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View Diary: Obama to GOP: "Our biggest problems in the next 10 years are not deficits" (120 comments)

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  •  Basic Keysian economics. Not "radical," (1+ / 0-)
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    SilentBrook

    not "socialist," but mainstream capitalisty thinking.   These austerians are way outside the mainstream.

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    by TomP on Thu Mar 14, 2013 at 10:52:51 AM PDT

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    •  It is a little more complicated than that ... (1+ / 0-)
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      TomP

      Those advocating austerity fall into several camps. There are those based in austrian economic theory and those are outside of the mainsteam of economic analysis and they are far to the right; see the former republican vice presidential candidate for example. Then there are new classical economists and real business cycle people who are mostly monetarists who are on the right-wing of the mainstream. then there neokeynesians who have accepted a lot of monetarist analysis and have fallen into a lot of the garbage concerning fiscal policy for stimulative purposes. It is complicated, there are variants in the neoliberal analysis. Most new Keynesians (see people like Krugman) would accept fiscal stimulus but see the problems as cyclical or short term rather than structural.  It is complicated. sorry!

      "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

      by NY brit expat on Thu Mar 14, 2013 at 11:15:15 AM PDT

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      •  I enjoyeed your explication. (0+ / 0-)

        Sometimes I say things that are not as rigorous as they should be.  :-)

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        by TomP on Thu Mar 14, 2013 at 01:13:34 PM PDT

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