Scott Sumner

Archive for Scott Sumner

Why Economists Will Soon Be Lynched

I am going to accelerate my transition into stand-up comedy, because the public is going to turn on economists very, very soon. Look at this: 1) Krugman argues that severe US fiscal austerity explains our dismal economic growth. 2) I say no, there hasn’t been fiscal austerity. In fact, we have record-high spending, and that […]

The Japanese Experiment

“Tyler Durden” at ZeroHedge is as excited as a kid on Christmas Eve, thinking that the Bank of Japan has finally “lost control” because of the breakout of 10 YR Japanese government bond yields (doubling in 4 hours and triggering circuit breakers). Let me make a falsifiable prediction of which I am certain: No matter […]

My Parting Remarks on Scott Sumner and Interest Rates

Now that I had time to carefully read Scott’s response to my initial post on Japan, I have backed off a bit. I still think he is being slippery, but he was clearer in his response than I initially thought. So, my reaction in turn was not very helpful, and I can understand why Scott […]

Sumner Responds

[UPDATE below.] It’s getting late and I’m working on a deadline, so perhaps this is foolish of me. I feel like when I’m playing the computer in chess and it makes what seems to be a really dumb move. Do I pounce, or should I be cautious and assume I’m missing something subtle? Anyway, here’s […]

Market Monetarists, Like Ogres, Have Many Layers

(In the title I’m referring to this.) You know, I really have tried over the last few years to make sense of a guy who says the fundamental explanation for our economic malaise, is that Ben Bernanke has implemented the tightest monetary policy since the Hoover Administration. But it’s tough. In a recent article in […]

For Krugman, the Size of a Deficit Depends on the Point He’s Trying to Make

This is barely worth blogging about, since I know exactly what Krugman’s apologists will say, but what the heck? I love it when Landsburg criticizes Krugman, so this post is for his psychic enjoyment… In a March 28 post, Krugman wrote: “Back in the Reagan years two unprecedented things began happening to the US economy. […]

Potpourri

==> Jack Hunter argues that even though he’s in favor of gay marriage personally (thinking it should be decided legally at the state level), he strongly objects to the rhetoric of saying it is akin to the Civil Rights movement for blacks. I still think Gene Callahan has the best observation on this whole issue […]

Potpourri

==> Some of you may have heard of the ethanol “blend wall.” In brief, the US government is literally requiring gasoline refiners to do contradictory things: One regulation insists they make the gas content higher than 10 percent ethanol, while another regulation forbids them from doing so. My colleague Mary Hutzler was the lead author […]