1.11 - Chicago School (Commanding Heights Sample)

Category:

Howto & Style

Tags:

• Commanding
• Heights
• Economics
• Milton
• Friedman
• Larry
• Summers
• Central
• Planning

[jackson32]

"when the keneysian system in the US has been a democratic decision"

I hope you don't believe in keynesian economics, it has been thoroughly debunked

[Achilles222]

"Social objectives" usually entails an elite forcing people at large into some egalitarian mold.

[Nintendomanwill]

So is it not more idiotic to impose a regulation (like expropriating the rich to give alms to the starving, with little dissent from the masses), see that it has caused a problem (increased prices of the goods contained in those alms, a suffering middle income bracket who receive no aid & less saving per annum by the rich investors) and then argue for a further intervention? Like price controls? Then underproduction of those goods occur!

Freedom is not the problem where it's not to be found.

[Nintendomanwill]

The problem of trade deficits arises from floating currencies though so Chicagoites must take blame.

China's Mercantilist policy unfortunately succeeds in impoverishing their workers to enable exports and hoarding of dollars because rather than the price of goods in Yuan rising with their relatively great exportation, the Dollar is kept from rising against the Yuan by Chinese bureaucrats taking the simple step of expropriating the $ income of exporters. Common currencies cannot be thus abused.

[LexPhilogus]

@Nintendomanwill That's very good thinking. However, I see a problem with your reasoning in that, to my knowledge, most economists of the Chicago stripe are pretty much unconcerned with trade deficits.

Also, contrary to popular opinion, monetarism is not a discretionary supply policy.

[Nintendomanwill]

@Questfortruth86

But those creditors who lent money that appreciated due to falling or constant supply (and your argument could be misleadingly construed against deflation because you need to define it as the fall in money supply) deserve their remuneration according to contract and the increase in real terms that comes to them with falling prices making their loans deference of enjoyment of even greater wealth. It's like an automatic interest rate effect and entirely moral.

[Nintendomanwill]

@emremokoko

Why should popular councils decide property accumulation, rights and dispensation? Why not the free market i.e. the volition-based ordination of the division of labour and responsibility by way of its mutual assessment of productivity-why not that? Because the Syndicalists and the democrats (and the Democrats with a capital D too) ave a spurious value judgement against the successful savers and investors in the free economy.

[Nintendomanwill]

Except that Friedman was a Keynesian. As I see it, quantitativists might as well be Mercantilists trying to expand the circulation of money media into their jurisdiction by hampering imports i.e. sale of money outside of that jurisdiction. Why do I think that if 17th century monarchs taxed in kind rather than in gold money, that the Mercantilits would have argued for imports of that good in kind? Because I'm perceptive. If I can see that inflation disrupts intersectoral prices why couldn't MF?

[doublestrokeroll]

Friedman and his like are nothing more than pretentious assholes who think that they can run economics like a science. What a joke they and their theories have proven to be.

But hey! Prosperity is just ONE more deregulation away right? And any problems while you are deregulating are just "distortions" caused by the regulations still in place.

My god the fact people believe that type of shit with a straight face...grown men no less...is truly sad. EVERYONE should just ignore these idiots.

[reddwarf2300282]

Part 1, 2 were really good. Part 3 only average. Does not contains much about source of financial crisis and solution.

[diadorim1234]

colonialism, slavery and the slavetrade were never important economic factors to contribute to the rise in power of western europe. I am from holland and the dutch were the most powerfull country, militairy and in terms of trade of the 17the century. The total amount of money that came from all aspects of colonial trade were superceded by Whale hunting of the coast of Greenland.

[TimeWarp66]

3:55

great point