Re: Keynes vs. Keynes... - Saab General Bulletin Board - Saabnet.com
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Re: Keynes vs. Keynes...
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Posted by Reality (more from Reality) on Fri, 6 May 2011 11:27:37 Share Post by Email
In Reply to: Re: Keynes vs. Keynes..., James, Fri, 6 May 2011 09:46:00
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Glad we agree that "target" "rescue" of specific companies is a bad idea.

IMHO, Keynesianism is coercive bullying at its root because of its advocacy of fiat money law. Keynes' attack on "barbaric relic" is very similar to John Law's attack on silver currency used at that time. That attack also shows that all the talks about running enough surplus during boom times is an intellectual fraud perpetrated upon those trying to believe. Abolishing sound money would not be necessary if surplus from boom time is for real.

Any alleged counter-cyclical adjustment by bureaucrats face a daunting task of proving that the bureaucrats are good market timers. They are not. Keynes lost his own shirt chasing the stock market bubble in the late 1920's, when according to his theory the wise bureaucrat should have been reining in the market excess.

Infrastructure building is fundamentally a form of long-term investment. Government monopoly is hardly in a position to make make such investment in a timely manner. The Germans were the first to this game in the 1930's, and their Autobahn was a thorough waste of resources because the companion government program the VW failed to deliver a single car to the consumers to drive on the shiny new highway; the road network did help Western allies pushing into Germany though, but that's probably not what the builders had in mind. The latest Keynesian infrastructure game has been taking place China, which is wasting enormous amount of building material building empty cities. In between, we have alleged success of the inter-state highway system in the US, followed by massive waste and fraud in recent years digging tunnels and building bridges.

The fundamental problem with all Keynesian solutions is that they are all tantamount to pouring milk into the ocean and slaughtering farm animals to prop up prices. The end result is not more transactions taking place at the old price level but mass starvation and joblessness. Market can clear again only when new ways of doing things can find input factors priced low enough to make new ways of doing business profitable; the old high input prices had been the result of miscalculations by buyers of those input factors in hopes of turning out higher order goods that sold well in a bubble but stopped selling. Having the government stepping in to buy the unsold goods at any of the levels and destroy them is only going to prolong the resource misallocation and retarding the necessary adjustment to new consumer preferences (often the result of new technology breakthrough rendering alternative solutions to human happiness cheaper to attain). In other words, government intervention literally gets in the way of people's pursuit of happiness.



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