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Xelkelvos posted:apparently Austrian school economics is when compared to Keynesian school and takes into account supply and production where the other only takes into account demand It might be more informative to ask these people what the gently caress this is even supposed to mean
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Sep 23, 2015 23:05
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Xelkelvos posted:That being said, what's the Demand side version of that then? That's a really, really vague question but I guess in general it would be if you take measures to ensure that people (like the workers at the widget factory) have money to spend they will tend to spend it, putting that money back into the economy and stimulating growth. Large numbers of people with less individual money tend to spend a large portion of their wealth, whereas the relatively small numbers of people with obscene amounts of money tend to just sit on most of theirs forever, rendering it economically useless. Therefore, redistributive measures like income taxes + social programs to mitigate living expenses (healthcare) and lower the financial bar to participate in the economy (public transport) and generally counteract the tendency of the wealthy to use their wealth and power to amass all of the wealth and power are a strong economic good that in the long term improves the wellbeing of everybody, c.f. how it's much nicer to be pretty much anybody in a keyesian economy in the modern day than it was to be even at the top of the prior millennium of feudal stagnation where a handful of elites reserved all wealth to themselves.
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Sep 24, 2015 08:26
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Xelkelvos posted:Well, no direct incentives to build societal growth or the wealth of those around them. All of the direct incentives are deflationary to the currency and incentivise safe stockpiling and spending as little as possible to minimize risk. the justification is if you take even a little bit of rich peoples' money, they will decide making all the rest of the money just isn't worth it anymore and take their ball and go home. Since rich people are super genius job creators directly appointed by God and their wealth is merely their just due for providing the divine light we are all of us but mere parasites of, nobody will take their place in starting businesses or providing goods and services and everyone else will become a homeless junkie. These are largely the same people who believe the invisible hand of the free market, if completely uncorrupted by human influence in some vaguely defined way, will be an omniscient and omnipotent force of pure good that will lead us all into an earthly Paradise, and it is only because of sinful human institutions like government that we lack for anything A Wizard of Goatse fucked around with this message at 10:53 on Sep 30, 2015 |
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Sep 30, 2015 10:50
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Spazzle posted:How is using logic and arguing from first principles really different from having a broad, poorly specified model? It sounds like a high-minded philosophy thing to the kind of guys who think taking a philosophy class makes you a hobo
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Oct 3, 2015 13:59
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