Explaining The World's Economy

[GP1]

This link takes you to Greg Mankiw's blog. Many of you may have used his Economics text books in college. The video from yesterday explains why we are so screwed, but it does it in a funny way. Lasts less than three minutes and explains the world economy during that time.

[cornbread]

This link takes you to Greg Mankiw's blog. Many of you may have used his Economics text books in college. The video from yesterday explains why we are so screwed, but it does it in a funny way. Lasts less than three minutes and explains the world economy during that time.

Libertarian economist? I think I'll pass.

"If all the economists were laid end to end, they'd never reach a conclusion." -- George Bernard Shaw

Ill go with the masters... Keynes and Hayek

[cornbread]

He does cite some neat views on Keynesian economic theory.

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[GP1]

This link takes you to Greg Mankiw's blog. Many of you may have used his Economics text books in college. The video from yesterday explains why we are so screwed, but it does it in a funny way. Lasts less than three minutes and explains the world economy during that time.

Libertarian economist? I think I'll pass.

"If all the economists were laid end to end, they'd never reach a conclusion." -- George Bernard Shaw

Ill go with the masters... Keynes and Hayek

Mankiw is not a Libertarian. Read his blog.

You are assuming economists can be laid end to end.

If any of you are uncertain about who Keynes and Hayek, here is a rap song that will help you understand the difference between the two.

Lastly, you may like masters, but I'll take King Adam Smith above all else. Milton Friedman second.

[zip37]

Hey Cornbread-- If you like Keynesian economics, how about giving me $ to pay these burdensome taxes, then you can claim more economic impact.

After all, I'm retired and still paying heavy taxes.

[GP1]

Hey Cornbread-- If you like Keynesian economics, how about giving me $ to pay these burdensome taxes, then you can claim more economic impact.

After all, I'm retired and still paying heavy taxes.

Like all economics, not everything is easy to explain. What is certain though is spending a portion of your taxes for a bureaucrat to manage what you should be able to decide for yourself what to do is not efficient.

The problem we have today is politicians have taken to calling all government spending a "stimulus". Bailing out a bank is not a stimulus. Making government employee unions happy by not cutting employees is not stimulus. Building a bridge is more like a stimulus, but since one in three American bridges are in disrepair, I would call it a necessity. If Obama wanted to project himself as being a responsible adult, he would portray road and bridge building as "good government" or "responsible government". Not a stimulus. Americans want badly for our government officials to behave in an adult manner. If one actally did, that person would be loved by all. Wider roads are a stimulus. Rail systems from the suburbs to the city are not stimulum...they are welfare programs designed to create more people sucking at the breast of government because every mass transit system, with the exception of NYC, loses money evey year.

[zip37]

History of the 20s- 60s, 80s anf 00-04 show that cutting taxes and regulation booms the economy, while increasing taxes and regulation [like the 30s poat 64 and 90s and present time Keynesian] puts the economy in recession/depression.:-O

[Dave in Green]

Generally speaking, we tend to think of those countries that have the worst public debt to gross domestic product percentages as having the weakest economies in the world.

The number one country on this list will be no surprise to anyone. It's Zimbabwe, with a percentage of public debt to GDP of 304%.

The number two country on the list weighs in at 192.1%. You would expect it to be another weak third-world country.

Can anyone name that country?

[Hilltopper]

Generally speaking, we tend to think of those countries that have the worst public debt to gross domestic product percentages as having the weakest economies in the world.

The number one country on this list will be no surprise to anyone. It's Zimbabwe, with a percentage of public debt to GDP of 304%.

The number two country on the list weighs in at 192.1%. You would expect it to be another weak third-world country.

Can anyone name that country?

Japan, so whats your point? If we continue to follow in their path, the USA will soon be with them.

http://news.yahoo.com/s/afp/20100519/bs_af...apaneconomydebt

TOKYO (AFP) – The International Monetary Fund urged Japan on Wednesday to begin efforts to reduce its huge public debt from April 2011, as the country's fiscal situation comes under increasing scrutiny.

After decades of heavy stimulus spending and declining tax revenue, Japan has a public debt mountain bigger than any other industrialised nation, expected to hit 200 percent of gross domestic product in the next year

[zip37]

Reports now have the U.S. debt to GDP nearly 90% and with Congress spending like a drunk Airman, and the PRIVATE income decreasing, it will only get worse.

[cornbread]

Hey Cornbread-- If you like Keynesian economics, how about giving me $ to pay these burdensome taxes, then you can claim more economic impact.

After all, I'm retired and still paying heavy taxes.

I am glad you are doing your part. I hope you have a great retirement. Thank you for making this country great. Great = Needs paid for.

Mankiw is not a Libertarian. Read his blog.

He describes himself as libertarian at the margins.

Thats how I would describe myself to real liberals, at the margins. He is a libertarian.

Did my youtube link not work? The rap battle? I have been posting these from work and youtube is blocked.

[Dave in Green]

The point about Japan is perception. Japan is perceived by most people to have a healthy economy. Most people would not be able to answer the question above without looking it up.

[Kangaroo Craig]

Greece is sucking wind too. Debt on top of debt. Eventually someone has to pay the bill. George Bush was a moderate Republican who over spent (More than Clinton). Because of that, he was a poor President (Not because of the war - That was necessary and still is - Need to go after Iran next). So what does America do, Instead of replacing him with a fiscal conservative who wants to uphold the constitution, we go even further in the wrong direction and elect a socialist who hates everything that this country was built on. I wouldn't say at this point we are screwed, but if just one to two more election cycles continue towards socialism, then at that point the big government control freaks have won the war and we the people have lost our freedoms (Firearms and freedom of speech are the next things to go). The mainstream media has done a great job of demonizing those of us who want to defend the constitution and limit the size of government. They have also brainwashed many into buying into the entitlement mentality. About 30-40% of America is now voting for those who are willing to promise them the most. Folks need to pull themselves up by the boot straps and quit relying on someone else (Government) to take care of their problems because eventually all of the hard working folks are going to give up as well. That is what always happens in socialist economies. It is also why they always fail. When we get to the point where are giving half to 3/4 of our income to those who are unambitious and don't care, that is when the death spiral begins. Socialism has been tried many times throughout the history of the world and has failed everytime. I can't understand for the life of me why there are those who somehow think that they can make it work, and those who want to support it. Have they ignored history? There is only one type of ISM that works and it is capitalism. It is fair for all across the board. It rewards success and creates economic boom. Socialism punishes success and bankrupts a nation.

[Zipmeister]

Reports now have the U.S. debt to GDP nearly 90% and with Congress spending like a drunk Airman, and the PRIVATE income decreasing, it will only get worse.

Now we are getting to the heart of the issue. Which is worse, a drunk Airman or a drunken Sailor?

[GP1]

Reports now have the U.S. debt to GDP nearly 90% and with Congress spending like a drunk Airman, and the PRIVATE income decreasing, it will only get worse.

Now we are getting to the heart of the issue. Which is worse, a drunk Airman or a drunken Sailor?

Kind of comes down to an old question. Is it worse to die in a plane crash or drown?

[cornbread]

Reports now have the U.S. debt to GDP nearly 90% and with Congress spending like a drunk Airman, and the PRIVATE income decreasing, it will only get worse.

Now we are getting to the heart of the issue. Which is worse, a drunk Airman or a drunken Sailor?

Kind of comes down to an old question. Is it worse to die in a plane crash or drown?

Why does it have to be one or the other?

Maybe the only option is that human society and the exchange of money for goods and services will continue unabated while things generally work. When they don't work, and are found out, it is usually possible to make money off of the fix.