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Economics 101 (discussion)


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2 minutes ago, janisahockeynut said:

Totally agree

 

I think back in the Great Depression, the Government spent their way out of it by, creating massive  projects, where they hired companies to do these projects, which in turn, hired men and women, which in turn spent money at the local grocery store, who then paid the stock boy and the farmer....... It worked!

Before Keynesian economics we had the Classical school of thought.  One of the major economists of the classical school had his own "law".  Jean-Baptiste Say had Says-law where supply was the driving force of the economy (demand is determined by supply).  So basically if a good was produced it will be consumed.  Says also claimed that unemployment was not real because the economy will never have an overproduction of goods.

 

Keynes said that Says law is flawed and that demand should determine supply.  Increasing the demand for products by giving people jobs is what got us out of the Great Depression.  Governments works is an example of expansionary fiscal policy which is a way the central bank can increase the money supply.  This shifts the aggregate demand curve to the right while keeping the SRAS and LRAS curves stable.

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10 minutes ago, BoKnows said:

Before Keynesian economics we had the Classical school of thought.  One of the major economists of the classical school had his own "law".  Jean-Baptiste Say had Says-law where supply was the driving force of the economy (demand is determined by supply).  So basically if a good was produced it will be consumed.  Says also claimed that unemployment was not real because the economy will never have an overproduction of goods.

 

Keynes said that Says law is flawed and that demand should determine supply.  Increasing the demand for products by giving people jobs is what got us out of the Great Depression.  Governments works is an example of expansionary fiscal policy which is a way the central bank can increase the money supply.  This shifts the aggregate demand curve to the right while keeping the SRAS and LRAS curves stable.

I think that is what I was saying.....Kinda :wacko:

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17 minutes ago, BoKnows said:

Yeah I just expanded on what you said.

I added to my last comment.......a very interesting read

 

I actually fine tuned my understanding a little bit

 

This is exactly why I started the thread..........I think it is an interesting discussion and maybe I could learn something.........

 

Lots of you smart people out there....Thanks!

 

 

Edited by janisahockeynut
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I am leery about economic thought from decades or even hundreds of years ago. How are the static conventions measured against today's speed of communication, technology and cost of money. Top that with a aging demographic. Many factors at play. 

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6 hours ago, janisahockeynut said:

I added to my last comment.......a very interesting read

 

I actually fine tuned my understanding a little bit

 

This is exactly why I started the thread..........I think it is an interesting discussion and maybe I could learn something.........

 

Lots of you smart people out there....Thanks!

 

 

Economics is a really interesting topic.  Luckily for me my teachers made it interesting for me when I was younger and sparked my interest for it.

3 hours ago, Boudrias said:

I am leery about economic thought from decades or even hundreds of years ago. How are the static conventions measured against today's speed of communication, technology and cost of money. Top that with a aging demographic. Many factors at play. 

I like bringing in the idea of economic thought.  Shows how far we can and how drastic some views are.

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I posted this in the Covid Thread

But thought it worthy of being here as well

Anyone have any thoughts, if this would work?

 

Just a quick comment on Governments giving money..............

The is a world wide Pandemic

As such, there should be a certain understanding between

The public, business, and Government 

I heard this on the radio today and it made perfect sense

So the Government can decree to the banks

That all loans and mortgages can be interest only for the next year

with no penalties, as long as all interest is paid

In some cases, this can be alot, in other cases not much

Further more Government can in the same manner

have banks loosen up re-mortgages

So instead of a $1000 payment, it can be amortized over a longer time

again reducing payments

This would help a lot of people and it would not cost anyone anything

Nor the Government............

The Government can also put that on Investors that own houses/Apartments/Malls/and business buildings, etc

 

This gives the Government relief, and allows them to be able to

support those that do not have that ability

 

This makes alot of sense to me.................so of course it won't happen:picard:

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Who is doing the arithmetic of what is economically feasible and what is not? ‘Thru no fault of their own’ has become the siren call of politicians who find it expedient to ‘create’ more money. It is becoming believable by many that there are no consequences. But of course there is. Yesterday in the House it was exposed that MP’s were collecting their lunch stipend while eating at free, government paid, luncheons. It is not the $ involved it is the ethics. These are the same people who are spending money that will enslave future generations.

 

At the very least the cost of what is going on here should be publicly debated in a manner that fully discloses future impacts. Informed decisions have to be made. 

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3 hours ago, Boudrias said:

Who is doing the arithmetic of what is economically feasible and what is not? ‘Thru no fault of their own’ has become the siren call of politicians who find it expedient to ‘create’ more money. It is becoming believable by many that there are no consequences. But of course there is. Yesterday in the House it was exposed that MP’s were collecting their lunch stipend while eating at free, government paid, luncheons. It is not the $ involved it is the ethics. These are the same people who are spending money that will enslave future generations.

 

At the very least the cost of what is going on here should be publicly debated in a manner that fully discloses future impacts. Informed decisions have to be made. 

I remember watching some video online and it was showing the average earning in different regions in the US.... like where wages are going up/down and by how much.  Most of the US is relatively stagnant.... with the exception of DC and the surround area where people who work at DC also lived.  

Household income in those areas were like increasing 10%+ annually or something.  

 

Sometimes I wonder about the same thing in Canada.... and I wonder how much is it.  

 

The political class and their associates are more or less recreating the old feudal system.  

 

 

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28 minutes ago, Lancaster said:

I remember watching some video online and it was showing the average earning in different regions in the US.... like where wages are going up/down and by how much.  Most of the US is relatively stagnant.... with the exception of DC and the surround area where people who work at DC also lived.  

Household income in those areas were like increasing 10%+ annually or something.  

 

Sometimes I wonder about the same thing in Canada.... and I wonder how much is it.  

 

The political class and their associates are more or less recreating the old feudal system.  

 

 

In my life time the government share of GDP has grown steadily. The federal government taking over TransMountain was the classic example. I have a friend whose daughter works for the federal government in Ottawa.  She tells him that a huge number of federal government workers were sent home in March to 'work from home'. The actuality was that there was no work they could do from home. They sat at home, collecting full wages, as many Canadians collected CERB if they were lucky. How many people have lost their businesses? I am not saying this is universal but it is very concerning. 

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2 minutes ago, CBH1926 said:

@Gnarcore One of the fine dining restaurants here is selling this for $2200 USD, even with the conversion rate still much cheaper than pricing in Canada for the same item.
 

PAPPY VAN WINKLE 23 YEAR OLD 2017 750ML

$4,699.99

5 items left

It's amazing what it goes for on secondary markets.  I've never had the 23 but have had the 20...  sooooo good :)

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37 minutes ago, Gnarcore said:

It's amazing what it goes for on secondary markets.  I've never had the 23 but have had the 20...  sooooo good :)

I wonder how many they sell for almost 5k in Canada, that is decent chunk of change.

 

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