Instigator / Pro
0
1337
rating
26
debates
9.62%
won
Topic
#1572

John Maynard Keynes was right

Status
Finished

The debate is finished. The distribution of the voting points and the winner are presented below.

Winner & statistics
Better arguments
0
0
Better sources
0
0
Better legibility
0
0
Better conduct
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0

After not so many votes...

It's a tie!
Parameters
Publication date
Last updated date
Type
Standard
Number of rounds
5
Time for argument
Two days
Max argument characters
10,000
Voting period
One week
Point system
Multiple criterions
Voting system
Open
Contender / Con
0
1588
rating
23
debates
67.39%
won
Description

Socialism will only work if its the kind thats actually regulated capitalism

fdr did not prolong the depression Ummm ... no.

Upon deeper examination, I discovered that the right bases its New Deal revisionism on the short-lived recession in a year straddling 1937 and 1938. But that was four years into Roosevelt's term - four years marked by spectacular economic growth. Additionally, the fleeting decline happened not because of the New Deal's spending programs, but because Roosevelt momentarily listened to conservatives and backed off them. As Nobel-winning economist Paul Krugman notes, in 1937-38, FDR "was persuaded to balance the budget" and "cut spending, and the economy went back down again."

To be sure, you can credibly argue that the New Deal had its share of problems. But overall, the numbers prove it helped - rather than hurt - the macroeconomy. "Excepting 1937-1938, unemployment fell each year of Roosevelt's first two terms (while) the U.S. economy grew at average annual growth rates of 9 percent to 10 percent," writes UC Davis historian Eric Rauchway. https://www.sfgate.com/opinion/article/FDR-prolonged-the-Great-Depression-Really-3255706.php
As Newsweek's Daniel Gross reports, "One would be very hard-pressed to find a serious professional historian who believes that the New Deal prolonged the Depression."

Hayek, on Keynes: "His interests were largely guided by aesthetic appeal; he knew very little about economics as a discipline. He could have found any number of antecedents of his inflationary ideas among the writers of the early 1800's, but when I raised this with him, it was all new to him. He was rather contemptuous of anything which had been done before; he was convinced he could recreate the subject, and that came with a certain arrogance that there was nothing else worth learning."

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@bmdrocks21

Oh yeah I just looked Keynes up and you were right. He's pretty bad, so I guess Keynes isn't necessarily right about the capitalism and such.

Can I kritik?

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@LordLuke

Undoubtedly so haha! But it'd nice to know exactly what about capitalism the renowned pedophile was allegedly right about before accepting a debate challenge. ^_^

F A Hayek was correct, you fiend.

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@Harleygator

Probably Capitalism.

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@PaulVerliane

Right about what?