Check out his paper here: mises.org/library/why-your-grandfathers-economics-was-better-yours-catastrophic-disappearance-says-law It's a work of art. It better conveys the economic harmony of production and consumption and the error of aggregate demand than any other work I've read.
@NicosMind Yes, it took me years to finally understand that the depression didn't REALLY end until after the war when Truman eased up on business regulations.
42:56 “Men err in their productions, there is no deficiency of demand.” -Ricardo in 1820 in a letter to Malthus explaining Say’s law, the law of markets.
This really was an excellent speech but Even Steve here repeated the fallacy that we didnt get out of recession until the war started. Its true GDP spending over all went up but that was due to government spending. Private sector GDP fell and people had to ration food, plant victory gardens and went without many things. All the guns, bullets and tanks went abroad to get destoyed including many lives being lost..
@jscottupton Well its good you know now. Its amazing how so many economists try and call it a prosperous time yet we all know that people went without many things. Thats the trouble when economists and governments count all spending as GDP! Its insane. If a business owner counted spending as GDP he wouldnt know if he was making a profit, and find it easier to waste money than create it. Stick with Mises. Real economics for real people.
@pretorious700 The paradox of thrift i think its called? Which is strange because what do they think banks do with that money? Its not like people stuff it under their matress like they used to do. Also even though im sure you know this but its funny how they focus on the bust and ignore the malinvestment. The housing boom was unsustainable yet they would have it continue. Theres only so many customers for houses its plain for everyone to see.
I'd say wwii is a good example of crowding out. govt took all the resources for the war effort so private spending and production dropped dramatically because they couldn't produce goods for private economy. private gdo skyrocketed after the war when govt drew down spending.
@NicosMind As crazy as it seems, Keynesians think saving is one of the reasons for recessions-the theory that saving inhibits spending, which inhibits "growth". It's all so ridiculous.
Free lectures that are MUCH better and factual than my own school provides, Thank you!!
Brilliant.
Check out his paper here:
mises.org/library/why-your-grandfathers-economics-was-better-yours-catastrophic-disappearance-says-law
It's a work of art. It better conveys the economic harmony of production and consumption and the error of aggregate demand than any other work I've read.
This is more relevant today than ten years ago
@NicosMind Yes, it took me years to finally understand that the depression didn't REALLY end until after the war when Truman eased up on business regulations.
I get your point. I was just drifting off that point and elaborating on other root issues.
42:56 “Men err in their productions, there is no deficiency of demand.” -Ricardo in 1820 in a letter to Malthus explaining Say’s law, the law of markets.
This really was an excellent speech but Even Steve here repeated the fallacy that we didnt get out of recession until the war started. Its true GDP spending over all went up but that was due to government spending. Private sector GDP fell and people had to ration food, plant victory gardens and went without many things. All the guns, bullets and tanks went abroad to get destoyed including many lives being lost..
@jscottupton Well its good you know now. Its amazing how so many economists try and call it a prosperous time yet we all know that people went without many things. Thats the trouble when economists and governments count all spending as GDP! Its insane. If a business owner counted spending as GDP he wouldnt know if he was making a profit, and find it easier to waste money than create it.
Stick with Mises. Real economics for real people.
@pretorious700 The paradox of thrift i think its called? Which is strange because what do they think banks do with that money? Its not like people stuff it under their matress like they used to do.
Also even though im sure you know this but its funny how they focus on the bust and ignore the malinvestment. The housing boom was unsustainable yet they would have it continue. Theres only so many customers for houses its plain for everyone to see.
I'd say wwii is a good example of crowding out. govt took all the resources for the war effort so private spending and production dropped dramatically because they couldn't produce goods for private economy. private gdo skyrocketed after the war when govt drew down spending.
@NicosMind As crazy as it seems, Keynesians think saving is one of the reasons for recessions-the theory that saving inhibits spending, which inhibits "growth". It's all so ridiculous.
Also with this recession savings went to negative. Id love to see what a keynesian has to say about that!
BS ZIRP works exactly as designed.
Jeez, learn how to pronounce "Mises" :)
He did.