Re: Question: Philosophy of Science - is it Relevant?
- From: Michael Nuwer <StopSpam@xxxxxxxxx>
- Date: Tue, 30 Aug 2005 00:57:01 -0400 (EDT)
John Edser wrote:
> JE:-
> Thatcher and Reagan threw out Maynard Keynes protectionist economics.
> This was because it was responsible for continuing and crippling
> "stagflation".
Keynesianism can not be responsible for stagflation because Keynesianism
was never implemented. Stagflation was the result of failures within the
self-adjusting market.
> They replaced it with Friedrich August von Hayek's free
> market economics thereby massively increasing world trade (while utterly
> destroying communism without firing a shot) and institutionalising the
> world as a single but entirely _interdependent_ trading group leading to
> today's welcome (IMHO) globalisation concept.
The modern globalization processes began with the collapse of the post
WWII trading system, well before Thatcher and Reagan came to power. In
particular the failure of the gold-exchange standard in the early 1970s.
Hayek's only contribution is the ideology. No-one in authority takes his
economic program seriously. Like, for example, Alan Greenspan, Chairman
of the US central bank, and a ideological follower of Hayek. Yet
Greenspan employs a classic policy of interest rate accommodation.
Targeting monetary aggregate (i.e. the money supply) was an utter
failure which no central banker would dare considering these days.
.
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