Paul Krugman PWNS the Austrians

http://www.slate.com/id/9593

Category:

News & Politics

Tags:

• economics
• trade cycle
• buisness cycle
• austrian economics
• macro eocnomics
• micro economics
• keynesian eocnomics
• paul krugman
• rothbard
• mises
• hayek
• keynes

[gunsandbullhorns]

@crambo0349

I'm familiar with the French Liberal Economist Jean-Baptiste Say, and I know of 3 different interpretations of Say's Law. Briefly, they can be summed-up as follows...

a) Supply of strawberries creates demand for strawberries.

b) Supply of strawberries creates demand for strawberry baskets.

c) The strawberry producer produces with the intent of exchange.

I think 'A' is ridiculous. I think 'B' is cool, but not usually relevant. I think 'C' is what Say intended.

[sakidd1]

fractional reserve banking is constant in both cases so it can be ignored.

you need to take this video down because your economic understanding is an embarrassment and contributes to the massive amount of misinformation currently available on youtube.

[gunsandbullhorns]

@antonio3p1

I'm not sure that we actually disagree.

[antonio3p1]

@gunsandbullhorns Okay I get your point and this could be a long argument which I'm really not interested in, so let's just say we disagree :)

[gunsandbullhorns]

@antonio3p1

The availability of iPhones supplements the existing demand for the utility that iPhones provide. If I were to produce poo and try to sell it on the market, I doubt anyone would buy it. ...unless they already had a love for poo.  Does that make sense?

I recognize the point you're making, and it's valid, but that's not what the Say's Law controversy is about. At least that's not how *I* interpret the Say's Law controversy.

[antonio3p1]

@gunsandbullhorns Why is 'a' ridiculous? Let's take Iphones as an example. The supply of Iphones created the demand, but nobody wanted an Iphone before it was created because there can be no demand for something that doesn't exist.

[TheManiacalSatanist6]

Paul Krugman is one of these people who doesn't like to have his world view challenged. And in the same article you're reading, he also says, and I'm slightly paraphrasing here, "Why should we throw 75 years of economic thought out for this?"

To turn that back around, the Austrian method is 200 years old, so if we should treasure a form of thought because of its age, then the Austrian method still wins out.

Keynesians are total morons....

[TheManiacalSatanist6]

@gunsandbullhorns A in the choices you offered does sometimes happen, but not all the time so it can't be considered a law, but I digress.

[bensteele88]

you're so dumb man. go back to community college.

[mpc91]

Krugman owns the Austrians like the nail owns the hammer.

[baihbalm]

@twistedrunes Betrand Russel, self proclaimed mathematician who wrote one book on geometry and the rest on philosophy and religion. Don't make me laugh. Anything regarding mathematics he left to Alfred North Whitehead. He had brilliant ideas, but he covered formal proofs not those done under mathematics. Go suck a dick.

[twistedrunes]

@baihbalm I suggest you read Betrand Russel. You are clearly uneducated.