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Bitcoin: A Look at Major Freedom’s Currency

Posted on: December 29th, 2013 by Mike Sax 1 Comment

      On Friday  same bad news in China caused the Bitcoin to lose half its value in one day-from $1000 to $500.       Krugman then got the Bitcoin folks seriously riled when he referred to Bitcoin as evil in a post.       As he says they failed the humor test on that one.     ...

Economics, Intuition and Praising With Faint Damnation

Posted on: December 29th, 2013 by Mike Sax 4 Comments

     I guess I'll take this comment by Anonymous as a compliment.      "Williamson's main implicit point is that Krugman has become a shlock economist since he writes for the NYT. So yeah, it is totally about schools of thoughts in macro with the key difference being that the Keynesian camp acknowledges that there are some moronic economists out there whereas the Neoclassical camp claims that there are no Keynesians, that all the Keynesians are NewKeynesian and thus pseudo-classical or that the Keynesians are stupid or whatever (this is an obvious variation of...

The Latest Major UnFreedom Follies

Posted on: December 29th, 2013 by Mike Sax No Comments

    He calls himself Geoff now but this hasn't much improved his reasoning. Yesterday he was all breathless in linking to a few charts that he thought made a devastating case for his Rothbardian Austrianism. What they showed was the difference between various goods back in the 30s to today. Major clearly thinks this comparison is just devastating to all us pinko Keynesians and Monetarists.      "Someone please rationalize this. Shallow reasoning is preferred."     I've got to hand it to Mark Sadowski, while I differ with him on some important things I...

Freshwater Economists, Saltwater Economists; New Keynesians and New Monetarists

Posted on: December 28th, 2013 by Mike Sax No Comments

      SW confuses many with the distinctions he wants to deny and with those he does make. He wants to deny the Freshwater-Saltwater divide is about much of anything than the fevered minds of 'journalists'-ie, Krugman, Delong, Noah Smith and Miles Kimball et. al; that is to say not journalists but economists he is taking issue with.       Much of his kvetching over differences with how the Minneapolis Fed firings were handled seems like nothing but inside baseball to...

Krugman Envy: Stephen Williamson Diagnosed

Posted on: December 28th, 2013 by Mike Sax 2 Comments

      A commentator at Noahpinion used it and got it on the nose. Here SW was peevishly arguing about the Minneapolis Fed firings and dissing Noah Smith's answer to SW's previous Noah 'smackdown.'      "Wow. An all-night bender. Both inebriation and negotiation. Dude, get over it already and get back to Krugman envy."      I would happily name this commentator but they went the 'anonymous' route which is perhaps appropriate...

Sumner’s Old Wine in New Bottles: The Scourge of Monetarism 2.0

Posted on: December 28th, 2013 by Mike Sax No Comments

     I'm reading Kaldor's 'Scourge of Monetarism'-I just downloaded it last night on Amazon. I had initially wanted to read his book arguing for Economics Without Equilibrium as Lord Keynes over at Social Democracy for the 21st Century had mentioned it.      However, at this point the cost of it is very prohibitive.     ...

Britain: a Market Monetarist Victory?

Posted on: December 27th, 2013 by Mike Sax No Comments

     As Martin Wolf chronicles, the real worry in Britain is that the wrong lessons will be learned. To that end, Sumner is constantly holding up Britain as a MM success story. Yet what kind of success story is this where GDP is still 15% below it's long term trend?      David Cameron may luck out in the upcoming election-voters tend to vote based on the current economy which has seen a sharp rise in employment. Yet, his plans for the economy are not what the...

As Obama Signs Budget Bill Above Sequester Levels We Ask: Do Fairytales Come True After All

Posted on: December 27th, 2013 by Mike Sax No Comments

     Ok, maybe a little over the top for what on the face of it is a pretty modest bill.       "President Barack Obama signed into law Thursday the two-year budget agreement passed this month by the House and Senate."       "Over the next two years, the deal replaces $63 billion of the automatic cuts known as sequestration with more targeted spending cuts and new revenue via, among other things, higher airline ticket fees. It is projected to lower the federal deficit by $23 billion in the next decade."    ...

Don’t Tell Sumner: Does Outrage Over Failure to Extend UI Benefits Have Legs?

Posted on: December 27th, 2013 by Mike Sax No Comments

     You'd almost feel bad about telling him, he's having such a good time with it. Yes, he's still denying that he's having a good time with it but then that's par of the course for Sumner. When Judy Judy talked about 'peeing on my leg and telling me it's raining' she must have had him in mind.      By the way, Money Illusion commentator has inadvertently given me a real gem of a definition for monetary offset:    ...

Is the Superior Economic Performance of Democratic Presidents Just Good Luck?

Posted on: December 25th, 2013 by Mike Sax No Comments

     This is the argument of Alan Binder-himself a Keynesian and liberal who served in the Clinton Administration-that somehow the Democratic Presidents had more luck in terms of positive oil shocks and better productivity shocks along with better consumer sentiment. This leads Asymptosis to grouse that a a liberal is someone who doesn't know how to take his own side in an argument.       When Tyler Cowen did a post on this one...

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