- Two about-faces on liquidity preference and sub-optimal output. Brad DeLong shares how Niall Ferguson went from being a guy that recognized liquidity preference put us on a sub-optimal production level and that we could have both "guns and butter" for a period (oddly enough, he understood the logic a decade ago and thought it applied, but he doesn't think it applies now). Robert Samuelson, on the other hand, has an article talking about the breakdown of Okun's Law - and at the end he essentially makes a liquidity preference point. He also makes a lot of interesting institutional arguments for the breakdown of Okun's Law. Brace yourself, though. You're going to cringe when he calls the thoroughly Ricardian terms of labor and capital "Marxist vocabulary". I guess strictly speaking it's not inaccurate. It is Marxist vocabulary. But it's also pretty standard, orthodox, classical vocabulary.
- Evan has an interesting post on book buying habits, following up on his recent thoughts on Amazon.
- Mario Rizzo has a critique of Brad DeLong that I think falls a little flat. See if you agree - my comment is a little ways down. Let me give this to Rizzo - if his interpretation of DeLong is accurate, his critique is correct. The problem is, his interpretation is a little silly and he reads way too much into what DeLong said.
- The Wall Street Journal publishes a "well duuuuhhhh" article on language and culture (which I suppose is still better than a wrong article, which they've certainly had more than a few of recently). Hasn't anyone heard of Wittgenstein? Speaking of Wittegenstein, he was a friend of Keynes's. Keynes once wrote, after picking Wittgenstein up when he came in to visit "Well God has arrived; I met him on the 5:15 train". Apparently the guy made a positive impression on Keynes.
Liveblogging World War II: May 21, 1943
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