17
Jan
2018
Dave Smith Interviews Bob
I was just on Dave Smith’s podcast “Part of the Problem.” We talked econ and politics, and had some laughs. Plus near the beginning, I did my dial-up modem sound effect.
Note, I think Dave only has episodes available for free for a short window, so if you want to listen to this, grab it now so you have it.
I don’t see the Dave Smith contention that Hayek was hard to follow on “Firing Line” in 1977. Having had 40 years to transcribe the segment, it is clear that Hayek clearly says:
1. The problem Keynes was trying to solve was a pre-existing problem with British money caused by prior central bank actions where the proper solution could not as a practical matter, be explained to the voting public. Hayek’s analysis and explanation eviscerates any claim by the statists that these problems were the natural result of “capitalism” or laissez faire or Hoover the do-nothing. Further, when pressed, Keynesians simply cannot identify for you that magical moment when the free market failed revealing a need for Keynesian stimulus. Explaining this Hayek segment quickly sends them into spasms of name calling (if you like that kind of thing).
2. “The General Theory” was a ruse to accomplish through stealth a policy that could not be openly and honestly expressed to the public.
3. “The General Theory” was an ad hoc policy prescription intended for a specific problem at a specific time.
4. The policy became popular because it claimed that irresponsible spending and kleptocracy were scientifically based. Further, most academics and bureaucrats are little Hitler busybodies and scientific Keynesianism justified their endless manipulations of society.
http://bobroddis.blogspot.com/2014/02/being-polite-to-keynesians.html
Dave’s stuff is available longer on youtube (I was looking for part one of his Net Neutrality podcast).
https://www.youtube.com/channel/UCEfe80CP2cs1eLRNQazffZw