...Scott Sumner and Occupy Wall Street.
Both of which, it so happens, are very popular right now.
And both of which as a practical matter I'm 100% behind.
I don't know how Scott Sumner manages to be so confident about cause and effect, so nonchalant about inflation, or so focused on a single metric that is allegedly the key to everything. But I do know that I agree that right now the Fed ought to be more expansionary, and I do know that I long for the day that inflation is what I'm worried about. So I have a hard time not cheering on the wave of NGDP level targeting euphoria that has swept the blogosphere recently. Kudos to Scott and everyone else (it's not like he did this alone). If policy, research, or both vindicate him on this and clarify some of the more looming reservations this man is serious Nobel material down the road. A prize for making the world safe for inflation again (it didn't used to be a dirty word, after all).
Anyway - at least I'll never be quite the fuddy-duddy that this guy is (I tease him only because I like him).
I am still triangulating my views on OWS. But again, like Scott, whatever differences with them I may have on the nitty-gritty issues, I still have to say "it sounds a hell of a lot better than what we're looking at now".
Comparative advantage: a partial truth
4 hours ago