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Text of the page (random words):
generally assumed y know i like the guy i like a lot of what krugman says but he s desperately trying to make an argument here in favor of debt when i read it i was sympathetic but i don t buy the argument he s waffling and he s trying to weasel around the problem of insurmountable debt read more posted by the arthurian at 6 42 am 1 comments labels debt krugman tuesday september 29 2009 hoard flow save spend hold sometimes you wake up in the morning and there it is one way the federal reserve can fight inflation is to sell some of its assets if it sells a t bill to someone in exchange the fed receives money that someone was willing to spend that money spending money is m1 money the fed receives that money and holds it and it is no longer in circulation it comes out of m1 i get it now a few days ago i wrote you can only either spend or save i wrote people make their own decisions here s the thing you can only either spend or save but while you re deciding between the two you are holding money here s the picture that was in my head when i woke up this morning the heavy line between hoard and flow represents the range of possible attitudes toward holding money call it the hold line if you don t hold money very long your spending happens near the flow end of the line if you do hold money a long time your spending shows up closer to the hoard end the diagram also shows that hoarding is not the same as saving if you save a dollar your bank will put it to use lending out multiple copies of it but until you put it in the bank you are holding that dollar and as long as you hold it no one is putting it to use the money you hold may count as being in circulation but it is not in circulation just like at the fed posted by the arthurian at 12 27 pm 0 comments labels five words monday september 28 2009 another h word many voices back when i was teaching myself c language two of the first words i came upon were declarations and definitions well they were long words and both started with d and i was just startin out and they were two of a kind to me so i skipped over them and started writing functions things went pretty well for a while as i learned my programs got bigger and then i started getting really strange errors one time the source code in the editor changed when i ran the code weird errors it took me three years to figure it out in the end i finally understood the difference between definitions and declarations i started using them both and the weird errors went away i m not sayin anyone will have a problem like that with the words holding and hoarding i just thought it was interesting hoarding is an extreme form of holding money there springs up among them an extravagant love of gain get another man s and save your own is their principle and they have dark places in which they hoard their gold and silver for the use of their women and others they take their pleasures by stealth like boys who are running away from their father the law from the republic by plato book viii i first came upon the word hoarding in the general theory some thirty years ago the economy was different then hoarding was not something in the news not part of the world i understood i had trouble with the concept below are some notes and quotes gathered since that time friedman free to choose p 74 a run that results in hoarding of cash by the public tends to reduce the total money supply samuelson economics 1958 edition p 269 a hoarder who earns no money interest on his mattress cache finds the real value of his wealth increasing every day as prices fall hoarding reduces the amount of circulating money which causes deflation which causes the value of the hoard to increase in other words there are times when money under the mattress will increase in value as though it were collecting interest in a bank this is a fascinating aspect of a money economy it means that the system has a self perpetuating positive feedback loop that can lead to economic collapse that is why it is important to the government to keep people spending my old economics text by campbell r mcconnell 1975 edition pp 328 29 includes an excerpt from whatever happened to the cashless society from the morgan guaranty survey the convenience of paying by check and the credit card revolution would suggest a declining need for currency but curiously the amount of coins and paper money in circulation has increased significantly so current day observations of increasing demand for m1 money are at least nothing new the excerpt also offers explanations for the increase including a rising price for silver in the sixties made the old coins worth more intrinsically than their face value silver coins rapidly disappeared into private hoards and this tax evasion is believed to be a significant factor in the demand for currency people receive payment in cash so that there is no record much of this money winds up in safe deposit boxes under the mattress or in fruit jars buried under the old apple tree according to the excerpt hoarding is one reason for the increase of money in circulation money hoarded in fruit jars and under the mattress still counts as being in circulation that s gotta screw up the economic accounting from money prices and civilization in the mediterranean world fifth to seventeenth centuries by carlo m cipolla many good historians have told us of the shortage of coins in europe in the dark ages coins were scarce and they were scarce partly because the supply of precious metals was scarce and partly because a tremendous and widespread propensity to hoard drained relatively large amounts of the existing metals from the current supply p 9 and a follow up while the transaction demand for coins was very much depressed in the dark ages the demand for coins as assets to be hoarded was exceedingly high this sort of demand though had rather disruptive effects on the working of the monetary system it subtracted continuously coins from business circulation for unreasonable lengths of time and tended to shift them into the class of jewelry p 11 so hoarding doesn t only screw up the economic accounting it also screws up the economy from monetary theory before adam smith by arthur eli monroe antonine of florence also notes the influence of supply indirectly in his remarks that when gold is hoarded it becomes scarce and more goods will be given for the same money monroe p 26 antonini of florence was one of the scholastics or schoolmen he came in the next century after thomas aquinas from wealth and poverty by george gilder 1981 economies stall for much of human history in a slough of depression caused by insufficient buying power stagnant savings and hoarded funds p 33 in the general theory keynes analyzes the stall that gilder observes the destruction of the inducement to invest by an excessive liquidity preference was the outstanding evil the prime impediment to the growth of wealth in the ancient medieval worlds p 351 let us do everything we can to prevent that from happening in our time posted by the arthurian at 7 51 am 0 comments labels feedback loops five words hoarding saturday september 26 2009 either or there is no other choice you can spend a dollar or save it there is no other choice keep a dollar or let it go if you keep it that s saving if you let it go that s spending save and spend are the only options read more posted by the arthurian at 1 18 pm 0 comments labels five words the little things holding patterns how are we gonna solve the big problems if we don t even know the meaning of little words milton friedman used to write about the amount of money people want to hold i never quite understood it i want to hold lots of money who would want to hold less it never made sense to me read more posted by the arthurian at 11 59 am 0 comments labels five words friday september 25 2009 from an ad in my gmail just now maybe this is something new read more posted by the arthurian at 5 39 pm 0 comments two things thing one the wikipedia article money supply this morning contains this statement since most modern economic systems are regulated by governments through monetary policy the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each narrow measures include those more directly affected by monetary policy whereas broader measures are less closely related to monetary policy actions i d say that s an accurate statement maybe we could leave out the word since because it implies causal relationships that complicate the simple facts leave out the word since change the first comma to a period and we re good the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each narrow measures are more directly affected by monetary policy whereas broader measures are less responsive read more posted by the arthurian at 6 06 am 2 comments wednesday september 23 2009 in circulation hustle n flow raging river meandering stream stagnant pond the flow of water sometimes more sometimes less sometimes not at all the same is true of money read more posted by the arthurian at 8 07 pm 0 comments labels five words sunday september 20 2009 giving new meaning to my label tot i have a grandson jacob arthur four days old born on 7 september 2009 labor day read more posted by the arthurian at 6 38 pm 1 comments labels tot saturday september 19 2009 this is getting krugly inflation and the vietnam war krugman writes for the late 1970s was when macroeconomics experienced its great divide it s a period engrained in the memory of those of us who were young economists at the time trying to find our own paths yet i haven t seen a clear explanation of what went down at the time so here s a sketch which i hope a serious intellectual historian will fill in someday read more posted by the arthurian at 9 05 pm 2 comments labels economics v the economy krugman discretion aside a response further thoughts on an earlier post come to think of it there s not much difference between 1 people finding somebody to blame like greenspan or keynes and 2 economists laying the blame on people for being complex it s the same blame game read more posted by the arthurian at 6 06 am 0 comments friday september 18 2009 making sense of it my son my boss my economy when my son aaron was in the first grade he came home from school one day all upset i asked him what was wrong he said they told us we have to study i don t know how to do that it wasn t a big problem really and he since became an engineer read more posted by the arthurian at 3 48 am 1 comments wednesday september 16 2009 here i looked it up behavioral economics from wikipedia the free encyclopedia behavioral economics and behavioral finance are closely related fields that have evolved to be a separate branch of economic and financial analysis which applies scientific research on human and social cognitive and emotional factors to better understand economic decisions by consumers borrowers investors and how they affect market prices returns and the allocation of resources read more posted by the arthurian at 12 17 pm 0 comments labels behavioral ec balance in all things when economists write textbooks or teach introductory students or lecture to laymen they happily extol the virtues of two lovely handmaidens of aggregate economic stabilization fiscal policy and monetary policy arthur okun in 1977 when i got my three credits in economics i learned that the government had two tools to use for managing the economy monetary and fiscal policy maybe they don t teach this anymore maybe that is the problem read more posted by the arthurian at 4 05 am 1 comments labels behavioral ec krugman red and green monday september 14 2009 discretion aside the big piece krugman s big state of economics piece is the focus of much attention this fifteen minutes here is his conclusion so here s what i think economists have to do first they have to face up to the inconvenient reality that financial markets fall far short of perfection that they are subject to extraordinary delusions and the madness of crowds second they have to admit that keynesian economics remains the best framework we have for making sense of recessions and depressions third they ll have to do their best to incorporate the realities of finance into macroeconomics here it is in shortform 1 economists have ignored the imperfection of markets 2 keynesian economics provides the best understanding 3 economics must incorporate the realities of finance going thru the wormhole and coming out on my side we get the following read more posted by the arthurian at 3 29 am 1 comments labels krugman red and green friday september 11 2009 this day read more posted by the arthurian at 4 38 am 0 comments labels tot assumptions what would you do suppose you invented a carburetor that gave you 200 miles per gallon what would you do put one on your own car obviously sell them to your neighbors or just give them away to get things started word of mouth invent a better mousetrap and people will come knocking at your door suppose you came up with an economic theory that explained a lot what would you do how would you install it how would you show that it works read more posted by the arthurian at 3 51 am 0 comments labels is it ego captain friday september 4 2009 notes on the forgiveness 1 gold can t do this if we were on the gold standard the forgiveness could not be done you can t print gold fiat money is flexible unfortunately we have not yet learned how to take advantage of the features of fiat money we know only how to create inflation read more posted by the arthurian at 4 19 am 1 comments tuesday september 1 2009 just a quick reference roosevelt came to office at a desperate time in the fourth year of a worldwide depression that raised the gravest doubts about the future of western civilization the year 1931 was distinguished from previous years by one outstanding feature commented the british historian arnold toynbee in 1931 men and women all over the world were seriously contemplating and frankly discussing the possibility that the western system of society might break down and cease to work on new year s eve 1931 in the united states an american diplomat noted in his diary the last day of a very unhappy year for so many people the world around prices at the bottom and failures the rule of the day a black picture and in the summer of 1932 john maynard keynes asked by a journalist whether there had ever been anything before like the great depression replied yes it was called the dark ages and it lasted four hundred years from the fdr years on roosevelt and his legacy by william e leuchtenburg in the washington post posted by the arthurian at 8 52 pm 0 comments beyond hope the bigger they are the harder they fall what are we waiting for the fall of rome we re talking ourselves silly among the forces that drive the economy i list human nature fi...
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