Archive for Market Monetarism
Clarification on Cantillon Effects
Steve Horwitz’s thoughts reinforced my own inkling that I should spell out what I had always filed away as “the Austrian point about Cantillon effects.” So the following is what I would have said, had you asked me a month ago. Note that I speak for myself, and I’m not even saying this is what […]
Read moreI Have a Deal for JP Koning, Scott Sumner, and Nick Rowe
JP Koning jumps into the fray on the Cantillon Effects debate. It occurred to Koning that if we’re going to argue over the issue, maybe we should actually see what Cantillon wrote? Very nice, JP. Let me focus on this aspect of Koning’s attempt to reach a peace treaty: While we don’t have to agree […]
Read morePotpourri
==> Tyler Cowen jumps in on the side (?) of Sumner and Rowe (HT2 Max R.), regarding Cantillon effects. (Here Sumner is much clearer–to Austrian readers–about what his position has been all along.) Gene Callahan makes what seems to be a modest point, but it actually is the equivalent of Luke Skywalker’s shot into the […]
Read moreYou Might Be Talkin to a Market Monetarist If…
…you ask this clarifying question on his blog and you genuinely don’t know what answer to expect: Thanks Nick. One more from me please. (And I’m not asking these to trap you, I’m asking so I fairly recapitulate what your position is.) If the Fed were to suddenly dump its mortgage-backed securities and replace them […]
Read moreResolution of the Sumner/Richman Showdown
[UPDATE below.] You may recall that I was earlier puzzled at Scott Sumner’s commentary on a Sheldon Richman article talking about Cantillon effects. If you care, I now have the resolution, because of Scott’s follow-up post. Scott actually doesn’t dispute anything in what the Austrians have in mind when they say “it matters who gets […]
Read moreDavid Beckworth vs. His Critics on the Market for Apples
David Beckworth (here and here) is taking on the hard-money enthusiasts by challenging one of their central claims. David emailed me about this–and by the way he has a good sense of humor–so I’m pretty sure he wants me to rip him. Kind of like when Terry Gross had Don Rickles as a guest on […]
Read morePotpourri
==> Silas Barta wants to keep Steve Landsburg honest on disaster economics. (Incidentally Bryan Caplan recently asked his readers to see if they ever find themselves objecting to unfair arguments used against “the other side,” and say what you will about Silas and me, but we often do just that. However, in both cases that […]
Read moreLet’s Delve a Little Deeper Into Krugman’s Newfound Respect for Liquidity Trap Economics in Japan
Krugman often tells of how he is a true scientist because he didn’t believe in the liquidity trap, until faced with the problem of Japan in the 1990s. Then he realized that unconventional monetary policy–the promise to be irresponsible in the future–was something the Bank of Japan could do. All of this serves as a […]
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