tag:blogger.com,1999:blog-1740670447258719504.post2039744679158571495..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: Two good articles from the AtlanticEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-1740670447258719504.post-68894719896701614042012-03-15T19:13:20.206-04:002012-03-15T19:13:20.206-04:00Macro is not my special field of interest, but one...Macro is not my special field of interest, but one of my classmates is tailoring his dissertation to build on the type of work that Steve Keen is doing. Accounting for and controlling the leverage cycle, etc. Very interesting stuff.Grant McDermotthttps://www.blogger.com/profile/11868318397832070394noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-34773038764513160172012-03-15T13:19:49.211-04:002012-03-15T13:19:49.211-04:00I don't understand how economists can look at ...I don't understand how economists can look at that empirical link and conclude that Keen is anything other than right.Unlearningeconhttps://www.blogger.com/profile/13687413107325575532noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-60216987002458272312012-03-15T10:09:24.730-04:002012-03-15T10:09:24.730-04:00DK,
Unrelated, but what are your thoughts on thi...DK, <br /><br />Unrelated, but what are your thoughts on <a href="http://blogs.lse.ac.uk/politicsandpolicy/2012/03/14/ignoring-the-role-of-private-debt-in-an-economy-is-like-driving-without-accounting-for-your-blind-spot/" rel="nofollow">this post</a> by Steve Keen regarding the (neoclassical) oversight on private debt?Grant McDermotthttps://www.blogger.com/profile/11868318397832070394noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-48727644367339775692012-03-15T09:40:02.113-04:002012-03-15T09:40:02.113-04:00What I'm saying is that in a fiat money system...What I'm saying is that in a fiat money system, any outcome is the result of a choice by the monetary authority.<br /><br />The average Joe is facing considerable uncertainty about his job because of these decisions. If we're going to use words like "theft" to describe a perfectly valid monetary system, perhaps we should apply it to the theft of people's employment.<br /><br />Does it make sense? No, I don't think so. I'd rather just not use words like "theft". But if we're going to use it to talk about banks and bondholders we ought to use it consistently.Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-14665258578921362502012-03-15T09:35:54.264-04:002012-03-15T09:35:54.264-04:00"And if he's going to talk in terms of &q..."And if he's going to talk in terms of "theft" he should have talked about the people who got hurt because of the distortions caused by inadequate monetary policy. At least the changes resulting from inflation would bear some resemblance to what would have been expected to occur in the absence of the depression. It's the debtors and the average families that have been caught off guard."<br /><br />Are you really equivocating non-inflation with theft Daniel? I get what you are saying (something like "everyone expects inflation to be used to battle a downturn") but do you really think that the average Joe working at Walmart sees a downturn and assumes that printing money will be resorted to? That he should brace himself for potentially higher prices?<br /><br />That seems like quite a strange and very stretched argument.<br /><br />And if you are gonna mention distortions, how about the distortions caused by monetary policy in general?James E. Millerhttps://www.blogger.com/profile/17915979762298347210noreply@blogger.com