And Brad is right: if you’ve reached cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 point where you don’t pay attention to anything that might disturb your orthodoxy, you’re not doing science, you’re not even pursuing a discipline. All you’re doing is perpetuating a smug, closed-minded sect.
Monday, March 21, 2011
Krugman's Insight
Krugman is a great writer, and can nail his own worldview quite nicely:
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Apparently we have reached cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 "I know you are, but what am I" stage of this epic exchange.
ReplyDeleteYes, kind of a waste of time, isn't it?
ReplyDeletethough it is funny considering his recent comment about how he does not read right of center economics blogs.
ReplyDeleteYou know I was refering to you, right Stephen?
ReplyDeleteBut yes, I would say perhaps 75% of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 whole thing was a waste of time... maybe 25% good thoughts.
Daniel,
ReplyDeleteI'm slow. You'll have to decipher your comment for me.
Anybody who doesn't own up that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y have a smug, closed mindset is eicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r a charlatan or an idiot or incredibly naive.
ReplyDeleteThat's quite a choice. You need to offer more options.
ReplyDeleteIt makes me wonder if Krugman stopped interacting with doctoral students outside cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Norcá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ast given his claims.
ReplyDeleteI guess cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 interesting question is: where do Stephen Williamson and Krugman get cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir ideological predispositions from ? Is it some innate psychological drives or what ? This is clearly part of a wider need for an economic model of ideological choice - do people make rational choices of ideology ?
ReplyDeleteFor example, I seem to remember reading a paper that argued that opinion polls found that, compared to Americans, a majority of French citizens do not believe in a "just world" - that you get what you deserve, that hard work pays off. Thus, French citizens are more predisposed to wealth redistribution.
So is that to say that Cochrane, Fama, Lucas, et al *do* understand New Keynesian models and have rejected fiscal stimulus on coherent grounds?
ReplyDeleteSecond last anonymous,
ReplyDeleteI can't speak for Krugman obviously. I have a political background. I grew up in Canada and am not offended by having cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 government do some things that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 average American would racá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r it did not do. My parents and grandparents were members of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Liberal Party (to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 left of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Democratic Party), and I even had some relatives who worked for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 NDP (i.e. socialists). When I do economics, I try to be an objective scientist.
"So is that to say that Cochrane, Fama, Lucas, et al *do* understand New Keynesian models and have rejected fiscal stimulus on coherent grounds?"
ReplyDeleteYes, I think that is accurate.
But Fiscal Stimulus does not matter to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 models. It matters to reality.
ReplyDeleteThis is why both "New Monetarist Economics" models are wrong and "New Keynesian" models are wrong.
Fiscal stimulus is just a special type of deficit spending.
ReplyDeleteAll deficit spending is financed by debt issuance.
The Fed controls cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 interest rate on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 short term debt. Long term debt is just a derivative of this short term debt.
The reason why cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 USA issues debt to deficit spend is because cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Constitution says so.
This means that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Federal Debt is political phenomena. It really has nothing to do with economics.
The economic reason to issue Debt is for controlling inflation by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Fed setting interest rates. The Fed figured that out years ago when cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y realized that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y cannot control cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 money supply.
See cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 next post:
ReplyDeletehttp://newmonetarism.blogspot.com/2011/03/hal-coles-take-on-krugmandelong-debate.html