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<blockquote data-quote="ShaunyP26" data-source="post: 2960980" data-attributes="member: 42035"><p>Liquidate labor means mass layoffs. I assume he meant that many jobs were frivolous and not useful to society, so the economy is better without them. The problem with that logic is that workers have fixed obligations like mortgages and such, so that it is much harder to push wages down and when they are pushed down then it is usually due to mass layoffs and bankruptcy. What good is buying an asset on the cheap if no one has any income to support the return. (This is a Keynesian insight also, by the way.)</p><p></p><p>So yes the Keynesian school has lots of valuable insights. But I'm talking Keynes the reality and not Keynes the caricature that is commonly referenced these days in a derisive manner. Keynes never actually said the government should always run deficits. Politicians perverted his original quote to justify their pet programs.</p></blockquote><p></p>
[QUOTE="ShaunyP26, post: 2960980, member: 42035"] Liquidate labor means mass layoffs. I assume he meant that many jobs were frivolous and not useful to society, so the economy is better without them. The problem with that logic is that workers have fixed obligations like mortgages and such, so that it is much harder to push wages down and when they are pushed down then it is usually due to mass layoffs and bankruptcy. What good is buying an asset on the cheap if no one has any income to support the return. (This is a Keynesian insight also, by the way.) So yes the Keynesian school has lots of valuable insights. But I'm talking Keynes the reality and not Keynes the caricature that is commonly referenced these days in a derisive manner. Keynes never actually said the government should always run deficits. Politicians perverted his original quote to justify their pet programs. [/QUOTE]
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