tag:blogger.com,1999:blog-3758330678390419129.post1525529142748036183..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: A Few Comments for George SelginRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-3758330678390419129.post-71852119992433352312011-08-07T12:13:38.724-04:002011-08-07T12:13:38.724-04:00@Zach Bush
Nonplussed.
Obviously, I was referring...@Zach Bush<br />Nonplussed.<br /><br />Obviously, I was referring to mainstream economics, because I referred to it!<br /><br />And thanks very much, I do indeed know what science is and what it isn't.<br /><br />And in so far as empiricism informs it, Austrian economics is not scientific, either, nor does it aspire to be.Lila Rajivahttp://www.mindbodypolitic.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-42766781622067623522011-08-05T13:41:56.435-04:002011-08-05T13:41:56.435-04:00Major Freedom, that closing paragraph punched me r...Major Freedom, that closing paragraph punched me right in the face. WOW! What an uppercut! Bravo! Well done, sir.Brandon Harnishhttps://www.blogger.com/profile/12377300681745114770noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-76092256573650248632011-08-03T13:54:26.411-04:002011-08-03T13:54:26.411-04:00When I read the comment, "Nobody is safe from...When I read the comment, "Nobody is safe from the super committee.", I wonder: does that include Congress, i.e., their own pension plan and health care benefits at taxpayers' expense?Wendellnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-56555968391300409892011-08-01T22:35:04.532-04:002011-08-01T22:35:04.532-04:00@Major_Freedom
Wow. Well done.
@Lila Rajiva,
&q...@Major_Freedom<br /><br />Wow. Well done.<br /><br />@Lila Rajiva,<br /><br />"I object to your vilifying astrology, a very hoary "craft" by comparing it with the relatively youthful pseudoscience called economics."<br /><br />If you are referring to mainstream economics then you are correct, it is a pseudoscience. It's more mysticism than anything. But if you are Zach Bushhttps://www.blogger.com/profile/11782987091862301229noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-65376499793458792642011-08-01T22:26:33.921-04:002011-08-01T22:26:33.921-04:00Major Freedom has spanked Selgin!Major Freedom has spanked Selgin!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-34859786226191255082011-08-01T18:29:19.946-04:002011-08-01T18:29:19.946-04:00Errores:
Major_Freedom, I tried to be reasonable,...Errores:<br /><br /><i>Major_Freedom, I tried to be reasonable, but you calling me a central bank advocate goes over the top. I am out of the conversation.</i><br /><br />I'd much rather you not make excuses, but if you can't defend your position, then that's something you have to deal with. I didn't call you a central bank advocate, I called you a central bank apologist. There Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-68428008293103009572011-08-01T18:25:52.560-04:002011-08-01T18:25:52.560-04:00Selgin said in another post that he used to be an ...Selgin said in another post that he used to be an Austrian in grad school, but no longer considers himself one. I think that points to number 2 being the answer. <br /><br />With the arrogance and condescending attitude he has displayed towards Austrians lately, I am not sure if I would call him a "good man." He certainly could have made the same points without all of the insults to Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-85459958449507509092011-08-01T17:08:08.240-04:002011-08-01T17:08:08.240-04:00If Selgin is a good man, but is inconsistent that ...If Selgin is a good man, but is inconsistent that is forgiveable. If however, he is considers himself Austrian, he would have to first know what Austrian-econ is. If he knows this and then creates a caricature of ABCT (and its understanding as Rothbard had it and explained numerous times), makes false assumptions in order to be-little Rothbard, in my mind, it can only be one of two things or a Casihttp://hrlp.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-8766908091595595552011-08-01T02:19:26.088-04:002011-08-01T02:19:26.088-04:00Sorry I haven't followed this argument too clo...Sorry I haven't followed this argument too closely but a word to Mr. Selgin and other anti-Rothbardians:<br /><br />PLease see this short book by Rothbard called "The Case Against the Fed"<br />PDF link: http://mises.org/resources/3430<br /><br />In it Rothbard makes a case that Federal Reserve was created to solve the problem that free bankers had, i.e. they couldn't inflate (konstnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-18016240738907172772011-07-31T15:23:00.218-04:002011-07-31T15:23:00.218-04:00Errores, Selgin himself states that he is not Aust...Errores, Selgin himself states that he is not Austrian.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-33250827121319251602011-07-31T09:05:09.849-04:002011-07-31T09:05:09.849-04:00@Major_Freedom
I object to your vilifying astrolo...@Major_Freedom<br /><br />I object to your vilifying astrology, a very hoary "craft" by comparing it with the relatively youthful pseudoscience called economics.<br /><br />Astrologers do often perform quite accurate psychoanalysis, and a few of them do indeed beat the odds in prediction.<br /><br />The same cannot be said of mainstream economics.<br /><br />Your entire argument, with Lila Rajivahttp://www.mindbodypolitic.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-49938174525977802412011-07-31T02:43:57.667-04:002011-07-31T02:43:57.667-04:00Major_Freedom, I tried to be reasonable, but you c...Major_Freedom, I tried to be reasonable, but you calling me a central bank advocate goes over the top. I am out of the conversation.<br /><br />Also, I know austrian theory, you dont need to repeat it to me. Im sure you think it makes you look cool, but not answering to what I said and repeating theory not directly related and on which I agree, does not make you look cool, just silly.<br /><br />Erroreshttps://www.blogger.com/profile/11478726583499830007noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-42158300118079867032011-07-31T02:34:55.773-04:002011-07-31T02:34:55.773-04:00TanGeng, yes and yes.
Selgin is autrian. Im austr...TanGeng, yes and yes.<br /><br />Selgin is autrian. Im austrain. You are explaining austrian theory. Why would I disagree?<br /><br />Seriously, I understand the emotional rejection that comes from Selgin disdain for Rothbard. I felt the same way. I am very rothbardian politcally and got into austrian economics through Rothbard. But if you can manage to read free banking ideas without prejudices Erroreshttps://www.blogger.com/profile/11478726583499830007noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-88206525712464101352011-07-31T02:20:48.275-04:002011-07-31T02:20:48.275-04:00Errores:
Flexibility is the same as rigidity just...Errores:<br /><br /><i>Flexibility is the same as rigidity just in opposite direction. If a is more flexible than b, it means that b is more rigid than a.</i><br /><br />If "a" is more flexible than "b," then it means "a" is experiencing a change in economic value relative to "b."<br /><br />If you think b "should" change in value relative to a, Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-62602517268078628782011-07-31T01:57:10.174-04:002011-07-31T01:57:10.174-04:00Errores:
I agree that adjustment in the other pri...Errores:<br /><br /><i>I agree that adjustment in the other prices might be necessary. What I dont understand is why deny that adjustments in the money market might be necessary as well.</i><br /><br />When money production is a monopoly, as in our world, then the market forces of profit and loss cannot apply to the monopolist. The monopolist is shielded from the (relative) price system. Thus, Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-89170953937246829192011-07-31T01:51:56.306-04:002011-07-31T01:51:56.306-04:00Errores:
If we had a commodity standard, then the...Errores:<br /><br />If we had a commodity standard, then the ONLY reason for why money would be produced, would be if it were profitable to do so. If there is a gold deposit of a certain size at a certain depth, and the total gold costs to extract the gold were less than the gold in the deposit (adjusted for the rate of extraction that would make the rate of profit on capital invested a Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-81414646773614718002011-07-31T01:48:09.543-04:002011-07-31T01:48:09.543-04:00Errores:
The problem with what you are saying is ...Errores:<br /><br /><i>The problem with what you are saying is how are you so sure that there is never a problem in the money market? How do you know the market would not adjust a part of the disadjustments via a change in the production and price of money?</i><br /><br />The way to understand money production is NOT from a central planner's perspective, but from an individual money producer&Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-36442881043270103522011-07-30T23:27:38.856-04:002011-07-30T23:27:38.856-04:00"What Selgin was saying, as I understand it, ..."What Selgin was saying, as I understand it, is that without price rigidity market adjustments would be inmediate and there would be no cycle."<br /><br />Selgin is setting up a caricature of ABCT, if he's arguing the way you understand it. There is no magical perfect market in austrian theory. Equilibrium is dynamically approached via entrepreneurial talent, by human action over Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-5176521283894042802011-07-30T22:52:23.284-04:002011-07-30T22:52:23.284-04:00"Selgin is right. It does not matter that the..."Selgin is right. It does not matter that the government introduces rigidity in some prices, in a free market the prices exhibit different degrees of rigidity as well."<br /><br />So Selgin is arguing for the existence of the discovery process for dynamic price equilibrium instead of an "efficient market theory." If that is what is meant by price flexibility and rigidity thenAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-12522083962831641582011-07-30T21:16:22.127-04:002011-07-30T21:16:22.127-04:00Very amusing and enlightening debate. I know I sh...Very amusing and enlightening debate. I know I shouldn't laugh at rape jokes, but damn that was a hilarious rebuttal. Well, since mass-murdering genocidal dictators like Stalin and Chairman Mau are just going to exist, we ought to develop some rules by which they commit genocide so as to minimize the damage they do. Perhaps Selgin doesn't share the same contempt for the banking cartel Boetienoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-44726183824199706532011-07-30T20:10:23.535-04:002011-07-30T20:10:23.535-04:00Major_Freedom, I wanna greet you for your posts. I...Major_Freedom, I wanna greet you for your posts. I also followed your exchange with Dr. Murphy. There you were brilliant, too. Where else do you write so that I can follow you there, too?I.Georgievnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-10822931168299043982011-07-30T19:17:43.152-04:002011-07-30T19:17:43.152-04:00>You probably believe that because Austrian the...>You probably believe that because Austrian theory presumes a gradually growing discrepancy in relative prices, on account of credit expansion, that this represents some kind of "rigidity" in prices. After all, why don't all prices increase together equally like the Keynesians believe they should? Why the "rigid" difference in relative prices? The reason is because of Erroreshttps://www.blogger.com/profile/11478726583499830007noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-60169393388477847742011-07-30T19:12:59.429-04:002011-07-30T19:12:59.429-04:00>Any temporary rigidities in a free market are ...>Any temporary rigidities in a free market are constantly acted against by market forces. They cannot be lasting. Yes, there will be positive periods of time that elapse as new information is spread throughout the economy from economic actor to economic actor. The free market process is one in which new information leads to new prices. Those who fail to update their prices given the new Erroreshttps://www.blogger.com/profile/11478726583499830007noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-81626718691318964122011-07-30T18:10:54.442-04:002011-07-30T18:10:54.442-04:00Errores:
And he is right again when he says that ...Errores:<br /><br /><i>And he is right again when he says that ABCT assumes prices have degrees of rigitidy. If they did not adjustments would be instantaneous and there would be no cycle. The market is a process.</i><br /><br />No, Selgin is not right. ABCT does not require price rigidity, it in fact requires price flexibility, as prices <i>change</i> to the new monetary conditions set in Major_Freedomnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-55398938694707908412011-07-30T18:10:11.669-04:002011-07-30T18:10:11.669-04:00Errores:
Last, Selgin has always been an ardent s...Errores:<br /><br /><i>Last, Selgin has always been an ardent supporter of closing central banks and have always exposed the Fed, so its just ridicuous to acuse him of supporting the Fed for suggesting some management policy that in his opinion would reduce the damage it would make.</i><br /><br />Yeah, we could all learn from Selgin's wise position. I've always been an ardent supporter Major_Freedomnoreply@blogger.com