If you start to argue economics...

don't forget, in 2004 bin laden said he was goin' to bleed america dry finacially. which, so far, he is doin' successfully.

good place to begin your journey.

www.dailyreckoning.com

I have the 52 week home study course from the Mises foundation. It is pretty bad ass.

I am finding if someone has a reasonable amount of common sense, economics is pretty easy to grasp.

"Make fun buddy..." - Ron Paul

Mises was/is Ron Paul's greatest economics influence. You can find articles and books on all aspects of economics from a free-market, "Austrian" perspective. Clearly demonstrates - for anyone who cares about the future - that government has no business being involved in people's economic activities. We'll all be better off if we are free to make our own choices based upon strict respect for private property rights under a rule of law.

marlow

Just tell them that if we went to an Austrian system, it would be really hard for the government to run a deficit-which would lead to a stronger dollar.

I have just completed reading this book. It is the most comprehensive and updated tome on Austrian Economics I have seen,

www.mises.org/books/desot...

It has changed my way of thought for the better

See a description here
http://www.mises.org/stor...

http://www.mises.org/

economic thought?
I am very interested in learning in general.
Economics seems to be fascinating study.

Start with Milton Friedman. Free to Choose was written for the general reader. There is also a link on the page for The Road to Serfdom by F.A. Hayek, this is more of an answer to the Democrats socialism policies.

http://www.amazon.com/gp/...

The Federal Reserve ability to print money and the gold standard are issues which Ron Paul has been raising for many years. The recent financial crisis and the Fed's rate cuts are proof to me that he is right.

Dude, if you're not speaking to economists, they probably don't know Keynes anyway.

Austrian Economic Theory is the continuation of Classical Liberal Economic Theory:

Adam Smith - the Wealth of Nations.

Hands-Off government!

The real difference? It was never derailed by Marx, Keynes or anyone else. It is a direct continuation of Enlightenment Thought and what our Founding Fathers believed.

Reagan was a supply-sider. That is the theory that tax cuts ALONE will stimulate the economy. The problem? Currency destabilization, inflation.

The Austrian school believes in laissez-faire, but also a stable currency. It is government interference (ie: the Fed, wars etc) that screws the economy up.
However, it is more advanced than Adam Smith because it incorporates Marginal Utility into the equation (the productivity co-efficient).

Basically, yes, the government stays out and the "natural price" will be reached, based on supply and demand. However, it also takes into account the value of productivity increases. So, there is an equation that shows the "utility" of employing more workers or a machine to produce more at a cheaper cost.
Utility = how happy you are. ex: you are happiest when you get the most for spending the least.
You want to maximize the benefits and minimize the costs.

Anyway, the point, since this is all way too complicated is Keynes = BAD (demand-side); Keynes believed in state manipulation of markets and currency.

Austrian School combines the benefiits of Smith's laissez-faire with a small government, but with a SOUND currency that cannot be manipulated by an unruly government. (gold)
Taxes are bad because they artificially inflate the cost of goods (inversely, lower your income so goods seem more expensive), thereby screwing up the supply and demand curves.
So yes, cutting taxes is a part of the Austrian Theory, therefore it is like Reagan's supply-side economics!

BTW: government-controlled trade deals throw the whole equation out of whack as well, that is why WTO, NAFTA are not true FREE trade deals (they have nothing to do with a true free market).

I may be a vegetarian, but I'll defend to the death my right to eat pork!

My parents call it "Reaganomics". Reagan ended high interest rates and brought prosperity back to America.

Reagan's regrets in his farewell address included wishing he could've further reduced spending. People who want to expand our current war, or perpetuate it are going to witness the same currency crash they did in 1971. They spent the gold and treasure on a bunch of fruitless wars...and had to change to paper money because America was bankrupt.

Reagan put us back on a path to success, and the last thing we should do is squander his legacy. Less spending, sound money.

The recession is coming, but if you don't want a depression. Vote Ron Paul.

If you want to destroy Keynesian Economic theory, you must do it with debt ratio. In 1905 the debt ratio of the average North American was 5%...slowly to stimulate the economy we leverage our assets. Now 67% of America is leveraged and their are no savings.

Rather than argue with Keynesian's I ask them to consider Adam Smith's definition of what the wealth of a nation is.
1) The Productivity and nature of a nations produce.
2) The Dexterity of a nation (to change with the market)
3) Lastly, and least...the amount of people working.

Keynesian economics allows all people access to credit. This greatly increases the dexterity of a nation. However, as a consequence people who work hard and save will have their produce marginalized as inflation destroys their savings.

Thus savings become minimal and people begin to live on credit. Ultimately this leads to bankruptcy, since every dollar printed must be repaid with interest. This means that there is always more debt than money. Ultimately, when recession or depression hits, Keynesian theory is to deflate everyones wealth and increase spending and reinvigorate the economy.

However, since Keynesian theory requires constant expansion of wealth to remain even remotely sustainable. We end up with things like the housing crisis. America got a huge influx of cash as a result of extended mortgage terms and reduced interest rates which artificially inflate the price of homes.

Eventually the lack of savings and lack of "collateral" to perpetuate the system paralyzes the Dexterity of a nation. Then we can no longer adapt Production...and people are out of work. This is the eventuality of Keynesian economics. Greenspan was a genius granted...

America has been leveraging their wealth for paper money since 1913, and it has gotten horrible since 1971. Once everything is leveraged...and theres nothing left to borrow against the poor get the shaft and the rich get super rich. So yes Keynesian economics is good, if you want an ever increasing disparity between the rich and the poor. Yes it is good if you believe that people shouldn't have to work to have riches, but should be allowed to bind themselves and their nation into an eternity of peonage.

Eventually it will cause depression, and can cause depression at the whim of the central bank (something I don't think they want at all).

It is bad, if you care about individuals. If you care about individual wealth, if you care about moderate economic growth and avoiding large economic collapse.

I tell people, Ron Paul is not going to end Keynesian economics. He's just going to allow a competing currency. He's going to say to people..."I will pay you in gold or paper...your choice." People will always choose gold...that ought to tell you something.

A Keynesian would say, "Why would anyone want to own their own wealth? That's just ridiculous! Wealth must be centrally owned, so a central bank can best lead the economy." Of course I disagree..I like to own my own wealth. I like to earn a standard of living that is not continuously diminishing and requires "debt acquisition" to acquire property, since saving with inflation is impossible.

Sorry...rambled a bit...tired..off to sleep

If you want to learn about Austrian Economics, you should read my critique at www.axiomaticeconomics.co...

The National Debt is at $9 Trillion + Unfunded liabilites and

entitlements of $62 Trillion = $71 Trillion. Given 300 Million People

in the U.S.A. that is $236,000.00 of debt for every man, woman and

child. The funds can only come from one place...your pocket. This

number grows by $6.00 per day without factoring in compounding interest. You will have to pay this in addition

to all other life expenses.

Still want NeoLibs and NeoCons making the decisions? Wake up! Vote Ron

Paul. Wake up! Educate yourselves.

Fill your minds with truth and join the revolution!

Tell them that.

Then you might ask them "Exactly what form of economics and monetary policy it is that got us here"?

Then you might follow up with asking them whether they think it is wise to continue utilizing it much further...whatever its called!

**Civilization is the progress toward a society of privacy. The savage's whole existence is public, ruled by the laws of his tribe. Civilization is the process of setting man free from men. -Ayn Rand- **

It is way over everyone's head. The average person doesn't have a clue of what he's talking about. Same when he discusses our foreign policy and teaches us about so many things. Again, the average person simply phases out. He needs to come closer to the average person's ability to understand his excellent points. All of the guys on stage with him don't seem to have a clue about his points of view. Just look at their blank faces!

JB