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All, I am trying my hand at refuting Krugmanite responses to the following article: http://online.wsj.com/article/SB10000872396390444100404577641280041366306.html?mod=hp_opinion The specific comment to which I am replying is as follows: "I’m late to this party, but I think Kessler attempts...
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"since the new deal and Keynesianism failed to end the great depression" That's patently and demonstrably not true. Government spending during WW2 put people to work, put money in their pockets, stimulated private spending and investment, created demand for more products, created the middle...
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I have been writing up stuff that I thought was interesting and related to the current economic mess. It has gotten a bit long but I really think it has many interesting things that I did not understand a year ago. I think other Austrian economist types will agree with most of it and still find new stuff...
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A friend of mine sent me the wiki "Critiques" of Austrian Business Cycle Theory. The red flag I noted was the line Nobel laureate Paul Krugman I was wondering if anyone had any thoughts on these points. I haven't read up on the crashes that they speak of - any thoughts on these "Critiques"...
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Krugman wrote a while back about his solution to Japan's liquidity trap: http://web.mit.edu/krugman/www/nikkei.html [quote] The standard answer goes like this: interest rates are already very low , so the Bank of Japan has done all it can. Meanwhile, the government has a severe fiscal problem, so...
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[quote user="Jonathan M. F. Catalán"] Prof. Krugman, If a liquidity trap is a scenario in which further quantitative easing cannot lower interest rate, or stimulate lending and investment, then obviously according to you we are not in a liquidity trap. For the record, I don't believe...
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I've been trying to read Krugman's book (I find it heavy on rhetoric and short on logic) and have been thinking about his babysitter analogy. I see RockyRacoon's point about the price-fixing. Maybe I'm wrong, but it seems to me there are other problems as well. In this analogy, the money...
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I've been trying to read Krugman's book (I find it heavy on rhetoric and short on logic) and have been thinking about this babysitter analogy. I see you point about the price-fixing. Maybe I'm wrong, but it seems to me there are other problems as well. In this analogy, the money is originally...
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[quote user="RockyRaccoon"] If Krugman framed the solution in those terms, I suspect it would sound much less acceptable to the public. Yet this is exactly what Krugman is proposing, as he admits elsewhere when referring to the babysitting co-op analogy: "shortfalls of overall demand would...