tag:blogger.com,1999:blog-3758330678390419129.post7404547317209434078..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Hayek on Keynes's Ignorance of EconomicsRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-3758330678390419129.post-42960951779306505332015-09-15T11:12:28.168-04:002015-09-15T11:12:28.168-04:00As I recall, Hayek won the Nobel [sorta] Prize in ...As I recall, Hayek won the Nobel [sorta] Prize in 1974. I agree that no statist wants to think about that or what Hayek had to say. Statists are profoundly insecure while congenitally anti-intellectual and incurious. How else would a statist respond to Hayek expressly stating that KEYNES TOLD HIM TO HIS FACE that in essence TGT was nothing more than a completely ad hoc temporary policy proposal?Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-91877826335356354602015-09-15T11:03:56.929-04:002015-09-15T11:03:56.929-04:00"Nobody", includinging yourself, has bot..."Nobody", includinging yourself, has bothered to spend 3 minutes understanding what Hayek had to say. You guys are all graduates of the Jethro Bodine School of Logic and Rhetoric.<br /><br />Jethro: Gosh, Uncle Jed. We ain't never heard that before. Can't be true if WE haven't heard it before.<br /><br />Jed: That's right boy.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-85531475755220821872015-09-15T10:20:20.676-04:002015-09-15T10:20:20.676-04:00Friedman was a Chicago School guy. The Chicago Sch...Friedman was a Chicago School guy. The Chicago School thought that people only cared about their gross income, not their take home income. They liked inflating the currency. New money goes to the big bankers first and then to the major corporations they invest in (along with high end luxury goods). The Chicago School is a form of Keynesianism, and therefore transfers wealth upwards. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-16286123217720259222015-09-15T05:30:26.745-04:002015-09-15T05:30:26.745-04:00Thanks for sharing that Bob.Thanks for sharing that Bob.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17402960871593438352015-09-15T03:03:42.725-04:002015-09-15T03:03:42.725-04:00Nobody cares what Hayek thinks about economics. Fr...Nobody cares what Hayek thinks about economics. Friedman did not think Hayek was qualified to teach economics at University of Chicago. The Koch Bros plucked him out of obscurity to popularize policies that transfer wealth upwards. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38064806503210046002015-09-14T20:25:58.674-04:002015-09-14T20:25:58.674-04:00Later on the same show:
Mr. Hayek: You’re perfec...Later on the same show:<br /><br />Mr. Hayek: <i>You’re perfectly right, but I’d like to add one thing. You see, another political element was that, of course, politicians just lapped the argument and Keynes taught them if you outspend your income and run a deficit, you’re doing good to the people in general. The politicians didn’t want to hear anything more than that – <b>to be told that Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-13035658920755034332015-09-14T20:23:34.672-04:002015-09-14T20:23:34.672-04:00Part 2
Now notice several things. Keynes was a g...Part 2<br /><br /><i>Now notice several things. Keynes was a genius, but a genius who spent only a fraction of his time on economics – one of the busiest men I ever knew. But he knew very little economics except particularly the Cambridge tradition, and he was much more concerned to influence policy at a particular moment than develop a true theory. In fact, the last time I talked to him was Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-37506252144978614762015-09-14T20:22:56.982-04:002015-09-14T20:22:56.982-04:00Due solely to luck, I happened to notice in the TV...Due solely to luck, I happened to notice in the TV guide that Hayek was the guest on Firing Line in November 1977 so I got out my trusty student cassette recorder. Recently, the episode was finally put on DVD. This is just about the first thing I ever heard about Keynes and “The General Theory” because NO leftist hipsters were Keynesians in the 1970s. I had already been an Austrian for more Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.com