/sci/ - Science & Math

>>5855425
what are you implying?

>Seeing as English is the most commonly spoken language in the world, I disagree that it is an impractical subject to study. It has often been said that the ability to write and communicate competently is one of the most important things that employers look for in potential employees. Without language, human beings would have no way of communicating with each other, and life would have been utterly lonely. In fact, without plays or dramatic literature, we may not have even known the word "lonely," as it and many other words we use today (bet, excited, flawed, dauntless, frugal, gust, eyeball, dishearten, negotiate, rant) were coined by Shakespeare. Without language, we would not have constitutions or laws, literature or TV shows, plays or poems, music or movies. We could not express ourselves to share stories, ideas, experiences, aspirations, or histories. The world would be an entirely different place.

that was from a liberal arts major, folks.

pic related

>MUH GOVERNMENT ACTED OUT MY POLICIES WRONG
>LETS JUST PUT THE BLAME ON SOMEONE ELSE BUT MY PROPOSTIONS WERE OBVIOUSLY WRONG

Neo-keynesian view of the economy:
>short term interest rates
>open market operations to ensure that actual rates conformed to the official re-discount rate
>reasonably tight minimum reserve requirements for banks
>less concern to regulate the quanitity of money

monetarist's view:
>secure a steady growth in the money supply (not regulating a steady rate of interest)

So what happened after the Fed made the changes in 1981 suggested by Milton Friedman?

The money supply failed to grow at a steady rate, the rate of interest rose to 18.6% and the rare of inflation to 15.2%, figures that had not been seen since the Civil War (which is severely high). Milton Friedman publicly admitted to the failure of his own policies in 1982, though he blamed it on government officials, but obviously his policies led to disastrous results. After a year and a half of continued failure and uncontrollable votality-in interest rates, exchange rates, and inflation rates- the US administration went back the traditional keynesian customs and the economy recovered gradually. They knew to go back to the rules set by the Radcliffe Committe of 1958, that is the central bank's regulation of interest rates, not money supply, that means stable monetary action.

>>5436881
MMT is not really a socialist program

its about taking what Keynes said and actually applying it, not the watered down policy proposed by New Keynesians

>tfw econbros on 4chan are majority monetarists

http://www.youtube.com/watch?v=AwJq_LqOwV0

>>5436727
its possible, and it is the original intention of Keynes' "good life" for every person

we have yet to bring it to practice

>>5436710
that MMT money won't be borrowed, as currency issuance will be handed over to the government

and taxes adjusted to high inflation when neccessary

>>5436698
>supply solely creates demand
>Geithner clearly limiting the enactment of stimulus
>austerity lies
>afterward Obama promises more stimulus packages as a result of the success of Larry Summers' proposal
>everything went better than expected

>>5436668
>2-3 people for every position
>the curve moving so far to high unemployment
>not stimulating 500b$ and a federal guarantee employee programs
>believes in the REH
>lel my perfect information and market equilibrium

>not utilizing the Modern Monetary theory to achieve full employment
>2013

>>5432036
who implied that I didn't take any college econ yet?
>implying I'm desperately wanting to be more of a layman at economics
>tfw trying to grasp the concepts published by Joseph Stiglitz

>>5432012
lel you are barely scratching the surface, how is that high school senior econ class going?

>>5431997
to elaborate, if REH were completely true, then the Soviets would have been able to project "perfect information" and successfully fulfill the needs of a planned economy without any drawbacks. But perfect information is not possible because of something peculiar that Keynes pointed out, and that is the inevitable reality of Uncertainty. A 100% planned economy can never work out because variables are uncertain and its nothing more than a heavily egalitarian religion. For example, the Soviets would produce way more tractors than needed, and so they had all these extra tractors but not even enough food or basic needs like toilet paper for its people. It just cannot be done.

>>5431999
I couldn't bare reading the entire atlas shrugged, and no her pic wasn't related to my post, she is just econ related to a degree, but she has never really been an economist, just some old kike who published her superfluous fantasies of fucking sociopathic CEO's that was based off a false philosophy that she pretended to invent.

I can't stand Austrianism or anything related to Anarcho-capitalist convictions honestly. Its just so out dated and that shit was only fit for way back in the 1800's where the govt's fanatically followed Adam Smith and Malthusian theorists (and Social Darwinists etc. etc.).

>>5431973
>>5431981
"However, although Rational Expectation Hypothesis (REH) economists were concerned to make the case for unfettered markets, REH is also the answer to the central planner's dream. Just think of those giant linear-programming exercises designed by the Soviet mathematicians in the 1960s in the attempt to make central planning rational. The crucial assumption of REH is not perfect competition, but perfect information. Had the Soviet state been able to concentrate the information and computing power now said to be dispersed around free markets, there would have been no technical reason why its choices should not have been perfectly rational in the way postulated by REH. A single Platonic guardian would make no mistakes."

-Robert Skidelsky, Keynes: The Return of the Master

>>5431970
Interest rates should remain low only until lnecessary to curb inflation, as Keynes originally intended

>>5431973
A planned economy is on the boundaries of Classicism and New Classicists, idk its rubbish, I'll reference an article in my next post to address that

>>5431948
We wouldn't be in this downturn if it wasn't for Chicago School economics

>lel all we need is to adjust the money supply everything else would work itself out!

Bernanke and Friedman are really misleading and you should never ever get your information from them.

Supply DOES not solely create Demand.

And accounting the aggregate too.

>>5431949
thats what the ghetto does to you son

>>5431942
I couldn't even cut it for an electrician apprenticeship, lol I am too socially deficient so i fail interviews

>>5431942
I don't qualify for work

>>5431932
>mfw I can't pass a backround check