tag:blogger.com,1999:blog-1740670447258719504.post1909782110109610895..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: The Practice of Macroeconomics - A Few RulesEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1740670447258719504.post-52472416652521817422010-11-30T18:03:21.275-05:002010-11-30T18:03:21.275-05:00Hrm, interesting DeLong article, but there's o...Hrm, interesting DeLong article, but there's one thing that I don't like. He seems to imply that the power of lobbying has diminished since more people are able to vote. I don't think it has at all.<br /><br />So I'd extend his first point (about rich people with an incentive to lobby for stable prices, regardless of unemployment) can be extended to today's economy, and say that there are rich people with an incentive to lobby for stable/rising asset prices, regardless of consumer prices.nicknnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-79731143159237230562010-11-30T15:05:08.578-05:002010-11-30T15:05:08.578-05:00nick - wait for my post on public choice theory I ...nick - wait for my post on public choice theory I have planned for tomorrow morning, and in the meantime read this and follow the links: http://factsandotherstubbornthings.blogspot.com/2010/11/prad-krulong-on-keynesian-political.html<br /><br />I think you're EXACTLY on target, and I'd like to see public choice theorists doing more of this rather than using it as a rhetorical device for libertarian politics (which is largely what public choice theory amounts to today, I think).Danielhttps://www.blogger.com/profile/17192667997950934790noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-69959775946284809032010-11-30T15:03:26.272-05:002010-11-30T15:03:26.272-05:00Rule #1 highlights one of the main problems that I...Rule #1 highlights one of the main problems that I've had with praxeology. It isn't rigourous enough, and if it were the proofs would be infinitely long.<br /><br />On another note: <br />"most of the time some intervention is tried (so there is no counter-factual), but often it's not of a magnitude that anyone is happy with"<br /><br />Now, I'm not that familiar with Public Choice theory, but I think that's a problem that would be worthwhile to look at from that perspective.nicknnoreply@blogger.com