Archive for Market Monetarism
These Keynesians Make a Lot of Sense…
Sorry I’ve been so sparse with the blogging, but I was traveling most of last week, and now I have to dig out of a “day job” hole. I am wondering if this is what insanity feels like, because lately I’ve been agreeing with the Keynesian side of internet arguments. The first one centers on […]
Read moreKrugman on Shaping Expectations
I’m not going to say this even qualifies as a “Kontradiction,” but it’s close. By now, every serious geeconosphere wonk should know that Paul Krugman’s recommendation to Japan back in the day, was that its central bank should credibly commit to future inflation. That would cause the public to expect a lower purchasing power of […]
Read moreScott Sumner Sees Sumnerites Everywhere
Wow. Scott Sumner’s success has gone to his head so much that he thinks we’re all market monetarists now. In this post, Sumner first quotes from a news article about Bernanke: The Fed, he said, believes inflation will remain near the central bank’s target of 2% or a little less. The economy can support an […]
Read moreReality Has a Well-Known Market Monetarist Bias
I am of course studying Scott Sumner’s every eye-twitch in this video. Kelly Evans catches him pretty well in the beginning, asking at one point if his policies would have prevented the housing boom. He admits that no, NGDP growth hadn’t been too high, but says that every time there is a crisis like this, […]
Read moreThe Most Ironic Statement I’ve Heard All Week
“Theoretical macroeconomists love to play with their little toy models, but unfortunately these models don’t actually describe the world we live in.” If you’ve been reading this blog for at least two months, you know who said it.
Read moreSumner Needs to Watch Some Film and Hit the Gym
I used to say that Scott Sumner would be a far more formidable debating opponent than Paul Krugman, but lately I’m not so sure. I think for our debate, I just may print out 5 of Scott’s posts and ask the judge if I can submit them as exhibits. For example, here’s Scott’s latest post […]
Read moreDon’t You Dare Show Scott Sumner This Rothbard Excerpt
I’m working on tomorrow’s lecture from Chapter 11 of Man, Economy, and State, and came across this passage on page 849: It is thus clear that the exchange-value of money cannot be quantitatively separated from the exchange-value of goods. Since the general exchange-value, or PPM, of money cannot be quantitatively defined and isolated in any […]
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