Sunday, December 2, 2012

The Robert Wenzel Show: Does Anyone at the University of Chicago Watch Money Supply Anymore?

This Week's Guest is Casey Mulligan:
Casey Mulligan
In this edition of the Robert Wenzel Show, University of Chicago professor Casey Mulligan discusses how the government "security net" is extending the recession and how the new Affordable Care Act may make things even worse. Wenzel starts off, though, with a discussion of money supply growth. It appears that no one at U of C raised alarm bells when Fed money pumping fell off a cliff in the Summer of 2008. Is Milton Friedman style monetary theory dead at the University of Chicago? Wenzel closes this segment of the interview by going beyond Chicago school theory and pointing out the Great Recession unfolded in the manner consistent with Austrian Business Cycle Theory.

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  1. Perhaps you should push his book before showing him what he doesn't understand (i.e. butter him up before tearing him down).

    Book summary, "I did a complex study and it turns out if you pay people not to work, they don't." Next they are going to study Greece and learn that if you spend more than you make (or grow), you go broke.

  2. i dont think he tore him down. He pretty much said he didn't understand the causes of the business cycle which is honorable. At least he not out that expressing opinions without knowing what he talking about. Also while it seems obvious to us here at EPJ that paying people not to work they wont work you can bet there are people out there who havnt come to that realization yet. I mean the broken window fallacy runs rampant still.