Britain's Trillion Pound Horror Story - a doccie worth watching

Well that was obvious. Now just to get the big government proponents here to understand it.
 
The video advocates supply side economics and is filled with normative statements. In layman's term, its an opinion based video. It believes in smaller governments, lower taxes and less regulation as they believe it will grow the economy. Will it create growth? Probably, but it will also marginalise the poor, give rise to market failure of public goods and ignore the environment.

On the other side, we have spending to create growth. Will it create growth? Probably, aggregate demand spurs economic growth but leads also leads to debt, higher taxes and more inflation.

In other words people, find the middle ground. History has shown leaning towards opposite spectrum's lead to failure.
 
ah yes, as long as aggregate demand rises then the Keynesian believe that we are doing well. Who can argue with their 'empirical approach' - o wait the currencies destruct and the middle-class gets wiped out. However that doesn't matter as long as we continue to spend!

However once we are into a financial crisis then they will blame the 'greedy corporations' instead of looking at the obvious flaws in their systems.
 
Joke: Well maybe they can start by cutting the Dole/JSA, let the lazy basterds go find some work.

Funny thing is if they had that in SA I can guarantee you we will not have a 2% unemployment rate like they have or even 50%. We would most probably have 80%+
 
Cheers Arthur

Another interesting 1 in 2 parts
The Parties over - How The West Went Bust

[video=youtube_share;gWtrbGWixRQ]http://youtu.be/gWtrbGWixRQ[/video]

[video=youtube_share;2LZozsLYHD4]http://youtu.be/2LZozsLYHD4[/video]
 
boramk said:
The video advocates supply side economics and is filled with normative statements. In layman's term, its an opinion based video. It believes in smaller governments, lower taxes and less regulation as they believe it will grow the economy. Will it create growth? Probably, but it will also marginalise the poor, give rise to market failure of public goods and ignore the environment.

On the other side, we have spending to create growth. Will it create growth? Probably, aggregate demand spurs economic growth but leads also leads to debt, higher taxes and more inflation.

In other words people, find the middle ground. History has shown leaning towards opposite spectrum's lead to failure.
Click to expand...

Interesting read.
 
brilliant video ... now if only something like that can be done here ... we can become a power house in world economics and production, especially with all of our natural resources ... gonna send it to the tax man and recommend they learn something
 
lucifir said:
brilliant video ... now if only something like that can be done here ... we can become a power house in world economics and production, especially with all of our natural resources ... gonna send it to the tax man and recommend they learn something
Click to expand...

Not gonna happen, we already selling our "souls" to China who will be the next Super Power.
 
but if we go down the same path as china/hong kong, then we too can reap the same rewards.
Lets face it, a lot of what was said makes sense. There is no need for a big government, and we can all do with lower taxes as then I can actually spend on the things I need. Hell, I already pay for my own, health, school, policing,etc. ... so if the guv did not exist, it would not make that much of a difference and would actually allow better choice
 
boramk said:
The video advocates supply side economics and is filled with normative statements. In layman's term, its an opinion based video. It believes in smaller governments, lower taxes and less regulation as they believe it will grow the economy. Will it create growth? Probably, but it will also marginalise the poor, give rise to market failure of public goods and ignore the environment.

On the other side, we have spending to create growth. Will it create growth? Probably, aggregate demand spurs economic growth but leads also leads to debt, higher taxes and more inflation.

In other words people, find the middle ground. History has shown leaning towards opposite spectrum's lead to failure.
Click to expand...

Yes of course there needs to be a role for government. Government should play a very small role in regulating the markets, watching for collusion, preventing the formation of huge monopolies, providing quality education for those who cant afford a private one, etc. But they shouldn't involve themselves in every aspect of people's lives because ultimately government monopolies are almost always less efficient, innovative, and organised than private companies competing neck and neck with each other in the real world. You just never want to choose a monopoly scenario over a competition scenario - that's just basic economics. Taking large amounts of money away from the productive economy and putting it in the hand of less productive monopolies is just dumb.

The size of Britain's inefficient public sector is simply madness (70% of the economy in some places). I can only imagine how much growth that kills. They need to get it down to less than 20%.
 
Elimentals said:
Joke: Well maybe they can start by cutting the Dole/JSA, let the lazy basterds go find some work.

Funny thing is if they had that in SA I can guarantee you we will not have a 2% unemployment rate like they have or even 50%. We would most probably have 80%+
Click to expand...

One of the problems with the west is that they give the dole to people who have never contributed historically to it, because their parents and grandparents were not in the UK for instance. One of the biggest factors are third world immigrants who need financial assistance, housing, and medical.
 
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