Economia
Mr. Zhang's academic colleagues were all praise for the "China Model," but in 2009 he was giving speeches entitled "Bury Keynesianism." Then a top administrator at Peking University, where he now teaches economics, he argued that since the financial crisis was caused by easy money, it couldn't be solved by the same. "The current economy is like a drug addict, and the prescription from the doctor is morphine, so the final result will be much worse," he said.
He invoked the ideas of the late Nobel laureate Friedrich Hayek and the Austrian School of Economics to argue that if the economy weren't allowed to adjust on its own, China's minor bust would be followed by a bigger one.
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Steven Horwitz explica: "... Before the advent of Keynesianism, most recessions were very short lived as producers were left free to shuffle the jigsaw pieces into better combinations. It is the very lack of trust in markets, and the misguided trust...
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- Economia Chinesa Em Frente De Um Pouso Duro
China's Hard Landing The state-led growth model is leading the country into trouble."... China is a poster child for the Austrian school of economics' theory of the business cycle. After undertaking the biggest stimulus program the world has...
- O Que Significa "keynesiano"?
" ... What does "being Keynesian" mean? Simply believing in the role of demand-side factors in the determination of aggregate output is an insufficient characterisation. A true Keynesian differs, in so much as he also believes that: 1) monetary policy...
Economia
Os chineses sabem aprender
Zhang Weiying: China's Anti-Keynesian Insurgent
Zhang Weiying's warnings that stimulus spending would lead to malinvestment were once ignored. Now official ministries invite the follower of Hayek to speak.
Three years ago, Keynesianism was official policy. The 2008 financial crisis had Beijing gloating over the failure of the free-market "Washington Consensus" and touting the "China Model" of government intervention. Keynesianism fit the statist zeitgeist and Beijing then suffered an export slump, so the government allocated $3.5 trillion—or about 50% of gross domestic product—in bank loans and direct spending.Mr. Zhang's academic colleagues were all praise for the "China Model," but in 2009 he was giving speeches entitled "Bury Keynesianism." Then a top administrator at Peking University, where he now teaches economics, he argued that since the financial crisis was caused by easy money, it couldn't be solved by the same. "The current economy is like a drug addict, and the prescription from the doctor is morphine, so the final result will be much worse," he said.
He invoked the ideas of the late Nobel laureate Friedrich Hayek and the Austrian School of Economics to argue that if the economy weren't allowed to adjust on its own, China's minor bust would be followed by a bigger one.
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Veja também: A. Mueller, The stimulus scam e Triumph and Tragedy of Easy Money
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- Crise Do Euro - O Que Fazer?
Steven Horwitz explica: "... Before the advent of Keynesianism, most recessions were very short lived as producers were left free to shuffle the jigsaw pieces into better combinations. It is the very lack of trust in markets, and the misguided trust...
- O Keynesianismo Da Atualidade
Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis Henry Farrell, George Washington University John Quiggin, University of Queensland March 9, 2012 Introduction \The same people who would never...
- Keynes' Teoria Especial
TheMoneyIllusion A slightly off-center perspective on monetary problems. The Special Theory of Employment, Interest and Money I recently reread John Cochrane’s now infamous 2009 attack on fiscal stimulus for about the 4th time, and it’s not getting...
- Economia Chinesa Em Frente De Um Pouso Duro
China's Hard Landing The state-led growth model is leading the country into trouble."... China is a poster child for the Austrian school of economics' theory of the business cycle. After undertaking the biggest stimulus program the world has...
- O Que Significa "keynesiano"?
" ... What does "being Keynesian" mean? Simply believing in the role of demand-side factors in the determination of aggregate output is an insufficient characterisation. A true Keynesian differs, in so much as he also believes that: 1) monetary policy...