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It's Sunday, Fed blackout, am recovering from soccer match, sipping on double espresso, so of course a perfect time to take on Tyler Cowen here. 🙂
Like many people, I enjoy reading Tyler's blog. But there are times (alright, many times) I disagree with him. This is no big deal. I also disagree with myself sometimes (especially my past self). But his recent post left me
What is he trying to say here? After thinking about it for a bit, I think he's critiquing the idea that "running the economy hot" leads to employment *and* real wage gains. Perhaps the former, but only at the expense of the latter. At least, this is what a textbook IS-LM model
tells us if one "runs the economy hot" through increased fiscal stimulus (on consumption and transfers, not public infrastructure investment). If this is what he meant, then he should have just said so, instead of labeling this a "Keynesian" proposition.
In fact, this property follows as a *neoclassical* proposition that is embedded in the IS-LM framework. (For non-economists, note that Keynes did not invent IS-LM; the framework was developed later by Hicks as an interpretation of *some* parts of the General Theory.)
It is hardly phony, especially on social media, to refer to IS-LM models and the like as \u201cKeynesian.\u201d Krugman pushing it and, for better or worse, rising in popularity.
— tylercowen (@tylercowen) January 17, 2021
Like many people, I enjoy reading Tyler's blog. But there are times (alright, many times) I disagree with him. This is no big deal. I also disagree with myself sometimes (especially my past self). But his recent post left me
What is he trying to say here? After thinking about it for a bit, I think he's critiquing the idea that "running the economy hot" leads to employment *and* real wage gains. Perhaps the former, but only at the expense of the latter. At least, this is what a textbook IS-LM model
tells us if one "runs the economy hot" through increased fiscal stimulus (on consumption and transfers, not public infrastructure investment). If this is what he meant, then he should have just said so, instead of labeling this a "Keynesian" proposition.
In fact, this property follows as a *neoclassical* proposition that is embedded in the IS-LM framework. (For non-economists, note that Keynes did not invent IS-LM; the framework was developed later by Hicks as an interpretation of *some* parts of the General Theory.)
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Neo-nazi group #PatriotFront held a photo op in #Chicago last weekend & is currently marching around #DC so it's as good time as any to compile a list of their identified members for folks to watch for
Who are these chuds?
Patriot Front broke away from white nationalist org Vanguard America following #unitetheright in #charlottesville after James Alex Fields was seen with a VA shield before driving his car into a crowd, murdering Heather Heyer & injuring dozens of others
Syed Robbie Javid a.k.a. Sayed Robbie Javid or Robbie Javid of Alexandria,
Antoine Bernard Renard (a.k.a. “Charlemagne MD” on Discord) from Rockville, MD.
https://t.co/ykEjdZFDi6
Brandon Troy Higgs, 25, from Reisterstown,
Who are these chuds?
Patriot Front broke away from white nationalist org Vanguard America following #unitetheright in #charlottesville after James Alex Fields was seen with a VA shield before driving his car into a crowd, murdering Heather Heyer & injuring dozens of others
Syed Robbie Javid a.k.a. Sayed Robbie Javid or Robbie Javid of Alexandria,
Happy Monday everyone :-) Let's ring in September by reacquainting ourselves with Virginia neo-Nazi and NSC Dixie affiliate Sayed "Robbie" Javid, now known by "Reform the States". Robbie is an explicitly genocidal neo-Nazi, so lets get to know him a bit better!
— Garfield but Anti-Fascist (@AntifaGarfield) August 31, 2020
CW on this thread pic.twitter.com/3gzxrIo9HD
Antoine Bernard Renard (a.k.a. “Charlemagne MD” on Discord) from Rockville, MD.
https://t.co/ykEjdZFDi6
Brandon Troy Higgs, 25, from Reisterstown,