tag:blogger.com,1999:blog-3758330678390419129.post787036508975992472..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Government Economic 'Stimulus' as Economic QuackeryRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-3758330678390419129.post-2858308093540963742012-08-08T02:50:23.375-04:002012-08-08T02:50:23.375-04:00I agree. At least it is another point that shows h...I agree. At least it is another point that shows how people always interpret the data to suit their economic view. I agree Keynesians won't approve the data. They will simply assert that the stimulus wasn't big enough, that's all.<br /><br />What needs to be emphasized is not the data he shows, but the logical arguments he makes before.skylienhttps://www.blogger.com/profile/08160738385436843080noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-52606950359194100892012-08-07T16:46:19.363-04:002012-08-07T16:46:19.363-04:00What is important to understand is that major univ...What is important to understand is that major universities seek economics professors who bring in a whole lot of cash. The Federal Reserve, the Treasury Department, and the various foundations (Rockefeller, Carnegie, Ford, ad nauseum) want people who are Keynesians. Moreover, the major universities turn out the people who become economics professor, and they don't recommend the ones who don&#mcfrandyhttps://www.blogger.com/profile/01642680868453105592noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-55554197628662686192012-08-07T15:06:51.116-04:002012-08-07T15:06:51.116-04:00The "G" component(government spending) o...The "G" component(government spending) of the GDP calculation is a total fraud. You could have no productivity and show a "growth" by that equation via money printing.<br /><br />lol....I think I read someplace that Rothbard suggested a case for deducting it TWICE from GDP to get a real outlook on growth...I never read the specific argument though and I don't know which Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-65358695568905900372012-08-07T13:45:29.676-04:002012-08-07T13:45:29.676-04:00I can't help but think that Laffer is very goo...I can't help but think that Laffer is very good at "selling" economic policies to the people, but pretty bad at economics. <br /><br />The irony is that in this case he's selling the right policy too - stimulus spending IS a drag on the economy; but Laffer's data don't support it one bit. <br /><br />The data he provides show a) GDP growth, and b) government spending as Alex Fhttps://www.blogger.com/profile/06654471936908905610noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-45223450759961789952012-08-07T12:11:12.364-04:002012-08-07T12:11:12.364-04:00I wish I could, Capn Mike, but I can't. I'...I wish I could, Capn Mike, but I can't. I've always thought the same thing in regards to GDP and how worthless of a number it has to be to have government spending included. I'm comforted (misery loves company) that there is someone else mystified by GDP.Robhttps://www.blogger.com/profile/16961837048717934626noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-8061884813464245742012-08-07T11:46:24.361-04:002012-08-07T11:46:24.361-04:00I like it (!) JMG. How about if I say it this way ...I like it (!) JMG. How about if I say it this way to someone:<br /><br />"Government stimulus is the same thing as cutting off the top part of a blanket and then sewing it onto the bottom of the blanket - and Then - think you have a longer blanket."<br /><br />... they might even call it "reform" by flipping over the pattern.<br /><br />- clarkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-81841007904882431732012-08-07T11:30:59.369-04:002012-08-07T11:30:59.369-04:00That the stimulus is a net loser is irrelevant to ...That the stimulus is a net loser is irrelevant to those in power. The benefit is that when a stimulus program is implemented the rewards and loses are not distributed evenly. They know the right people will benefit and the sheep will be sheared again all the while blaming the capitalists for their pain. This will be used to garner more votes from the ill informed. Win Win for them.Kevinhttps://www.blogger.com/profile/07252742412785498131noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-74735869654860890912012-08-07T10:47:40.473-04:002012-08-07T10:47:40.473-04:00Someone please explain to me why government spendi...Someone please explain to me why government spending is included in GDP?<br />Consumption = production? WTF?<br />What a rotten indicator of economic health.Capn Mikenoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38820865045072155312012-08-07T10:04:52.210-04:002012-08-07T10:04:52.210-04:00The fundamental undeniable fact of the universe is...The fundamental undeniable fact of the universe is that human beings act but with very limited knowledge of each other's subjective values. Further, humans engage in voluntary cooperative economic exchange where each party believes he/she has improved her condition. There is no "equivalence" in such an exchange except for the approximate valuation given to the transaction by the Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-63244997949952875672012-08-07T09:41:42.223-04:002012-08-07T09:41:42.223-04:00I can't help it but Laffer is one of the most ...I can't help it but Laffer is one of the most likable economists I know so far. Even in the "Peter Schiff was right" video when he vehemently disagreed with Schiff he was still likable...<br /><br />Didn't he even apologized later to Schiff personally and conceded that the he was so wrong?skylienhttps://www.blogger.com/profile/08160738385436843080noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-46552923170501761492012-08-07T09:18:54.912-04:002012-08-07T09:18:54.912-04:00Or in simpler terms, that old fellow anonymous--so...Or in simpler terms, that old fellow anonymous--some say a Lakotah--said it best: "Only a white man would believe that you could cut a foot off the top of a blanket and sew it to the bottom of a blanket and have a longer blanket."<br /><br />In this case, however, he was only half correct.JMGnoreply@blogger.com