Wednesday, October 2, 2013

Robert Murphy again...

7 comments:

mike norman said...

Murphy is obsessed with my looks.

Unknown said...

For the love of god. Murphy thinks that by acting like a buffoon he can get young people's attention. Looks more like a Career Killer to me.

Anyways, I don't know how many times I told Murphy that the real constraints are on the real side of the economy.

And if you have excess capacity and involuntary unemployment, government spending cuts amount to tax increases for no public purpose.

If you don't like the Monopolist, why do you want the Monopolist to reduce the nongovernment's net-savings?

You know who else doesn't like the Monopolist? Me. Why? Because the Monopolist is always trying to regulate the supply of net $financial assets independent of nongovernment market forces, and the result is chronic unemployment and weak GDP growth.

Let My People Work!

Broll The American said...

Two observations:

1) Hasn't SS and Medicare always operated under the current fiat system? Murphy seems to believe that at 1 time they were trillions of dollars in the hole under the previous gold standard system.

2) When the government spends it doesn't "redirect resources away from the economy." It redirects them BACK INTO the economy. Through political choices resources are allocated differently than they would be if left to private market forces. The only way the government could take resources out of the economy would be to run a surplus.

I know the term is taboo in political circles, but the government's roll in the economy is about redistribution. Just like your heart is essential for redistributing your blood through your body, otherwise left to "market forces," or in the case gravity, all your blood would pool into your feet and your brain dies.

mike norman said...

Despite record (nominal) government spending (and historically high spending as a % of GDP), resource use remains slack. Capacity utilizationis low, labor participation is low, commodity prices have fallen back after a speculative-driven runnup, millions of homes remain unsold, there are surpluses of food, etc. So how does Murphy explain this?

mike norman said...

Nice looking girl, though, in the video. Maybe Murphy would give me her number? Bob, if you're out there my email is contrarianmedia@hotmail.com.

-Mike

The Just Gatekeeper said...

Perfect example of one of Dr. Kelton's latest tweets: The official MMT Halloween costume should be a strawman.

mike norman said...

Murphy/Austrian economics has devolved into making fun of my shirt. Pathetic.