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Generally I agree with the Keynesians, but I'm skeptical that the main explanation for the stagnation in median wages (employment has gone up and down, was down

by entee 11y ago

Generally I agree with the Keynesians, but I'm skeptical that the main explanation for the stagnation in median wages (employment has gone up and down, was down to 4% in the late 90's) we have observed for past several decades is due to Neoliberalism. There are a lot of drivers including massive technological change and the complex effects of a reduction in trade barriers that have all played a role. Perhaps economics is failing, but I think it's not entirely because of a Neoliberal vs. Keynesian dichotomy, it's at least as much because the economy is shifting and we haven't come up with a good economic paradigm for coping with these rather important shifts. That said, I think a more Keynesian approach to economics is well warranted. Largely they have had a much better approach to monetary policy in the recent crisis.

wonderlust 11y ago
I'm a big proponant of the idea that what we really need is more valuable shit to do. Higher demand is part of this, so Keynesian approach would help. But we really, IMO, just need more things that we value enough. Higher demand for quality goods is a start. Buying locally made items, paying for better artists, engineers, scientists, etc. We need more projects. Space program helps. Smart housing programs. Railroads. Microgeneration of electricity, etc.
chongli 11y ago
Technology is just a force multiplier. It's up to society to decide how to structure itself. Who owns technology? Who pays for its development? This is where the ideological fault lines lie.
ArkyBeagle 11y ago
"We are all Keyensians now" - Richard Nixon, right before the wheels came off[1]. Of course, WIN buttons and wage and price controls were just ludicrous. [1] not too awful badly, but still... "waiting for Ronald Reagan" was one of the main plot drivers in the recent season of "Fargo". It was kind of bleak then. "Monetary" sure sounds like "monetarism" and one of the great recent aggregators of monetarist theory is generally considered to be Milton Friedman. One of the standard-bearers of that tradition now is Scott Sumner.

by entee 11y ago

wonderlust 11y ago

I'm a big proponant of the idea that what we really need is more valuable shit to do. Higher demand is part of this, so Keynesian approach would help. But we really, IMO, just need more things that we value enough. Higher demand for quality goods is a start. Buying locally made items, paying for better artists, engineers, scientists, etc. We need more projects. Space program helps. Smart housing programs. Railroads. Microgeneration of electricity, etc.

chongli 11y ago

Technology is just a force multiplier. It's up to society to decide how to structure itself. Who owns technology? Who pays for its development? This is where the ideological fault lines lie.

ArkyBeagle 11y ago

"We are all Keyensians now" - Richard Nixon, right before the wheels came off[1]. Of course, WIN buttons and wage and price controls were just ludicrous. [1] not too awful badly, but still... "waiting for Ronald Reagan" was one of the main plot drivers in the recent season of "Fargo". It was kind of bleak then. "Monetary" sure sounds like "monetarism" and one of the great recent aggregators of monetarist theory is generally considered to be Milton Friedman. One of the standard-bearers of that tradition now is Scott Sumner.