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WA Delegate: The Free Land of Caskadea (elected 6 days ago)

Founder: Whipjangle

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The ABCT is based on malinvestment of resources due to the central bank lowering interest rates below the Wicksellian natural rate of interest. What Sraffa demonstrates to Hayek in his critique is that there is no such thing as the natural rate, Lachmann then makes a valid contribution that there could me multiple rates but Robert Murphy demonstrates that this isn't sufficient & that the ERE needs to be abandoned in favor of a Dynamic Equilibrium construct.

So I understand everything you're saying but it doesn't actually address Sraffas & the Post Keynesian critique. I suggest reading the critiques because I'm not excellent at explaining it.

Also you have constructed a strawman with Sraffas thought he is a NeoRicardian which overlaps with Post Keynesian & Neo Marxian. However the only reason it overlaps with Marxian is because Karl Marx also derived some of his thought from the classical economists like Ricardo but that is a loose connection through one man.

One thing that I have seen most apparent that the Post Keynesians have shown is the deep connection between the Neoclassical & Austrian which is troubling to me & some of the Post Keynesian critiques are moving me closer to Lachmann & the radical subjectivists.

I'm not defending the post Keynesians however the only one I admire is Shackle but other than that I think the best way to break them is to rip apart the general theory which has already been done by Hazlitt & Hayek but no one really knows about the critiques they made so we should work towards bringing them to light.

Are we going to take back our region and change the factbook?

You folks in the WA need to endorse someone that will be an active delegate and maybe consider a password for the region.

Hayeks model has proven wrong, just like Marx's.
Friedman's were far more accurate.

@The Free Land of Caskadea: It's all yours now. Please feel free to fix away.

Milton Friedman's "model" was absurd - in fact it was a throwback to the Irving Fisher and the "stable price level" (refuted by Frank Fetter), indeed Friedman himself abandoned it himself. Friedman came to the conclusion that the "monetary base" should not be increased (so much for the Fisher idea of the "stable price level") - now if Milton Friedman (like some earlier Chicago thinkers) had come to the conclusion that "broad money" (banker credit bubbles) was a mistake...... then he would indeed have been "far more accurate".

Yes Straffa tries to dig up David Ricardo (as did Maurice Dobb at Cambridge) - that is yet another reason not to waste time on Straffa. David Ricardo was refuted on land by Frank Fetter and was refuted on the labour theory of value by many thinkers (including English writers such as Samuel Bailey and Richard Whately), and then there is the Marxism and the Keynesianism also.

It is not wrong to point out that a man made of straw is indeed a "straw man".

I have already written on this at length so I will just sum up.

All lending (ALL lending - 100%) should be from REAL savings - the actual sacrifice of consumption.

Finis.

Totally agree, Friedman's model relied on V being stable in the MV=PQ but if V doesn't remain stable his theory falls through.

Paul maybe you should write a response to the blogger, you seem to have a grasp of ABCT & I would do it but I honestly do not know it in its totality.

Okay I will fix up the region. Thanks

I don't have enough influence for a password for now. Anything you people want me to add to the factbook?

Kicked The Kingdom of United Pacifica based on a tip from someone who was griefed by his group

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