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ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 12:33:45 PM
Posted: 1 year ago
Totally kidding. That would be cruel, though not necessarily unusual.

This song is surprisingly good.
~ResponsiblyIrresponsible

DDO's Economics Messiah
UtherPenguin
Posts: 3,685
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3/28/2015 12:41:08 PM
Posted: 1 year ago
At 3/28/2015 12:33:45 PM, ResponsiblyIrresponsible wrote:
Totally kidding. That would be cruel, though not necessarily unusual.

This song is surprisingly good.



https://www.youtube.com...
"Praise Allah."
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16kadams
Posts: 10,497
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3/28/2015 12:56:00 PM
Posted: 1 year ago
How QE ACTUALLY works. Hint: it's not bad like Mises.org might say
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https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 1:25:39 PM
Posted: 1 year ago
At 3/28/2015 12:41:08 PM, UtherPenguin wrote:
At 3/28/2015 12:33:45 PM, ResponsiblyIrresponsible wrote:
Totally kidding. That would be cruel, though not necessarily unusual.

This song is surprisingly good.



https://www.youtube.com...

I'd stick with Rick Astley over Bushie any day.
~ResponsiblyIrresponsible

DDO's Economics Messiah
ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 1:26:38 PM
Posted: 1 year ago
At 3/28/2015 12:56:00 PM, 16kadams wrote:
How QE ACTUALLY works. Hint: it's not bad like Mises.org might say

Na, man, it totally led to hyperinflation -- from the supply-side, because that's totally a thing.

Now, I'll brb -- need to put together a wheelbarrow of dollars to go buy a loaf of bread.
~ResponsiblyIrresponsible

DDO's Economics Messiah
16kadams
Posts: 10,497
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3/28/2015 1:46:59 PM
Posted: 1 year ago
At 3/28/2015 1:26:38 PM, ResponsiblyIrresponsible wrote:
At 3/28/2015 12:56:00 PM, 16kadams wrote:
How QE ACTUALLY works. Hint: it's not bad like Mises.org might say

Na, man, it totally led to hyperinflation -- from the supply-side, because that's totally a thing.

Now, I'll brb -- need to put together a wheelbarrow of dollars to go buy a loaf of bread.

LOL
https://www.youtube.com...
https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 1:51:08 PM
Posted: 1 year ago
At 3/28/2015 1:46:59 PM, 16kadams wrote:
At 3/28/2015 1:26:38 PM, ResponsiblyIrresponsible wrote:
At 3/28/2015 12:56:00 PM, 16kadams wrote:
How QE ACTUALLY works. Hint: it's not bad like Mises.org might say

Na, man, it totally led to hyperinflation -- from the supply-side, because that's totally a thing.

Now, I'll brb -- need to put together a wheelbarrow of dollars to go buy a loaf of bread.

LOL

Actually, good news!

I came upon a giant pile of gold! I don't know -- something about finding a gold mine in Brazil. It's so wonderful! Interest rates are low, inflation is stable at about 2 percent, and normally both of those things would bug me, because my payments are denominated in gold -- and not in blasted Federal Reserve notes -- I'm totally cool with it!
~ResponsiblyIrresponsible

DDO's Economics Messiah
lannan13
Posts: 23,111
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3/28/2015 2:06:54 PM
Posted: 1 year ago
At 3/28/2015 12:33:45 PM, ResponsiblyIrresponsible wrote:
Totally kidding. That would be cruel, though not necessarily unusual.

This song is surprisingly good.



Awe..... I was wanting to learn economics. I went out and Got Milton Friedman's Free to Choose and Freakanomics yesterday.
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"If you are going through hell, keep going." "Sir Winston Churchill

"No one can make you feel inferior without your consent." "Eleanor Roosevelt

Topics I want to debate. (http://tinyurl.com...)
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ResponsiblyIrresponsible
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3/28/2015 2:09:40 PM
Posted: 1 year ago
At 3/28/2015 2:06:54 PM, lannan13 wrote:
Awe..... I was wanting to learn economics. I went out and Got Milton Friedman's Free to Choose and Freakanomics yesterday.

Lol, I could totally answer any question you have. Heck, let's turn this into an Econ AMA!
~ResponsiblyIrresponsible

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Genghis_Khan
Posts: 480
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3/28/2015 2:30:36 PM
Posted: 1 year ago
At 3/28/2015 2:09:40 PM, ResponsiblyIrresponsible wrote:
At 3/28/2015 2:06:54 PM, lannan13 wrote:
Awe..... I was wanting to learn economics. I went out and Got Milton Friedman's Free to Choose and Freakanomics yesterday.

Lol, I could totally answer any question you have. Heck, let's turn this into an Econ AMA!

What are you opinions of the following economists (or pseudo-economists)...

Thomas Sowell

Steven Levitt

Milton Friedman

Robert Reich

John Lott
anything your heart desires
ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 2:34:40 PM
Posted: 1 year ago
At 3/28/2015 2:30:36 PM, Genghis_Khan wrote:
What are you opinions of the following economists (or pseudo-economists)...

Thomas Sowell

I don't know too much about him -- from what 16k has told me, I would likely agree with him on fiscal policy, give or take, but find his monetary policy views (or lack thereof) as utterly detestable.

Steven Levitt

I don't know who this is.

Milton Friedman

Big fan -- though M2 targeting is a silly idea. Friedman actually that, to his credit, in the 90s, so I think he'd probably agree with a lot of my ideas today.

Robert Reich

I don't consider him an economist, but even when I was fairly liberal, I thought he was a joke -- more a political pundit than an intellectual. He parrots the same talking points everywhere he goes -- arguments which are patently false, though the confirmation bias is strong -- and strawmans his opposition. I wouldn't expect much else from a non-economist who bases his ideas in sophistry and feelings, rather than the academic literature.

John Lott

Not a fan at all.
~ResponsiblyIrresponsible

DDO's Economics Messiah
Genghis_Khan
Posts: 480
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3/28/2015 2:40:33 PM
Posted: 1 year ago
At 3/28/2015 2:34:40 PM, ResponsiblyIrresponsible wrote:

What caused you to shift so far to the right on fiscal policy?

What are the main policies you have changed your views on over the past year or so?
anything your heart desires
ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 2:48:11 PM
Posted: 1 year ago
At 3/28/2015 2:40:33 PM, Genghis_Khan wrote:
At 3/28/2015 2:34:40 PM, ResponsiblyIrresponsible wrote:

What caused you to shift so far to the right on fiscal policy?

It was a long time in the making, I think, but it resulted primarily from my increased confidence in the efficacy of monetary stimulus to accomplish the same thing as fiscal policy, but better.

I wrote out a giant rant on this the other day: http://www.debate.org...

What are the main policies you have changed your views on over the past year or so?

There are a few:

-Fiscal stimulus: I supported this generally when interest rates reach zero, but I've learned a few things since then, particularly that monetary policy offsets fiscal policy, if only implicitly. There is no value added whatsoever to fiscal stimulus.

-Minimum wage: I can thank 16k for this, lol.

-NGDP targeting: I was never categorically or even casually opposed to it, but I didn't know it existed until less than a year ago. With this in play, there's no need for demand-side fiscal policy -- this accomplishes the same thing, but even better if the focus is stabilizing market-based measures of NGDP expectations.

-Taxes: I now support a progressive consumption tax, though for pragmatic purposes, I'd probably support some sort of graduated negative income tax. I'm still split on a flat tax.

-Paradox of thrift: I could just call this "the role of savings." The Keynesian argument is that an increase in savings at zero nominal interest rates tends to reduce overall savings via a series of self-reinforcing effects. I no longer think this is the case.
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That1User
Posts: 1,064
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3/28/2015 3:02:42 PM
Posted: 1 year ago
At 3/28/2015 12:33:45 PM, ResponsiblyIrresponsible wrote:
Totally kidding. That would be cruel, though not necessarily unusual.

This song is surprisingly good.



Why do you support the Federal Reserve?
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ResponsiblyIrresponsible
Posts: 12,398
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3/28/2015 3:06:31 PM
Posted: 1 year ago
At 3/28/2015 3:02:42 PM, That1User wrote:
Why do you support the Federal Reserve?

I mean, I can't understand why any rational person with any knowledge of economics at all would oppose the Federal Reserve.

Let me syllogize it for you, I guess:

P1) Demand/NGDP shocks are important.
P2) The Federal Reserve is the best institution to ameliorate demand shocks.
C1) Therefore, the Federal Reserve is important and ought to exist.

P1 is fairly obvious, I think: take any New Keynesian sticky-wage model for evidence of that.

P2 I explained in my other thread that I keep plugging where I tore fiscal stimulus a new one.

C1 follows from P1 and P2.
~ResponsiblyIrresponsible

DDO's Economics Messiah