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On EconomicsStagflation is the critical flaw in Keynesian economics. Keynes believed it could not happen. Effectively, stagflation is what happens when government starts increasing its spending during a depression - prices start rising (inflation), and the depression isn't reversed, partly because rising prices discourage additional spending. A more complicated, in-depth explanation would take a block of text you wouldn't care to wander through.
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In short, Keynesian economics relies upon the idea that inflation is strongly associated with economic growth, and that if government engages in inflationary economic activities, it will spur economic growth. That strong association has been proven false, and we have encountered stagnant inflation with every recession and depression since Keynes was in office, eighty years ago.
Essentially, laissez-faire economics has been shown, in the experiment of the last eighty years, to be at the very least no worse than Keynesian economics, and likely better.
Hall Of Fame ( 31 - November 2012 ) Before talking about the features, I want to present something briefly.
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For those who still care and who would like to make a change in
someone’s life, you are free to share your ideas concerning our project
called The "Think About It" Project. Your opinion counts! And no, we are NOT
expecting donations of any kind etc. , because this project isn’t based on any financial principle.
Details can be found on the official updated website: www.thethinkaboutitproject.com .
Those who have been members of our Group for quite a while are aware of
the fact that many of the Group's Submissions end up in my, Alligatorr's, gppr’s, Mathness',
Rockinfroggi's and pbird12's Favourites, being featured wherever it is possible to do that and being
suggested as DDs. So, keep submitting, people, because there are only advantages in it for you.