..I'm getting that:
1. We need monetary policy to ensure that Say's Law holds. He specifically cites Lars Christensen and Brad DeLong on this. In other words, Malthus was right about the prospect of it not holding, and Say was wrong.
2. Recessions are demand problems - in other words Keynes was right.
His concern is that Keynesians try to convince the public of an underconsumptionist story.
My question to John: is this more or less an accurate rendition?
My question to readers: does anyone get either of these points from any video that John has ever made?
If the answer from John is "yes" and the answer from you all is "no" then I renew my request that John's next video be about the need for more demand-side stimulus. It would do a tremendous amount of good, I think. I'd like to see people second the motion in the comments.
I would be tickled if Russ Roberts was still on board for that project.
Noted for Your Afternoon Procrastination for July 29, 2014
27 minutes ago