As I mentioned yesterday, it seems that one reason my blog was suddenly dumped from adsense and from Facebook is the title. Maybe the word 'hater' in the title draws a red flag. I wondered if maybe I should rename this blog Diary of a Republican Lover.
http://diaryofarepublicanhater.blogspot.com/2013/06/should-i-call-this-blog-diary-of.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DiaryOfARepublicanHater+%28Diary+of+a+Republican+Hater%29
Market Monetarist dynamo Marcus Nunes has a suggestion for a new name:
"Mike A more appropriate name for your blog, more closely tied to content, would be "Diary of a Krugman lover". Adsense would be back in a jiffy and Facebook would give you a 'bonus'!"
http://diaryofarepublicanhater.blogspot.com/2013/06/krugman-takes-on-sumner-austerity-myth.html?showComment=1370539134660#c9144644616586518973
I responded to him thusly:
"C'mon Marcus-you got no love? I love your blog. We just disagree on certain things. Like when Sumner says that we're better off with austerity well that just doesn't sound right ot me. I can't pretend to agree with it."
He responded to my olive branch-I said I love his blog-with this:
"Sure, I got 'lot´s of love'. But you 'hate Republicans' and put PK in a high pedestal! That´s more than 'love', that´s 'worshiping'!"
This is not the first time I've received an unhappy comment from Marcus.
http://diaryofarepublicanhater.blogspot.com/2013/05/marcus-nunes-accuses-me-of-lying.html
The Market Monetarist-Keynesian animus has if anything spiked recently it seems to me. This has been largely driven by Sumner's anti fiscal multiplier crusade. He wants the 'right lessons' to be learned from this crisis. I see that Marcu himself has another post up with the anti Keynesian focus:
http://thefaintofheart.wordpress.com/2013/05/21/monetary-policy-trumps-fiscal-policy-uk-vs-us/
I don't know that I 'worship' Krugman. I have a pretty high regard for him; I actually have a decent regard for Marcus believe it or not, but I don't think he or Krugman are infallible.
If I've in anyway worshipped Krugman Marcus should try to be a little more specific. It's such a broad and vague charge that there's not much I can say about it other than I don't think I do it.
What I have argued is that Krugman should engage Sumner-the fellow who Marcus perhaps 'worships.' In a way this is even a criticism of Krugman. I think the case can be made that he hasn't engaged enough on this monetary offset argument. I think Krugman sometimes doesn't give us laypeople enough credit-we have learned a lot more in the last 4 years-thanks in no small part to him, I would also give Sumner a lot of credit in this regard-and we are hungry for the proper theoretical-'wonkish'-arguments to decide these disagreements.
I think Krugman has come close lately to at least straddling monetary offset. I must say I think Sumner and friends-like Marcus-are wrong-David Glasner had a good piece recently pointing this out.
http://diaryofarepublicanhater.blogspot.com/2013/05/david-glasner-fiscal-multiplier-could.html
The argument that Marcus employs in the above link is the one Sumner has been using lately-that the UK and Europe did no more austerity than the U.S. and yet the U.S. is the much more healthy economy. I think this argument is wrong in that the austerity of the U.K. and Europe have been way underestimated by them. Sumner-like the Heritage Foundation's appearance yesterday in front of the Senate-has a very simplistic mode of counting 'austerity.' If the deficit is higher then clearly there''s been no austerity. This is a crude-and wrong-way to count it. Keynesians have made the point repeatedly that austerity can actually increase the deficit through lower growth and revenues.
The U.S.'s main austerity has been the recent sequester. Until then the federal government was about even on the 4 years rather than contractionary-factoring the stimulus and then the future budgets of 2011 it's about even. There has been considerable wrongheaded austerity at the state level.
However, simply saying the deficit is very high so there's been no austerity isn't going to 'defeat the Keynesian multiplier' as Sumner seems to think.
http://diaryofarepublicanhater.blogspot.com/2013/06/should-i-call-this-blog-diary-of.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DiaryOfARepublicanHater+%28Diary+of+a+Republican+Hater%29
Market Monetarist dynamo Marcus Nunes has a suggestion for a new name:
"Mike A more appropriate name for your blog, more closely tied to content, would be "Diary of a Krugman lover". Adsense would be back in a jiffy and Facebook would give you a 'bonus'!"
http://diaryofarepublicanhater.blogspot.com/2013/06/krugman-takes-on-sumner-austerity-myth.html?showComment=1370539134660#c9144644616586518973
I responded to him thusly:
"C'mon Marcus-you got no love? I love your blog. We just disagree on certain things. Like when Sumner says that we're better off with austerity well that just doesn't sound right ot me. I can't pretend to agree with it."
He responded to my olive branch-I said I love his blog-with this:
"Sure, I got 'lot´s of love'. But you 'hate Republicans' and put PK in a high pedestal! That´s more than 'love', that´s 'worshiping'!"
This is not the first time I've received an unhappy comment from Marcus.
http://diaryofarepublicanhater.blogspot.com/2013/05/marcus-nunes-accuses-me-of-lying.html
The Market Monetarist-Keynesian animus has if anything spiked recently it seems to me. This has been largely driven by Sumner's anti fiscal multiplier crusade. He wants the 'right lessons' to be learned from this crisis. I see that Marcu himself has another post up with the anti Keynesian focus:
http://thefaintofheart.wordpress.com/2013/05/21/monetary-policy-trumps-fiscal-policy-uk-vs-us/
I don't know that I 'worship' Krugman. I have a pretty high regard for him; I actually have a decent regard for Marcus believe it or not, but I don't think he or Krugman are infallible.
If I've in anyway worshipped Krugman Marcus should try to be a little more specific. It's such a broad and vague charge that there's not much I can say about it other than I don't think I do it.
What I have argued is that Krugman should engage Sumner-the fellow who Marcus perhaps 'worships.' In a way this is even a criticism of Krugman. I think the case can be made that he hasn't engaged enough on this monetary offset argument. I think Krugman sometimes doesn't give us laypeople enough credit-we have learned a lot more in the last 4 years-thanks in no small part to him, I would also give Sumner a lot of credit in this regard-and we are hungry for the proper theoretical-'wonkish'-arguments to decide these disagreements.
I think Krugman has come close lately to at least straddling monetary offset. I must say I think Sumner and friends-like Marcus-are wrong-David Glasner had a good piece recently pointing this out.
http://diaryofarepublicanhater.blogspot.com/2013/05/david-glasner-fiscal-multiplier-could.html
The argument that Marcus employs in the above link is the one Sumner has been using lately-that the UK and Europe did no more austerity than the U.S. and yet the U.S. is the much more healthy economy. I think this argument is wrong in that the austerity of the U.K. and Europe have been way underestimated by them. Sumner-like the Heritage Foundation's appearance yesterday in front of the Senate-has a very simplistic mode of counting 'austerity.' If the deficit is higher then clearly there''s been no austerity. This is a crude-and wrong-way to count it. Keynesians have made the point repeatedly that austerity can actually increase the deficit through lower growth and revenues.
The U.S.'s main austerity has been the recent sequester. Until then the federal government was about even on the 4 years rather than contractionary-factoring the stimulus and then the future budgets of 2011 it's about even. There has been considerable wrongheaded austerity at the state level.
However, simply saying the deficit is very high so there's been no austerity isn't going to 'defeat the Keynesian multiplier' as Sumner seems to think.
Hi Mike, this is TravisV.
ReplyDeleteAmong people supporting NGDP targeting, there seem to be plenty of people who support fiscal stimulus and plenty who don't. Josh Barro supports fiscal stimulus and David Glasner does here: http://uneasymoney.com/2013/05/21/scott-sumner-meet-robert-lucas
Right now, I'm actually inclined to think that the Fed could get us to full employment on its own if it wanted to and fiscal stimulus isn't necessary. Yglesias agrees with me. But there seem to be plenty of smart people on both sides of the question of fiscal stimulus.
Yes, hello Travis. I guess my trouble with Sumner is that he gets so dogmatic about it. Why fight over the point so much? That's what makes me thinks his main agenda is getting people to agree that we must never, ever do fiscal stimulus.
DeleteYou personally think the Fed could get us all the way on its own. Fair enough. But wouldn't it be better for the fiscal authorities to 'first do no harm' even if they for arguments sake don't do anymore fiscal stimulus-which likely they won't thanks to gridlock-at least not to be adding a sharp fiscal contraction-ie, the sequester?
Mike, it wasn´t supposed to be an "unhappy" comment, just tongue-in-cheek!
ReplyDeleteAbout your answer to Travis: If SS "gets so dogmatic" about it, how would you say PK gets?
FYI, I live in a country where the government thinks it can "accomplish" much. Unfortunately the more it tries, the worse things get!
FYI:
ReplyDeletehttp://www.economist.com/news/leaders/21579007-how-squander-inheritanceand-how-easily-it-could-be-restored-fall-grace
Well Marcus I can understand that-we live in different countries so we may have different experiences with government. However, I live in a country where the government isn't supposed to be able to do anything-or so we are always told.
ReplyDeleteThen we see Obamacare which the early returns suggest is doing fine.
Just for perspective Marco, we live in a country where even after a natural disaster in Oklahoma causes 200 causalities Republican Congressmen say we can only help the victims and their families if we first agree to offsetting government cuts elsewhere. Otherwise the victims are out of luck.
ReplyDelete