Bob, this is OT but i was wondering what you thought about "Post Keynesian" econ. Perhaps you've written about them before, I'm not sure.

But i've looked into some of them and I don't think I've really grasped them or understood them but one thing i take away is that they pretty much disparage Austrians.

They seem to argue that the Austrians are wrong because Austrian analysis only applies under a gold standard or something to that effect.

And they seem to believe that there's nothing wrong with massive deficits and spending, and that you actually need to do these things, and there's no worry of inflation, etc.

Any thoughts?
 

Mr. Murphy,

Watched the vids...and learned a thing or two. Thanks and nice work. Couple of observations, fwiw...
(1) Like how you are sure to repeat the question before answering.
(2) You didn't mention this in your explanation for the general and surprising flight into the dollar last year, but I've "heard" that at least part (much?; most?) of the flight can be explained by dollar demand by hedge funds honoring redemptions, as well as other types of "deleveraging".

Overall, EXCELLENT analysis. (Austrian) economics is in good hands, with the likes of yourself, sir.
 

Ware, I don't know what the "post Keynesians" believe, to be honest. I'm pretty sure what I learned at NYU was "New Keynesianism," which was basically rational expectations macro that yielded traditionally Keynesian solutions (through nominal price rigidities, etc.).

Sean, thanks. I am going to write something up on this deleveraging stuff in response to Mish, but I still need to collect my thoughts.
 

They seem to call themselves "Post Keynesians" but I suppose it could just be a marketing type gimmick to get some recognition as distinct from the standard Keynesians or new Keynesians. I'm not really informed enough to be able to make a distinction.

I know you're too busy to look into them, but here are some links where they talk about some of their views: http://neweconomicperspectives.blogspot.com/2009/06/professor-l-randall-wray-responds-to.html

http://neweconomicperspectives.blogspot.com/2009/06/will-run-up-in-government-debt-doom-us_17.html

http://neweconomicperspectives.blogspot.com/2009/06/dont-fear-rise-in-feds-reserve-balances.html

They seem to have no fear of deficits, spending, inflation, and directly contradict Austrian Econ, so I was wondering about the Austrian response to them.
 

BTW Bob, i'm not some kind of shill or promoter for the site to which i put 3 links up in my previous comment. it was just the place with the most concise exposition of their views where they seem to directly contradict Austrian theory.