Brad Delong quotes Mike Boskin on comparing talking to Principles of Economics students vs. being Chair of the President's Council of Economic Advisors: I think that one of Christie Romer's predecessors as CEA Chair, Stanford economist and Republican Mike Boskin, says it best. Being Chair of the CEA and advising all the political appointees in … Continue reading Just What I Would Imagine
Day: December 1, 2010
MMT Isn’t All That New
Modern Monetary Theory, MMT, is still considered a heterodox theory and a bit outside the mainstream. That's largely because of two factors. First, graduate economics education in money is largely stuck in quasi-gold standard era stuff from pre-1971. Milton Friedman and his disciples still dominate, despite the facts. Empirical evidence and knowledge of how banks … Continue reading MMT Isn’t All That New
Alan Simpson – FAIL again
More from Alan Simpson, the man who wants to cut your social security: Simpson said that while every interest group that testified before his committee agreed that the mounting federal debt is a national tragedy, they would then talk about why government funding to their area of interest shouldn't be touched. "We had the greatest … Continue reading Alan Simpson – FAIL again
House Prices Resume Falling
The fall in house prices appears to have resumed. Remember the collapse of the house-price bubble in 2006-7 was what largely triggered (triggered, but not the only cause) the Great Recession and the Great Non-Recovery. Late last year and earlier this year it looked as if the home-buyer credit and record low mortgage rates had … Continue reading House Prices Resume Falling
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