tag:blogger.com,1999:blog-2761684730989137546.post3250283910836814426..comments2024-03-29T09:32:34.853-04:00Comments on Mike Norman Economics: Lord Keynes — Wieser Advocated Fiat Moneymike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-2761684730989137546.post-84134815924745443592013-05-26T13:20:41.378-04:002013-05-26T13:20:41.378-04:00"a free market where monopolization does not ...<i>"a free market where monopolization does not happen"</i><br /><br />With economies of scale? Just look at how Walmart dominated retail in just a few years and is not dominating food.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82904599809436517882013-05-26T10:34:39.527-04:002013-05-26T10:34:39.527-04:00by the way, regarding "funny money", see...by the way, regarding "funny money", see my comments on LK's blog. I show that, as usual, boddis has no idea what he is talking about.<br /><br />yhttps://www.blogger.com/profile/03233997168975370006noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77544857376680457582013-05-26T10:32:53.153-04:002013-05-26T10:32:53.153-04:00This comment has been removed by the author.yhttps://www.blogger.com/profile/03233997168975370006noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-88016930891014360442013-05-26T10:30:14.150-04:002013-05-26T10:30:14.150-04:00"a free market where monopolization does not ..."a free market where monopolization does not happen" <br /><br />Blobbis continues to deny reality and the facts of history.yhttps://www.blogger.com/profile/03233997168975370006noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-21849307612829640282013-05-26T00:58:04.477-04:002013-05-26T00:58:04.477-04:00"Keynesianism by definition must substantiall...<i>"Keynesianism by definition must substantially remove the protections for the powerless against the Keynesian Kleptocratic state."</i><br /><br />No, it doesn't, roddis. <br /><br />But Rothbard thought police can beta and torture mere suspects:<br /><br />http://socialdemocracy21stcentury.blogspot.com/2011/10/rothbard-on-torture.html<br /><br />And even more horrible things:<br /><br />http://socialdemocracy21stcentury.blogspot.com/2012/06/horror-of-rothbardian-natural-rights.htmlLord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-71673699138432658532013-05-26T00:54:47.949-04:002013-05-26T00:54:47.949-04:00"Most of your so-called "neoliberals&quo...<i>"Most of your so-called "neoliberals" support funny money in one shape or the other and actively suppress discussions of funny money as the key source of price distortion."</i><br /><br />Many Austrians -- apart from the Rothbardian lunatic cult -- support credit money and FR banking, and elastic money supply.<br /><br />Even in Mises's work there much evidence he did not oppose credit money and money supply increases in line with demand for it.<br /><br />But idiots like roddis have no understanding of basic Austrian concepts -- he's proved that again and again.<br />Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-26709302045317476262013-05-25T23:04:55.719-04:002013-05-25T23:04:55.719-04:00Tom, keep up the fight! Bravo.
Broddis, not so mu...Tom, keep up the fight! Bravo.<br /><br />Broddis, not so much.<br /><br />yhttps://www.blogger.com/profile/03233997168975370006noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82655963406119598572013-05-25T22:27:06.605-04:002013-05-25T22:27:06.605-04:00"they do not believe there can be any volunta..."they do not believe there can be any voluntary unemployment if workers are willing to reduce their offer to what is bid in the market."<br /><br />fantasy land.<br /><br /><br /><br />JKhttps://www.blogger.com/profile/10304508322452669073noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-1133661166446618562013-05-25T22:25:24.209-04:002013-05-25T22:25:24.209-04:00Lack of physical safety is and has always been the...<i>Lack of physical safety is and has always been the major problem facing mankind.</i><br /><br />That's true and all that one has to do to verify it is to look around the world to places were government is weak and ineffective or absent. No sign of "Keynesian kleptocracy, which is a figment of an fevered mind.<br /><br />And in developed countries, where there is rampant corruption, there is a neoliberal-leaning government in power that is beholden to business and finance. Leading the charge against this is Bill Black, a professor at UMKC, the epicenter of MMT.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11685951532923892192013-05-25T22:18:35.685-04:002013-05-25T22:18:35.685-04:00Who other than Austrians discuss prices as informa...<i>Who other than Austrians discuss prices as information and funny money prices as disinformation? Most of your so-called "neoliberals" support funny money in one shape or the other and actively suppress discussions of funny money as the key source of price distortion. Your taxonomy is a purposeful dishonest mess.</i><br /><br />All market fundamentalists, whether neoclassical or Austrian, hold that prices as information make markets the most efficient distribution mechanism and that price instability introduces disinformation and price distortion. The difference is over how to achieve price stability as a paramount objective along with growth. The Austrian faction tends toward commodity money and the neoclassical toward monetarism administered by a politically independent central bank. No market fundamentalists are concerned with unemployment, since they do not believe there can be any voluntary unemployment if workers are willing to reduce their offer to what is bid in the market.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-37768649338828462132013-05-25T20:20:41.795-04:002013-05-25T20:20:41.795-04:00Funny then that it's the Keynesians that are c...Funny then that it's the Keynesians that are concerned with human right, civil rights, and social welfare, and neoliberal, including the Austrians, not so much, not at all, or are predatory on the powerless.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-10206105477960255052013-05-25T18:05:29.371-04:002013-05-25T18:05:29.371-04:00Lack of physical safety is and has always been the...Lack of physical safety is and has always been the major problem facing mankind. Keynesianism by definition must substantially remove the protections for the powerless against the Keynesian Kleptocratic state.<br /><br />http://www.flickr.com/photos/bob_roddis/8525140770/lightbox/Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-49983899387751935092013-05-25T18:02:21.061-04:002013-05-25T18:02:21.061-04:00Again, you have stated the underlying assumption o...<i>Again, you have stated the underlying assumption of Neoliberalism.........</i><br /><br />Who other than Austrians discuss prices as information and funny money prices as disinformation? Most of your so-called "neoliberals" support funny money in one shape or the other and actively suppress discussions of funny money as the key source of price distortion. Your taxonomy is a purposeful dishonest mess.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-26541576240611110762013-05-25T17:57:58.978-04:002013-05-25T17:57:58.978-04:00What this does is replace monarchs and feudal lord...<i>What this does is replace monarchs and feudal lords who gained possession of the commons by force with acquisitors, who become the new privilege elite.</i><br /><br />No. It provides complete protection for the bodies and property of the most powerless, who are always the sad victims of the "progressive's" war on private property and contract. See Africa.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16148661166368021202013-05-25T17:51:05.248-04:002013-05-25T17:51:05.248-04:00However, they require the best information availab...<i>However, they require the best information available for how to proceed and that information is supplied by unadulterated prices and distorted by Keynesianism.</i><br /><br />Again, you have stated the underlying assumption of Neoliberalism as if it were either an obvious fact, which it is not, or a "law," which is not either. It's a theoretical hypothesis that can only be tested if there is no government and only commodity money. Lacking these conditions, defenders will always say a counterinstance was due to some condition not bing met. These extreme conditions will never be met in a modern society, so it is a gratuitous assumption meant to drive a political agenda based on minimal government and maximal acquisition with no rights admitted other than the right to life, negative liberty in Berlin's sense, and an absolute right to hold property. What this does is replace monarchs and feudal lords who gained possession of the commons by force with acquisitors, who become the new privilege elite.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46847275086893310692013-05-25T17:46:04.796-04:002013-05-25T17:46:04.796-04:00Lumping minimal government Mises in with funny mon...Lumping minimal government Mises in with funny money Keynesian-lite Friedman is just garbage analysis. <br /><br />I'm all for my opponents making an atrocious jumbled mess of even their taxonomy. Further, I'm all for the opponents of freedom to voluntarily lump themselves together with the Marxist hard left. That'll sell in the USA. Go for it.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-66486854816092387732013-05-25T17:40:18.461-04:002013-05-25T17:40:18.461-04:00The Road from Mont Pelerin: The Making of the Neol...<a href="http://www.fee.org/the_freeman/detail/the-road-from-mont-pelerin-the-making-of-the-neoliberal-thought-collective#axzz2UL2ID3Q7" rel="nofollow">The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective SEPTEMBER 21, 2011 by BRIAN DOHERTY</a><br /><br />Looks like Doherty just read the table of contents. He addresses none of the article in the book in a way that would lead one to conclude that he actually read and understood them. If this is supposed to be a book review, I'd grade it F, other than if I were a LIbertarian looking for someone to tell me what to read and what not to read.<br /><br />Bob's second reference is to a PDF of Dieter Plehwe's intro to The Road From Mont Pelerin. Read it and decide for yourself, although I think that Mirowski's Postface needs to be considered, too. Most of it can be read through Amazon's "preview this book." <a href="http://books.google.com/books?id=JiSnS3q0OAMC&printsec=frontcover&dq=road+from+mont+pelerin&hl=en&sa=X&ei=My-hUcaeL9e64AOu3IHYDA&ved=0CDAQ6AEwAA#v=onepage&q=road%20from%20mont%20pelerin&f=false" rel="nofollow">Google Books</a> also has a great deal of the book online with only some pages not available. Unfortunately, even the Kindle edition is pricey.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-51021355811170559912013-05-25T17:32:17.598-04:002013-05-25T17:32:17.598-04:00Nobody ever said that human beings were "perf...Nobody ever said that human beings were "perfectly flexible". However, they require the best information available for how to proceed and that information is supplied by unadulterated prices and distorted by Keynesianism.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-70649725843144676402013-05-25T17:30:40.095-04:002013-05-25T17:30:40.095-04:00The idea of a perfectly flexible market responding...<i>The idea of a perfectly flexible market responding to supply and demand .. blah blah blah</i><br /><br />It seems to me that "monopoly power" didn't stop GM from going bankrupt and didn't help Circuit City or Borders. People tell me our banking system would have collapsed without government bailouts of the banks. <br /><br />Read your Gabriel Kolko and learn the difference between a free market where monopolization does not happen and a market where big business uses the government to monopolize it (an impossible task of comprehension for any "progressive").Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-50294182398295359042013-05-25T17:11:03.164-04:002013-05-25T17:11:03.164-04:00A commodity money is neither.A commodity money is neither.Anonymoushttps://www.blogger.com/profile/13859046687902645077noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-4590925614276109972013-05-25T17:07:48.639-04:002013-05-25T17:07:48.639-04:00Pleasing consumers who will make purchases drives ...<i>Pleasing consumers who will make purchases drives output. A buyer won't buy unless he/she is pleased and will pay.</i><br /><br />Utter nonsense in today's markets which are constrained by what producers produce on one hand and on the other by what stores stock.<br /><br />It's also contradicted by advertising & marketing, branding, intellectual property rights, and transaction costs.<br /><br />Moreover the very existence of fixed price v. flex price proves market power is held by firms.<br /><br />In addition, economies of scale lead to monopoly power.<br /><br />The idea of a perfectly flexible market responding to supply and demand such that the market acts as a computation device that brings all factors into balance through continual price discovery is an imaginary model of economists, for example, as Ronald Coase has shown in his analysis of transaction costs, which are poorly understood by both firms and customers, hence not reflected in price discovery.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-66198361615737422642013-05-25T17:04:49.994-04:002013-05-25T17:04:49.994-04:00"The solution is to allow prices (which inclu...<i>"The solution is to allow prices (which includes prices for quantities, qualities, location etc....) to readjust to unadulterated levels "</i><br /><br />Roddis continues to destroy himself.<br /><br />He tells us that flexible prices are the magical panacea, even though he has already admitted above that the vast majority of businesses shun flexible prices and prefer administered prices. So Austrian flying unicorn theory is largely irrelevant to the REAL WORLD. <br /><br />He's also clueless about money supply. Money supply has always been endogenous and elastic in any advanced capitalist economy. Even in a gold standard it was. <br /><br />Extra demand from extra money growth is a completely normal process in modern capitalism.<br /><br />Even Mises accepts that basic money supply growth arising from growing money demand does not inhibit his "economic calculation":<br /><br /><i>"For the sake of economic calculation <b>all that is needed is to avoid great and abrupt fluctuations in the supply of money.</b> Gold and, up to the middle of the nineteenth century, silver served very well all the purposes of economic calculation. Changes in the relation between <b>the supply of and the demand for the precious metals and the resulting alterations in purchasing power went on so slowly</b> that the entrepreneur’s economic calculation could disregard them without going too far afield."</i><br /><br />Roddis demonstrates again he wouldn't know Austrian theory if it bit him repeatedly in the a**. Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-56308084644085116572013-05-25T16:52:17.762-04:002013-05-25T16:52:17.762-04:00That "Road from Mont Pelerin" sounds lik...That "Road from Mont Pelerin" sounds like that same dishonest and ignorant crap peddled by Pilkington. Nothing to worry about with that.<br /><br />http://www.fee.org/the_freeman/detail/the-road-from-mont-pelerin-the-making-of-the-neoliberal-thought-collective#axzz2UL2ID3Q7<br /><br />http://www.thedivineconspiracy.org/Z5259S.pdfBob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-70938193235031670412013-05-25T16:50:31.876-04:002013-05-25T16:50:31.876-04:00Pleasing consumers who will make purchases drives ...Pleasing consumers who will make purchases drives output. A buyer won't buy unless he/she is pleased and will pay. <br /><br />What drives Keynensianism is the obsessive delusion about why the number of anticipated buyers were not as expected because this would have been due to Keynesian price distortions and Keynesians can't accept that they are the cause the problem. The solution is to allow prices (which includes prices for quantities, qualities, location etc....) to readjust to unadulterated levels so that people can know just how much unadulterated "demand" there really is for what and what might be profitably produced and sold so that they might proceed on an informed basis.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46484701711116463092013-05-25T16:20:07.689-04:002013-05-25T16:20:07.689-04:00"I understand that "market clearing pric...<i>"I understand that "market clearing prices" are associated with "market clearing quantities" and "market clearing levels of production" and "market clearing qualities" and that a price or series of prices relates to that actual set of goods and/or services being offered for sale and/or sold."</i><br /><br />So now you're telling us that fixprice businesses generally change output instead of prices! Correct!<br /><br />In other words, flexible prices adjusted to market clearing levels by human action in the <i>ideal Austrian fantasy world economic coordination theory</i> does not apply to most modern markets.<br /><br />Demand drives output and employment. Keynesianism is vindicated. <br /><br />But roddis is too monumentally stupid and ignorant to see when he's effectively conceded defeat.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.com