Archive for Scott Sumner

Murphy vs. the Market Monetarists

It is a dirty rotten lie when people say I just go after Krugman. In my latest for Mises.org, I have a long critique of Scott Sumner and Kevin Erdmann’s narrative of the housing boom/bust. An excerpt: On the face of it, Erdmann is trying to demonstrate that if we use an objective measure, then […]

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Austrians Are From Mars, Market Monetarists Are From Venus

What we’ve got here is failure to communicate. Somehow, Scott Sumner thought Austrians back in 2009 were claiming that the malinvestments of the housing boom “would remain empty for decades.” You can skim the comments at the link to see the twists and turns when I tried to get to the bottom of this assertion. […]

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Market Monetarists: The Good, the Bad, and the Ugly

Actually my title doesn’t really make sense; I couldn’t think of anything clever. I really liked this David Beckworth post, talking about the breakdown of the Fed’s “floor system.” In fact, I liked it so much that I based my article in the forthcoming issue of The Lara-Murphy Report on it. So score +1 for […]

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Another Bold Sumner Thesis

UPDATE: See my remarks below. Say what you will about Scott Sumner, he’s not afraid to take on conventional wisdom, even when it sure seems to be backed up by staring-us-in-the-face evidence. For example, Scott believes the Federal Reserve adopted an incredibly tight monetary policy and that’s the fundamental explanation for the financial crisis and […]

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Trump Gives the World Financial Information; Free-Market Economists Outraged

Folks, this post is about 65% tongue-in-cheek. Anyway, Scott Sumner called it literally an “outrage” that Trump tweeted that he was looking forward to the jobs report at 7:21am, when the numbers weren’t officially released until 8:30am. When arguing with someone in the comments (who had claimed this actually helps the average Joe, because it […]

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Contra Krugman AND Sumner on Nominal Wage Growth

My latest at Mises.org. It’s too long to summarize, except don’t miss my analogy: [S]uppose a father sees his 25-year-old son lounging on the couch watching reruns. The father exclaims, “Jimmy, this has got to stop! All through your teenage years you kept getting raises and better jobs. But after your messy breakup last year, […]

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Fun With Graphs! Murphy vs. Erdmann

I don’t want to put too much stock in this post. My main point is to demonstrate that you can tell just about any story you want, if you play with FRED long enough. This is why Russ Roberts asks people when they present their slides showing p-values: “How many regressions did you run before […]

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Potpourri

==> The latest Contra Krugman tackles Modern Monetary Theory (MMT). ==> Wendy McElroy writes about privacy and the (modern) connection to cryptocurrencies. ==> A few people on Twitter were giving me a high-five for my old article on trade deficits and fiat currency. I re-read it and thought, “I agree. That *was* a good article.” […]

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