Its never been fully implemented as described by Keynes, he advocates running budget surpluses when the economy is booming and deficit spending on public infrastructure projects (roads, bridges, dams, power plants, etc) when its in recession to raise employment and level out the business cycle. Additionally, infrastructure improvements will increase economic velocity in the long run.
Instead what governments do is continually deficit spend and then give out welfare to corporations when the economy tanks and justify it by cherrypicking from Keynes.
Josiah Thomas
yeah but keynes was a porky who only developed his theory so communists wouldn't take over, so cherrypicking from him is justified
Lucas Walker
Wrong. He was playing the markets like we all do and wanted to make sense out of all this. He was an active trader, so he had direct clash with the realities of the market. >virgin academic Australian economics vs Chad Trader Keynes
Colton Robinson
>kek you think the the states (countrys) have control of the money supply or even control of the boom/bust cycle...what are you doing here user? >it's not direct control as in "printing le x amount of money to increase x supply", therefore there's no control. Changing policies that are directly meant to influence money (debt) expansion is just a meme guys I swear the federal reserve and the government have no influence whatsoever because it's not technically printing lel xD
I understand why you hate "austrians" who never even read a book who assume too much, but cmon dude. Don't argue in bad faith.
Parker Johnson
You literally must be 15 years old if you want to completely ignore the correlation
Cameron Taylor
You're free to talk about whatever you want, I'm just asking why you're so compelled to talk about things you know nothing about. Keynesian theory isn't a sports team to fanboy over. It's not even a value system or a model of governance. You might wish economics to be reduced to good "Austrians" battling bad "Keynesians" but it's much more boring than that. There are no two mutually exclusive sides competing for the heart of the profession and neither Keynesian economics nor Austrian economics as you understand them exist. There's only economics and economists who disagree with each other and while there are different ways of practicing theory they aren't rooted in ideology or inherently opposed to each other. It's an academic field like any other and its points of contention are suitably dry and technical. At the end of the day it's nitpicking over assumptions or the conclusions said assumptions lead to rather than existential questions of morality. You can't seriously debate economic theory without understanding where it comes from and how it gets to where it gets.
You're half-right about my background: I do study economics but I do it at a highly ranked university and not community college. I don't only care about mischaracterization of my field because it's my area of interest but also because a misinformed public often makes it hard to translate theory into practice. I understand you might have a distorted view of economics because economists do a terrible job vulgarizing theory and shutting down charlatans but I still think you hold some responsibility in maintaining intellectual humility. I try to keep track of my blind spots and I don't speak authoritatively on topics I'm not familiar with and I think everyone should do it too. If you're interested in economics, I vigorously encourage you to learn it and to keep track of its developments. Just be careful about what you learn, pace yourself, and know what you don't know.
Landon Taylor
You must be literally retarded to think the correlation is major in the grand scheme of things.
Isaac Barnes
Thanks for the guidance, senpai. No sarc
Kevin Thomas
What are the cooler theories that contemporary economists discuss today?
James Foster
Senpai can you help out a philosophy student with no background in economics? I want to study rational choice theory with regards to the state actor and its justification of the introduction of war economics during warfare (I want to draw from Keynes' 'how to pay for the war'). How do I properly apply rational choice theory in this subject and how can I find out possible normative motivations in this scheme?
