Wednesday, January 14, 2009
Potpourri: 1/3 Information, 2/3 Narcissism
* Blackadder recommended this Russ Roberts podcast with card-carrying Keynesian Steve Fazzari. I highly recommend it as well. Fazzari is so confident that he tripped up Roberts at one point (and I confess, I was momentarily befuddled as well). Roberts didn't go in for the kill, either because he didn't want to make the guy uncomfortable or because it's a lot easier to look 3 moves ahead in the comfort of my kitchen while I'm listening to the show. In some forum I will pick Fazzari's arguments apart, but here's a hint: He is inconsistent in what he holds constant in his discussion of an increase in saving (by the family who had been dining out) and an increase in borrowing (by the stimulating government). That's the whole trick. If he had been consistent, then either (a) the government stimulus wouldn't increase total income either, or (b) the family's decision to save wouldn't decrease total income.
* The Atlanta-Journal Constitution ran my op ed on the problems with stimulus. ("You mean the #22 ranked AJC?" Yeah, that one.) I am quite frankly (pleasantly) shocked at how little they changed it. Really, look at how "abstract" they left it. I think this financial crisis is so bad that people are willing to really think hard about economics.
* Now we know why John Stossel is so well-informed.
* The Atlanta-Journal Constitution ran my op ed on the problems with stimulus. ("You mean the #22 ranked AJC?" Yeah, that one.) I am quite frankly (pleasantly) shocked at how little they changed it. Really, look at how "abstract" they left it. I think this financial crisis is so bad that people are willing to really think hard about economics.
* Now we know why John Stossel is so well-informed.
Comments:
What did you think of his this Peter Boettke podcast on the Austrian Perspective on Business Cycles and Monetary Policy
The Blackadder Says:
I had a similar reaction. Initial befuddlement (which I suspect lasted longer than Bob's), followed (once I realized the trick) by exasperation at how nonsensical everything he was saying was.
I had a similar reaction. Initial befuddlement (which I suspect lasted longer than Bob's), followed (once I realized the trick) by exasperation at how nonsensical everything he was saying was.
# posted by 
: January 14, 2009 at 12:58 PM
: January 14, 2009 at 12:58 PM
Kudos on getting on Stossel's radar. Always liked him.
Jim O'Connor
The Colony, Texas
Jim O'Connor
The Colony, Texas
# posted by : January 14, 2009 at 1:04 PM
: January 14, 2009 at 1:04 PM
I liked the AJC op-ed, but I don't understand why they didn't want you to "dumb it down". It seemed to use a lot of big words in groups. I mean, I didn't have a problem, and I definitely prefer you to Time's writers, but it seems strange that they were fine with the reading level. I ran it through MS Word, which gave it over an 11th-grade reading level, when the AJC probably aims for 7-8.
In related news, a comment on the mises blog had your name on it, but I thought it didn't match your writing style, so I asked about it. Shortly thereafer, the author of the comment was changed to Jeffrey_Tucker (sans underscore) and my remark about how it wasn't your writing style was removed from my comment.
I guess you do have a case for me being a stalker :-P
In related news, a comment on the mises blog had your name on it, but I thought it didn't match your writing style, so I asked about it. Shortly thereafer, the author of the comment was changed to Jeffrey_Tucker (sans underscore) and my remark about how it wasn't your writing style was removed from my comment.
I guess you do have a case for me being a stalker :-P
Mr. Aquinas, I went to a high school named in your honor. I haven't listened to the Boettke thing. (Last night was the first Roberts' podcast I ever tried.)
Silas, I'm just guessing, but I think Jeff relayed something I had sent to a Listserv (for Austrians), and then he probably forgot he was signed in as me.
Silas, I'm just guessing, but I think Jeff relayed something I had sent to a Listserv (for Austrians), and then he probably forgot he was signed in as me.
Fazzari never explained why the restaurant's income counted as demand, and why the investee's is not. Purchasing a hamburger stimulates aggregate demand, while purchasing the materials needed to build a building does not? Wha?
For what its worth, I don't think Austrians give Keynesians enough credit. It seems to me there are plenty of reasons a decrease in current consumption might not indicate an increase in investment (though none of these reasons seem to be normal occurrences). Negative expectations of banks, investors and investees could probably do it (though if these expectations were correct, the slowdown would be a good thing). I think some post-Keynesians have pointed out that bubbles in bond markets can also break the link between savings and investment, though I don't think they explain the cause of those bubbles.
For what its worth, I don't think Austrians give Keynesians enough credit. It seems to me there are plenty of reasons a decrease in current consumption might not indicate an increase in investment (though none of these reasons seem to be normal occurrences). Negative expectations of banks, investors and investees could probably do it (though if these expectations were correct, the slowdown would be a good thing). I think some post-Keynesians have pointed out that bubbles in bond markets can also break the link between savings and investment, though I don't think they explain the cause of those bubbles.
# posted by : January 14, 2009 at 10:30 PM
: January 14, 2009 at 10:30 PM
For what its worth, I don't think Austrians give Keynesians enough credit.
Well there's a crunch. Ohhh! I'll be here all week folks. Remember to tip your waitresses.
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Well there's a crunch. Ohhh! I'll be here all week folks. Remember to tip your waitresses.
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