If you haven't read his blog you should try it out sometime. He's not just a sterling Diary of a Republican Hater reader. He's also got a very nice blog himself.
""Classifying economists is becoming quite a challenge these days. Austrians, classicals, neo classicals, keynesians, new keynesians, monetarists, post keynesians, market monetarists and now new monetarists. I have two classifications. Sycophant or Henchmen. When I read an oped by an economist these days they usually are trying to make the non economist believe one of two things."
"One; they want you to believe that the people who are on top of the world calling the shots and determining much of your economic fate, are hardworking smart guys who know what is best and have studied these things like finance and the economics and if you just don't tax them too much or make them follow too many rules, they'll make the world you inhabit with them a more livable place and you'll be happier. These are the sycophants."
"Two; they want you to believe that "There is no alternative" this is how its going to be while they are in charge so get used to it. These are the henchmen."
"Either belief you come away with is fine with the guys running the economy."
""Classifying economists is becoming quite a challenge these days. Austrians, classicals, neo classicals, keynesians, new keynesians, monetarists, post keynesians, market monetarists and now new monetarists. I have two classifications. Sycophant or Henchmen. When I read an oped by an economist these days they usually are trying to make the non economist believe one of two things."
"One; they want you to believe that the people who are on top of the world calling the shots and determining much of your economic fate, are hardworking smart guys who know what is best and have studied these things like finance and the economics and if you just don't tax them too much or make them follow too many rules, they'll make the world you inhabit with them a more livable place and you'll be happier. These are the sycophants."
"Two; they want you to believe that "There is no alternative" this is how its going to be while they are in charge so get used to it. These are the henchmen."
"Either belief you come away with is fine with the guys running the economy."
This is what Sumner's Market Monetarism really amounts to.
Unlearning Econ makes the point that you don't have to have economists to have an economy. Indeed, as much as Sumner claims to admire China, they don't follow economists there so they don't get whatever credit is due.
I find myself in the paradoxical position of liking Krugman quite a bit but coming to like Stephen Williamson. He's not a Market Monetarist and has stolen their rightful birthright by calling himself a 'New Monetarist.' Here he is over in an answer to my question over at his place.
"My understanding is that Sumner thinks that the Fed could announce a path for nominal income, and it would come to pass, like when you wish and blow out the candles. Doesn't seem to understand that this has to be done with policy decisions and directives to the New York Fed about how to intervene in financial markets."
He wants Sumner to model his NGDP regime along with the futures market.
"I would like to see Sumner write down a serious model in which there is an NGDP futures market, monetary policy is implemented in the way he says it should be, and it turns out this is a good idea. In its current form, the idea is just chit-chat."
"Another page other readers could take out of Greg's book-ok I'm doing some special pleading here so bear with me. He's going out of his way to try to leave me a donation. Google Checkout is defunct and they did warn me for months to make a change but I didn't so now there's no where to donate.
Yet Greg is going out of his way in asking where he can. There's a lesson in there somewhere my Diary of a Republican Hater readers. LOL. I'm sorry but I really am poor."
"Hey Mike, something has changed with your tip jar. It no longer allows me to buy with google. Is there another way? Would like to give you a Christmas tip for helping me avoid direct encounters with Sumner"
http://diaryofarepublicanhater.blogspot.com/2013/12/bob-murphys-touching-concern-for.html?showComment=1386526990610#c4483547750940122925
Partly this is my fault. Well it's a lot my fault. First of all I only mentioned the possibility of leaving a donation of appreciation in June or something and never have since. I do this blog for the passion and I didn't really want to leave the wrong impression by asking for donations. This is what i love-though my dream is to do what I love and maybe earn a few bucks at it as well. Then, I need to fix the tip jar-Google warned me the change was coming and I just never got round to it.
So you can't do anything yet even if you are motivated to immediately strike out and send my a nice crisp $10 donation. Is that a lot of money? Well in today's economy yes. However, think of it this way: if you just go without smoking that pack of cigarettes one day a month that would pay for it. Think about that: not only do you hopefully learn something reading my blog but you also save your lungs and body one day from nicotine and all that smoke down your lungs. Yeah, you're welcome! LOL. Rather than smoke a pack of cigarettes you get all this great information about Sumner and his many sophisms. Talk about a win-win!
Of course, I really ought to get the tip jar working before I inspire you to contribute. Are you inspired yet? Good now let me figure out how to enable you to send it! I have to find a new payment provider. Google Checkout is actually no good and I should actually take this off my page as you can't use it-the tip jar is no good. I will try to do this at lunch.
Again, any love you can send me enables me to write more posts and spend less time calling people up at home to get their chimney cleaned-whether they need it or not! So you're even making a socially beneficial choice! I think the world is a better place this way-what do you think?
"Another page other readers could take out of Greg's book-ok I'm doing some special pleading here so bear with me. He's going out of his way to try to leave me a donation. Google Checkout is defunct and they did warn me for months to make a change but I didn't so now there's no where to donate.
Yet Greg is going out of his way in asking where he can. There's a lesson in there somewhere my Diary of a Republican Hater readers. LOL. I'm sorry but I really am poor."
"Hey Mike, something has changed with your tip jar. It no longer allows me to buy with google. Is there another way? Would like to give you a Christmas tip for helping me avoid direct encounters with Sumner"
http://diaryofarepublicanhater.blogspot.com/2013/12/bob-murphys-touching-concern-for.html?showComment=1386526990610#c4483547750940122925
Partly this is my fault. Well it's a lot my fault. First of all I only mentioned the possibility of leaving a donation of appreciation in June or something and never have since. I do this blog for the passion and I didn't really want to leave the wrong impression by asking for donations. This is what i love-though my dream is to do what I love and maybe earn a few bucks at it as well. Then, I need to fix the tip jar-Google warned me the change was coming and I just never got round to it.
So you can't do anything yet even if you are motivated to immediately strike out and send my a nice crisp $10 donation. Is that a lot of money? Well in today's economy yes. However, think of it this way: if you just go without smoking that pack of cigarettes one day a month that would pay for it. Think about that: not only do you hopefully learn something reading my blog but you also save your lungs and body one day from nicotine and all that smoke down your lungs. Yeah, you're welcome! LOL. Rather than smoke a pack of cigarettes you get all this great information about Sumner and his many sophisms. Talk about a win-win!
Of course, I really ought to get the tip jar working before I inspire you to contribute. Are you inspired yet? Good now let me figure out how to enable you to send it! I have to find a new payment provider. Google Checkout is actually no good and I should actually take this off my page as you can't use it-the tip jar is no good. I will try to do this at lunch.
Again, any love you can send me enables me to write more posts and spend less time calling people up at home to get their chimney cleaned-whether they need it or not! So you're even making a socially beneficial choice! I think the world is a better place this way-what do you think?
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