Keynes' interpretation of Hayek is still relevant for today's economic policy makers

Discussion in 'Economics' started by Frederick Foresight, Jan 9, 2018.

  1. SunTrader

    SunTrader

    There is either liberty or there isn't.

    Such a simple concept that so many find hard to understand. Oh well.
     
    #21     Jan 9, 2018
  2. tommcginnis

    tommcginnis

    "Beer is proof that God loves Man, and wishes him to be Happy." Ben Franklin.
    Have one. :thumbsup:
     
    #22     Jan 9, 2018
    piezoe and speedo like this.
  3. Smith's views are hotly debated, since he wrote two major works and they appear to be somewhat in contradiction. And yes, he appears to lean more towards the "libertarian" perspective (which is why he's perceived to be the inspiration for all the aficionados of "free markets"), but even there he never goes "full retard", so to speak.

    For instance, how about this:
    "It is only under the shelter of the civil magistrate that the owner of that valuable property, which is acquired by the labour of many years or perhaps of many successive generations, can sleep a single night in security".

    Again, you can agree or disagree with Adam Smith's worldview, but he was well ahead of his time in formulating a coherent and self-consistent view of how the economic machine should function. One of the great geniuses that Scotland has given the world, IMHO.
     
    #23     Jan 9, 2018
    speedo likes this.
  4. speedo

    speedo

    Yes, Smith's work had contradictions but it was thought provoking stuff.
     
    #24     Jan 9, 2018
  5. speedo

    speedo

    "Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer." -Adam Smith
     
    #25     Jan 9, 2018
    tommcginnis likes this.
  6. SunTrader

    SunTrader

    It's "Life, Liberty and the pursuit of Happiness"

    Not "Life, Keynsianism and the pursuit of Happiness"
     
    #26     Jan 9, 2018
  7. tommcginnis

    tommcginnis

    "Consumer Sovereignty" -- I wonder if Smith coined the term? Huh.
    He certainly describes it nicely.
     
    #27     Jan 9, 2018
    speedo likes this.
  8. tommcginnis

    tommcginnis

    The original threesome from Locke was "Life, Liberty, Property."
    Look up why the U.S. Founding Fathers changed that to
    Life, Liberty, & the Pursuit of Happiness" and you'll understand a good deal more.
     
    #28     Jan 9, 2018
    piezoe likes this.
  9. speedo

    speedo

    "The end of law is not to abolish or restrain, but to preserve and enlarge freedom. For in all the states of created beings capable of law, where there is no law, there is no freedom."
    - John Locke
     
    #29     Jan 9, 2018
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  10. SunTrader

    SunTrader

    I care more about the change to: "Life, Keynsianism and the pursuit of Happiness".

    That is current day America.
     
    #30     Jan 9, 2018