tag:blogger.com,1999:blog-6616959642391988608.post3203633380910261881..comments2024-03-18T13:22:06.536-07:00Comments on Calafia Beach Pundit: The death of Keynesian theoryScott Grannishttp://www.blogger.com/profile/14028519647946868684noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6616959642391988608.post-86955770325762455962010-08-16T11:14:40.811-07:002010-08-16T11:14:40.811-07:00I don't remember that much about Keynesian the...I don't remember that much about Keynesian theories from my college economics (50 years ago;) but, I think re. budgets and spending, he proposed a balance in the long run favoring deficits in bad times and surpulses in good. Seems to me the reality is that our legislators are quick to employ the former and slow on the latter. Or, is it non-existent on the latter? Why bash Keynes when we An Old Guy in MDhttps://www.blogger.com/profile/04667648295406260596noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-44566586280479284922010-08-15T17:04:37.229-07:002010-08-15T17:04:37.229-07:00Benj & Paul,
In pre WW2 America I believe the...Benj & Paul,<br /><br />In pre WW2 America I believe the 'liberal' party was the Republicans and the 'conservative' party was the Democrats. The repubs were highly isolationist. I believe Joseph Kennedy (JFK's father) was the US ambassador to Britain in the late 1930s and I believe was a republican. He was the political opposite of Winston Churchill and supported (to FDR&#Johnhttps://www.blogger.com/profile/11652253509768573561noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-16882946591514494742010-08-15T12:47:06.568-07:002010-08-15T12:47:06.568-07:00Paul-
Evidently, Stcokman has changed his mind, an...Paul-<br />Evidently, Stcokman has changed his mind, and now says the R-Party shoudl declare bankruptcy. He recent;y penned this piece for the NY Times. It is a complete refudiation of the modern-day R-Party.<br /><br />On WWII, some say we should have entered earlier. My point is the R-Party has gone from being very conservative in undertaking foreign entanglements, to today's militarists Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-6118159803290627052010-08-15T05:39:30.314-07:002010-08-15T05:39:30.314-07:00"Despite the efforts of modern-day Reagan hag..."Despite the efforts of modern-day Reagan hagiographers to buff his image, in fact Reagan ran deficits all through his terms."<br /><br />I suggest you actually read David Stockman's book "The Triumph of Politics." It's been about 20 years since I did, but I remember his complaints about trying and failing to get Congress to agree to enough budget cuts. <br /><br />&Paulhttps://www.blogger.com/profile/06843411100678811292noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-84397641222104687142010-08-14T19:48:18.864-07:002010-08-14T19:48:18.864-07:00Paul-
I guess I would give Reagan a "B-"...Paul-<br /><br />I guess I would give Reagan a "B-" or "C+"<br /><br />Despite the efforts of modern-day Reagan hagiographers to buff his image, in fact Reagan ran deficits all through his terms, and edged out Carter appointee and Fed Chief Volcker to bring in the easy-money Greenspan.<br /><br />In fact, Reaganomics was part Keynesian, and it worked (though I am sure Grannis Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-68794316892748116922010-08-14T17:57:50.139-07:002010-08-14T17:57:50.139-07:00"Reagan ran deficits up to 6 percent of GDP.&..."Reagan ran deficits up to 6 percent of GDP."<br /><br />And Obama is doubling that. Yet you told me you'd still grade him with a C. I guess Reagan, who at least presided over an economic boom, at least gets at least a B in your grade book. <br /><br />Right?Paulhttps://www.blogger.com/profile/06843411100678811292noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-23767543499774986092010-08-14T13:58:58.017-07:002010-08-14T13:58:58.017-07:00I don't think many people follow Old Keynsiani...I don't think many people follow Old Keynsianism, but it seems like many (most?) economists on either side of the political spectrum subscribe to New Keynsianism (Greg Mankiw, John Taylor, Christina Romer, etc). Mankiw's macro textbook is now the norm in business schools. I think they recognize a role for both countercyclical monetary and fiscal policy (particularly when coordinated). The Lanternhttps://www.blogger.com/profile/12238765456847209657noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-63929832993971960582010-08-14T13:09:36.847-07:002010-08-14T13:09:36.847-07:00Must have died from over-use, during the Reagan-Bu...Must have died from over-use, during the Reagan-Bush-Bush jr. era. <br /><br />Reagan ran deficits up to 6 percent of GDP.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-41103469869785965002010-08-13T15:34:01.958-07:002010-08-13T15:34:01.958-07:00Read it. Love it.Read it. Love it.Public Libraryhttps://www.blogger.com/profile/00017383928897945054noreply@blogger.com