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Text of the page (random words):
g future distortionary taxes and a ratcheting up of government intervention in the economy so i will pass on this type of fiscal policy fiscal policy however that largely avoids these problems and directly addresses the real issue behind the aggregated demand shortfall an excess demand for safe money like assets i will endorse and that form of fiscal policy is a helicopter drop a government program that gives money directly to households oh says i giving money directly to households yeah that reduces the debt per dollar ratio that works i like it i don t like beckworth s reasoning that the real issue behind the aggregated demand shortfall is an excess demand for safe money like assets no the problem did not begin with the sudden increase in demand for safe money like assets the problem began when normal assets started getting toxic or rather the crisis began with toxic assets the problem goes much farther back in time i went back to steve roth s and followed the link to nick rowe s wonderfully successful effort nick s post oh i read that one already read and commented on it i think yup that s probably not good if there is all this backstory that steve and others have been following for a year or so oh well at wci nick makes me shudder how much money should the central bank print and buy things with as much as is necessary to hit the ngdp target and if it runs out of other things to buy like government bonds or commercial bonds or then it should buy newly produced things if necessary and if that means it is buying too much and getting too big then raise the ngdp target and the implied inflation rate and the implied tax on holding currency if the central bank runs out of things to buy and needs to buy new bridges to hit its ngdp target and if the government doesn t want the central bank owning bridges the government should buy those bridges financed by issuing bonds and let the central bank buy those bonds the central bank should just keep buying things nick says until the path of ngdp is where we want it even if it has to buy bridges that s what i was responding to in my comment no if you have to say the central bank should buy newly produced things if necessary then i have to say you misunderstand the problem in the normal economy nick would never say such a thing even two years ago probably nick would not have said such a thing but the central bank has been unable to solve the problem so the human reaction function keeps turning up the pressure it is as if nick knows the central bank should be able to solve the problem and that if it fails the failure must be because the central bank wasn t trying hard enough but this evaluation of central bank policy is based on the assumption that bank policy has been right all along and we only need more of the same i don t think that s the case when the central bank sells something it takes money out of the economy and puts something else in when it buys something it puts money into the economy and takes something else out when the federal reserve was buying up toxic assets it was putting safe money like assets into the economy and taking the toxic assets out but if toxic assets seem to be the problem then really the problem is whatever it was that made the assets toxic you have to track the problem to its origin you don t wait till the shit hits the fan and then say it s the stinky mess that s the problem toxic assets that was a result you have to ask what made the assets toxic the assets became toxic because the liabilities became unaffordable when people could no longer afford to make the mortgage payments mortgage backed securities became toxic the problem is not that assets went bad the problem is what made them go bad track the problem to its source liabilities became unsustainable therefore assets became toxic central banks bought up toxic assets but left liabilities to fester the federal reserve s balance sheet is now almost five times its pre crisis size but still the problem is not solved nick says let them just keep buying assets until the problem is solved but it did not work and it will not work and here is the reason the problem is not in the assets the problem is in the liabilities central banks don t buy liabilities so central bank policy has not solved the problem and cannot solve the problem the liabilities are still there no matter how many assets the central bank buys the liabilities remain that s why i like the helicopter drop it puts money into the economy some of that money goes directly into the hands of people who might use it to pay down their debt that decreases liabilities and hopefully it decreases toxic liabilities pot luck yes but it s better than buying bridges posted by the arthurian at 4 00 am 2 comments monday july 28 2014 oz i recall some offhand remark by milton friedman in either free to choose or money mischief or possible both about the oz in the wizard of oz being a reference to an ounce of gold here it is a footnote to chapter 3 of friedman s money mischief in a fascinating paper hugh rockoff 1990 persuasively argues that frank baum s the wonderful wizard of oz is not only a child s tale but also a sophisticated commentary on the political and economic debates of the populist era p 739 that is on the silver agitation generated by the so called crime of 1873 the land of oz according to rockoff is the east in which the gold standard reigns supreme and where an ounce oz of gold has almost mystical significance p 745 rockoff goes on to identify the wicked witch of the east with grover cleveland the gold democrat who as president led the successful repeal of the sherman silver purchase act of 1893 p 746 similarly rockoff is able to identify many of the other places and characters and much of the action with places people and events that played a significant role in the final years of the free silver movement i read that probably some time during bill clinton s first term but i never saw another reference to the topic till now having found some useful looking stuff on regression in excel in relation to the marginal propensity to consume i followed a few links to professor combs of fordham and to notes on a course called the wealth of words economics and literature ecrm 1160 the wealth of words economics and literature course description from the writings of austen to zola literature has a great deal to teach us about economic principles some are obvious such as the theme of social and economic inequality in steinbeck s the grapes of wrath others are more veiled such as the allegory of the federal reserve system and debates over monetary policy in the wizard of oz these are only two of many examples where economics and literature intersect this course will introduce economic ways of thinking to students interested in the study of literature while opening the literary world to students interested in economics and business the course content uses selections of poetry short stories songs plays literary essays films and chapters of novels to demonstrate core economic principles and concepts some examples of topics and titles include the ideology of capitalism forster s howard s end the anti capitalist sentiment lewis babbitt the non market economy erdrich s francine s room poverty and income inequality wright s native son monetary policy baum s the wizard of oz urban industrial development sandburg s chicago opportunity cost yeats the choice and social and economic in justice brooks the lovers of the poor the fourth hour will be used to view films workshop student essays and visit relevant new york city sites of interest such as the lower east side tenement museum ellis island and the federal reserve bank of new york so there ya go posted by the arthurian at 4 00 am 0 comments sunday july 27 2014 roots of the gold standard the schoolmen certain theologians of the middle ages so called because they lectured in the cloisters or cathedral schools founded by charlemagne and his immediate successors st thomas 1225 1274 buridan c 1300 after 1358 excerpts from monetary theory before adam smith by arthur eli monroe ph d assistant professor of economics harvard university the book is c 1923 by harvard university press st thomas not only repeated what the greek philosopher aristotle had said about making money of materials useful in themselves but added that the high specific value of the precious metals making them easily portable was a further reason for their use as money to this somewhat tentative analysis buridan made important additions money should be made of precious material he says in order to facilitate transportation durable in order to serve as a store of value divisible into small parts for lesser purchases and capable of being impressed with adequate marks for identification the statement of buridan may be said to have remained the accepted one for over a century and the basis of all later discussion posted by the arthurian at 4 00 am 0 comments saturday july 26 2014 the whole of chapter one here it is the whole chapter sans footnote from the marxists i have called this book the general theory of employment interest and money placing the emphasis on the prefix general the object of such a title is to contrast the character of my arguments and conclusions with those of the classical theory of the subject upon which i was brought up and which dominates the economic thought both practical and theoretical of the governing and academic classes of this generation as it has for a hundred years past i shall argue that the postulates of the classical theory are applicable to a special case only and not to the general case the situation which it assumes being a limiting point of the possible positions of equilibrium moreover the characteristics of the special case assumed by the classical theory happen not to be those of the economic society which we actually live with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience short and to the point and it comes first it s the first chapter in the book i think that means something i think that means keynes thought it important not insignificant because the chapter is short but clear because the chapter is short and important because it comes first what was it cochrane said a good joke or a mystery novel has a long windup to the final punchline don t write papers like that put the punchline right up front and then slowly explain the joke that s what keynes did he put the most important thing first when i came upon chapter one just now what struck me was its brevity but what i remembered then was the long back and forth between peter l and philip pilkington at pilkington about i am thinking in particular of this from peter l we re discussing what is an extremely minor point and i am squarely to blame here but here s one last go at clarification 1 i noticed you say that the reason why the gt is called general is because keynes saw it as applying to all economies regardless of institutional framework and political system on this i think there is no room for misunderstanding we agree that you said this and we agree on what you meant by it we also agree keynes was attempting a theory of economic behaviour so of course mutatis mutandis if that theory is correct in one set of institutional circumstances it would fit all 2 ok next you cite the german preface of gt in support of your contention in 1 above 3 my argument is that while keynes may well have seen his theory as being applicable not only to economies with democratic institutions that was most definitely not his reason for using the term general unless i ve missed something altogether possible of course i see no scope for misunderstanding while i would contend the german preface is not a place to find keynes theory i do think what he says on page three is definitive and i m sure you know this passage well my added emphases i have called this book the general theory of employment interest and money placing the emphasis on the prefix general the object of such a title is to contrast the character of my arguments and conclusions with those of the classical theory of the subject upon which i was brought up and which dominates the economic thought both practical and theoretical of the governing and academic classes of this generation as it has for a hundred years past i shall argue that the postulates of the classical theory are applicable to a special case only and not to the general case the situation which it assumes being a limiting point of the possible positions of equilibrium moreover the characteristics of the special case assumed by the classical theory happen not to be those of the economic society in which we actually live with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience finally it is surely the case that keynes really did not think of marshall et al were simply writing about the victorian british economy whilst the general theory would apply to the victorian british economy as well as the german totalitarian economy and indeed any others his point is that the classical theory applies to no economy except in special circumstances yes i made you read the whole of chapter one twice now forgive me but it s an important paragraph it s important not to misunderstand it i think peter l has it exactly right emphases and all maynard was telling us that the economy is much bigger than we think bigger and more of a whole economists today argue whether something somebody said a hundred or a hundred and fifty years ago is right or wrong all else aside isn t that pathetic everybody is wrong sometimes but most people try to get it right any economist who is worth anything tries to get it right so taking the best of what someone offers that part of what they say is probably correct or close so why is it we take these things people said back when when the economy was different than it is now why is it we take these things and just call them wrong and reject them are we not being most disrespectful are we not missing the bigger picture are we not dismissing something brief clear and important enough to make it into the first chapter of the general theory in thoughts on brad s thoughts on economic theology robert waldmann quotes joseph stiglitz via brad delong a peculiar doctrine came to be accepted the so called neoclassical synthesis it argued that once markets were restored to full employment neoclassical principles would apply the economy would be efficient we should be clear this was not a theorem but a religious belief the idea was always suspect waldmann adds brad notes that the peculiar doctrine is due to keynes delong offers a different quote but that particular doctrine is the one keynes established in the first chapter which by now you ve read at least twice stiglitz rejects it delong says it is not true in practice and waldmann rej...
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