productivity. Labor productivity has to do with how much businessmen invest in capital equipment (automation).

[wuddychunk1]

Do I take it you measuring productivity in dollars? The dollar as depreciated about 800% since 1971 in gold terms.

[wuddychunk1]

You can`t measure income in real terms against productivity in dollar terms. The dollar has decreciated against gold 800% since 1971.

[wuddychunk1]

Hasn`t real income gone down because productivity has gone down?

[radiohogan]

As real income went down since 1978 (30 years), productivity has gone up.

[jfcarpio]

but that's post hoc ergo propter hoc. it's Keynesian-Chicagoite inflationism that has eaten up middle class incomes while productivity barely managed to (part) counter the trend.

[podman51]

It is a puzzle to understand why anyone but the greedy and manipulative want to follow Friedman but while radiohogan and zsylvana continue to expose Friedmanism as harmful to the economic well being of the majority of the human race Friedman and his desciples will not go unchallenged.