The recent financial crisis has become an object lesson in showing that the Keynesian economists have done a miserable job at understanding and forecasting how the Federal Reserve manipulated economy would develop. The problem for the Keynesians is in the faulty economic models they work with.
In the video below, David Gordon discusses the most important criticisms of Keynes that explain where the Keynesian models go wrong. This address was delivered by Gordon in Houston, Texas.
BTW, I'm not sure why the audience wasn't laughing, but Gordon was throwing out one liner, after one liner. This is great stuff.
David, if you're reading this, I definitely was wrong a year ago when I assumed you were too soft (a "softy" is how I think I described it). My ignorance was quite clear in that statement, and after having read a great deal of your book reviews and after having viewed a great many of your speeches, I can say with complete certainty that while you have an easy delivery, you cut straight to the heart of academic confusion like a knife.
ReplyDeleteAs they say, "You live and you learn". Well, I have learned a great deal from you in the past year since our last correspondence, and I just wanted to say, "Thank You!"
Haha! David, I too have been searching for that ever-illusive Keynesian price theory (5 years now)-- it's a damned slippery critter.
ReplyDeleteWhat's with not being able to click on this vid to go to youtube to rate, comment, fav, grab embedding code etc?
ReplyDeleteIt is on YouTube.
DeleteJust search its title and presenter.
Good stuff by the way.
Thanks for posting this!
Jackson, in case you're not being facetious,this video is not on youtube. It's a production of the Mises Institute. Perhaps it should be on youtube, however, which would make it far more accessible.
ReplyDeletehttp://www.youtube.com/watch?v=_4ZqU0VHM5I
DeleteOkay WTF where was I when David Gordon was in town????
ReplyDeleteNVM I was there. Phew. Thought he came this year.
ReplyDeleteTerrific, as is most everything Gordon does. I do love the man. With every exposure to him I come away incrementally more aware of things I need to know, and deeply grateful for the experience.
ReplyDeleteAs to why no one was laughing, it pains me grievously to say this, but David Gordon, for all his wondrous strengths, has the comedic delivery and timing of a lump of glazier's putty. I wish it weren't so, because as you correctly point out he is on top of everything else extremely witty. But that delivery...!
Oh dear, here we again...
ReplyDeletethis was from january 2010...?? why the post now
ReplyDeleteWhat is the mystery with Keynes? From where I sit, it looks like he was just promoting a self serving agenda for elitist control, no? Look at his family tree (link below) and you will see that he is just another piece of rotten fruit that has tried all manner of intellectual gymnastics in order to justify the case for their brand of leadership/control.
ReplyDeletehttp://en.wikipedia.org/wiki/File:Darwin-Wedgwood-Galton_family_tree.png
I think Benjamin M Anderson's 'Economics and the Public Welfare' is worth noting for its anti-Keynes, anti-Bretton Woods content. One chapter, 'Digression on Keynes', is included in Hazlitt's 'The Critics of Keynesian Economics'. The last section contains a summary of his testimony to the Senate Committee on Banking and Currency, where he comprehensively sticks the boot into Bretton Woods, but, alas, to little avail.
ReplyDelete