*Opinion* What comes first, supply or demand?

why try to change subject to Phillips curve when we are talking about libcommieism? Tell us why?

 

is anyone using the term statism irrelevent? this is yes or no question!!

 

Because that's what Friedman is famous for. Don't you even know that?

Friedman wouldn't use the term libcommieism. Despite being wrong in his economic analysis, he wasn't a cretin.

 

Not always. They do tend to be mind you, as they tend to be folk who haven't bothered to understand economics

 

I agree, he used the term statism to stay above local politics. I use libcommieism or stateism to be part of local or national politics. Got it now?

 

so Friedman does not understand economics because he used the term statism to refer to those with whom he disagreed?

 

wrong as always:
Milton Friedman: The Concise Encyclopedia of Economics | Library of ...
www.econlib.org/library/Enc/bios/Friedman.html
lton Friedman was the twentieth century's most prominent advocate of free markets. Born in 1912 to Jewish immigrants in New York City, he attended Rutgers .

 

No, Friedman understands economics but his output wasn't worth much. Do you think he tutted at statism when he sold his services to Chile?

 

I love how you google. Its like you haven't encountered economics before! Friedman's Phillips Curve stuff was petty. Where do you think he has significance? I'll let you read the source you've googled, so no hurry!

 

This really cuts to the quick of it.
If it is your intention to repay less than you borrowed, you prefer a more manipulable currency. One that you can devalue.
If it is your intention to be repayed as much as you lent, you don't.

And these are the two conflicting forces/interests at work in capitalism.

Honest trader vs dishonest trader.

 

you mean The Monetary History of USA was not worth much even though he discovered what caused the Great Depression and WW2 and Bernanke used that discovery to avoid the next depression?

 

Friedman recommended freedom and capitalism to all countries on earth. China adopted his views and instantly eliminated 40% of the poverty on earth. Friedman was perhaps the most important human being ever.

 

Causes of the Great Depression are as widely disputed today as they were at the time and indeed that debate broadly mirrors the debate around the recent great depression which was not in any way avoided at all.

Much as each side of that debate has claimed their own side indisputable. The dispute continues.

Economics is not an empiric science. It is a "social science".

 

He wrote definitive Monetary History of United States. Since then the world has been a a far far better place.

 

totally wrong course If so we would not have known what to do and would have had another 16 year depression and world war. instead we had a 2 year recession. Next time we should do even better!

 

According to you.
Others disagree.

My own recent recession has lasted 20 years thus far.
Austerity is a cry commonly heard around the world.
And from my perspective, the world is closer to war now than it has ever been in my lifetime.

 

nobody disagrees thats why Bernanke was able to handle housing recession, and with confidence.

 

war??? between what countries???

 

America and China.
America and the EU.
Russia and the EU.
UK and the EU.
Russia and America, UK and Russia.

North Korea, Israel, Syria, Iraq, Afghanistan. Suadi and Iran. America and Iran. India and Pakistan. etc etc etc.
Between loads of countries. The list is long and world encompassing.

 

any evidence of that at all???? any at all?? both countries are huge nuclear powers and both economies would instantly collapse

 

That's why banks charge interest.

 

If you call allowing the American housing crisis to become a global recession of historical equivolence to the Great Recession, then yes he dealt with it.

Dealt with it badly. Catastrophically in fact.

 

Yes, China is rearming and America and China are in a state of military antagonism over island bases in the Pacific and North Korea. America's military allies are in territorial disputes with China that America has vowed to get involved in.
Phillipines, Vietnam, Japan, Taiwan. China has military alliance with N.Korea, as does Russia etc
A great many American people consider China an enemy nation. And vice versa. Obama declared the Pacific his military focus. Trump seem to have made it his too.

And yes both countries are nuclear powers and mutually co-operative trade economies.
Prior to WW2 enemy nations had some amount of military parity too and also were trade partners.

America's power wanes as China's grows. Empires ebb and flow.
Same is occuring in Europe.

Russia's ebbs as America advances, the EU grows and pursues a policy of expansionism. Seeks to usurp American hegemony. To rival and out do it.
Recessions everywhere. Unhappy people cry "austerity" and become unruly. Mass migrations.
Everyone and his dog has a defence pact with everyone else so that one small war can domino all the other nations into involvement. Same old story.

And nukes? Well, they have anti missile systems. That balance of power is actively being undermined as we speak.

 

China is not rearming? they never had arms. and differences between nations don't mean war. and our subject is economics.

 

It's perhaps why banks charge more interest, but not why they charge interest.
They charge interest so that people have a mutual interest in lending out their money to others. To make the endeavour co-operative rather than exploitative.