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IT'S COMPLICATED

Past Performance Is Not Indicative Of Future Results

By Elizabeth C.

HERE'S A SNAP LESSON ON MODERN ECONOMICS THAT WE HOPE'S BEING TAUGHT IN B SCHOOLS ACROSS AMERICA.

It's in a form that the kiddies can appreciate: a rap history of 100 years of conflicting monetary policy produced by EconStories.

Does government keep its animal paws off the economy -- or pretend it has the reins?

I thought we already learned that answer from failed communist Russia.

But as the world economy teeter backs from the brink of disaster, and on the anniversary of President Barack Obama's unprecedented spending stimulus, some smarty pants have created this video posing the question:

In a world where men can't contain their appetites, what should be the role of government?

Note that interventionist John Maynard Keyes is the hottie here; the contrarian Friedrich von Hayek is the dull man in brown to whom no one pays attention.

This irreverent video asks: Do we really have control or do we just delude ourselves?

Are men -- and I do mean men -- capable of a "self-organizing system of voluntary co-operation?" Hmmm.

Video via BoingBoing.net.

Tags: YouTube

Comments

I've gone full round the economic theory circle -- zigging so far left (right?) as to imagine the benefits of libertarianism. But I abandoned that too because of the cruelness of unchecked economics. Yet I have yet to see government's intervention offering permanent solutions. So far nobody's been perfect -- clear of influence, 100 percent clean in motives. Used to think something else was possible, but Congress' actions particularly in the last year proves to me it's hopeless. If you can't get anything done when you have a majority because no one will accede anything, we will never accomplish anything. Consequently, I've stopped paying attention.

Vell de big problem mit der Austrians is that they believe in the free markets. Ayn Rand, Milton Friedman, Alan Greenspan and all that junk. We say: "Look at what your free markets have accomplished." They spit back: "Hah, those were not free markets." Problem is: there is no such thing. Left unregulated, entities dominate markets and eat up the competition until there is only one top feeder left, which then gets very hungry and dies. This Hayek garbage was used to poison minds and research. It's the academic gobbledeegook that helped get us where we are today.

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