Economics Quiz

What Nobel Prize Winning Jewish Economist wrote the following in a 1992 white paper?

When the incentives for productivity become negative due to capital welfare in excess of the economic growth rate, wealth is structurally centralized at the expense of others in the economy. The absolute level of net assets owned by the general population actually decreases so as to increase the net assets of the wealthy. This not only removes all incentives for production and entrepreneurial investment from the economy, but consumer demand collapses as credit is liquidated to pay for necessities. Depression ensues. It is under these circumstances that demands for socialist intervention in the economy via “public investment” take on an air of urgent legitimacy.

In such a desperate environment, Marx’s arguments in “Das Kapital” appear as rational and appealing as any made by Schumpeter, Laffer or even Adam Smith. It is therefore critical to understand to what extent socialist criticisms of capitalism are valid so we can credibly argue against their fallacies—particularly when they are promoted during obvious manifestations of capitalism’s flaws.

Answer: None.

Next question: When will this question appear on the economics graduate school admissions tests for the University of Chicago, Columbia, MIT, CalTech, Stanford, Harvard, Yale, Princeton, Brown and George Washington University?

Posted by James Bowery on Monday, August 31, 2009 at 12:51 PM in
Comments (1) | Tell a friend

Comments:

1

Posted by Drifter on September 01, 2009, 05:00 PM | #

Milton Friedman is a big name in those circles.

Next entry: “We’re the Sex Pistols of British politics …

Previous entry: Culture Of The Hearth

image of the day

Existential Issues

White Genocide Project

Of note

Majority Radio

Recent Comments

Also see trash folder.

Jimmy Marr commented in entry 'Bowery Goes Stark!' on 02/09/12, 12:27 AM. (go) (view)

anon commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 11:18 PM. (go) (view)

Ivan commented in entry 'Bowery Goes Stark!' on 02/08/12, 10:51 PM. (go) (view)

Ivan commented in entry 'Bowery Goes Stark!' on 02/08/12, 10:28 PM. (go) (view)

Silver commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 09:48 PM. (go) (view)

J Richards commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 09:48 PM. (go) (view)

Mary commented in entry 'Anti-white ideology is like anti-biotic overuse' on 02/08/12, 09:24 PM. (go) (view)

J Richards commented in entry 'Bowery Goes Stark!' on 02/08/12, 09:04 PM. (go) (view)

Ivan commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 08:15 PM. (go) (view)

uh commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 08:09 PM. (go) (view)

Guessedworker commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 07:52 PM. (go) (view)

uh commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 07:48 PM. (go) (view)

jamesUK commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 07:36 PM. (go) (view)

Jimmy Marr commented in entry 'Bowery Goes Stark!' on 02/08/12, 07:10 PM. (go) (view)

Graham_Lister commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 06:49 PM. (go) (view)

uh commented in entry 'Bowery Goes Stark!' on 02/08/12, 06:45 PM. (go) (view)

uh commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 06:27 PM. (go) (view)

marloe commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 06:21 PM. (go) (view)

Ivan commented in entry 'Bowery Goes Stark!' on 02/08/12, 06:17 PM. (go) (view)

Graham_Lister commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 06:08 PM. (go) (view)

Jimmy Marr commented in entry 'Bowery Goes Stark!' on 02/08/12, 06:07 PM. (go) (view)

Ivan commented in entry 'Bowery Goes Stark!' on 02/08/12, 06:03 PM. (go) (view)

Ivan commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 05:53 PM. (go) (view)

Jimmy Marr commented in entry 'Bowery Goes Stark!' on 02/08/12, 05:51 PM. (go) (view)

dc commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 05:13 PM. (go) (view)

Lurker commented in entry 'Bowery Goes Stark!' on 02/08/12, 04:55 PM. (go) (view)

MP commented in entry 'Bowery Goes Stark!' on 02/08/12, 04:43 PM. (go) (view)

Graham_Lister commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 04:31 PM. (go) (view)

Selous Scout commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 04:07 PM. (go) (view)

Wild Bill commented in entry 'Bowery Goes Stark!' on 02/08/12, 04:02 PM. (go) (view)

Graham_Lister commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 03:47 PM. (go) (view)

daniel commented in entry 'Aquilon Speaks: Moscow 2010' on 02/08/12, 03:24 PM. (go) (view)

dosto commented in entry 'Bowery Goes Stark!' on 02/08/12, 02:40 PM. (go) (view)

Thorn commented in entry 'Bowery Goes Stark!' on 02/08/12, 02:36 PM. (go) (view)

uh commented in entry 'The communitarian critique of liberalism left and right' on 02/08/12, 02:25 PM. (go) (view)

Recent Posts

General News

Science News

Science Categories

All Categories

The Writers

Each author's name links to a list of all articles posted by the writer; the hashes link to authors' homepages.

Links

Endorsement not implied.

Controlled Opposition

Crime

General

Immigration

Islam

Jews

Nationalist Political Parties

Science

Whites in Africa