tag:blogger.com,1999:blog-3758330678390419129.post4971241526119089200..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Incredible: DeLong-Krugman Go Out of 2012 with a Tag Team Bash of Austrian Economist Bob MurphyRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-3758330678390419129.post-75400713141380900412014-05-29T21:58:30.500-04:002014-05-29T21:58:30.500-04:00Sivilce Tedavisi Obviously I wasn't as confide...<a href="http://sagliklibirey.net/evde-sivilce-nasil-gecer.html" title="sivilce tedavisi" rel="nofollow">Sivilce Tedavisi</a> Obviously I wasn't as confident it would happen in 2 years versus 5 years, but I said what the hell. Obviously I shouldn't have.Sivilce Nasıl Geçerhttp://sagliklibirey.net/yuzde-ve-alinda-cikan-sivilceler-nasil-gecer.htmlnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-28193834486008140312013-06-03T13:50:59.832-04:002013-06-03T13:50:59.832-04:00I got sucked into the hysteria over Bernanke's...I got sucked into the hysteria over Bernanke's monetary policy, too, in the early days. Trying to figure out why cpi didn't respond as I thought it should has made<a href="http://www.sagliklibirey.net" rel="nofollow">lazer epilasyon</a> me a better economist.Anonymoushttps://www.blogger.com/profile/01563062786101748855noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-63028090011871950132013-01-02T20:38:25.551-05:002013-01-02T20:38:25.551-05:00That is utter nonsense. If prices had been allowed...That is utter nonsense. If prices had been allowed to quickly find their unadulterated level and bad debts had been allowed to be quickly liquidated, we probably would not be in a perpetual depression. The Fed policy of hiding the unadulterated market price of most everything is the cause of our problems, not the cure.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38593068597513338682013-01-01T18:45:55.716-05:002013-01-01T18:45:55.716-05:00You must be an undercover Keynesian. They aren'...You must be an undercover Keynesian. They aren't "printing money," they are just changing into whose hands the interest on the debt goes. Monetary base is not increasing dramatically. A huge rip off of the private sector, of us. The "money printing" dogma is obviously false. (If it were true, would it be visible as such by government measures?)<br /><br />On the contrary, Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-48806914342096103542013-01-01T13:56:23.869-05:002013-01-01T13:56:23.869-05:00That was funny, and soo true:
So here's what ...That was funny, and soo true:<br /><br />So here's what happened: In Krugman's terminology, two austerians make a bet. When one of them loses (since ties aren't possible), Krugman then declares, "Ha ha, austerity economics is wrong."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-66483571046425655212013-01-01T12:52:40.061-05:002013-01-01T12:52:40.061-05:00Yes! I wish Bob and the Austrian Schoolers were sp...Yes! I wish Bob and the Austrian Schoolers were spending their time schooling the non-Austrian yet free-market guys about how the subjective values of individuals are ordinal, non-cardinal, non-aggregateable, and non-quantifiable.<br /><br />Instead they get sucked into Max Keiser's casino gulag--because its so much more fun and its on TV and its so tempting to have everybody think you'reRudi Dekkershttp://madcowprod.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-19819027896892879342013-01-01T11:10:14.050-05:002013-01-01T11:10:14.050-05:00Murphy screwed up. Krugman et al were dead on corr...Murphy screwed up. Krugman et al were dead on correct: the Titanic stern did truly rise up out of the water -- the opposite of sinking -- after hitting the iceberg. Clearly easing of more Bernanke icebergs into the hull of the US economy is called for. Arthur Krolman, CFAnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17975907989717428322013-01-01T10:31:37.858-05:002013-01-01T10:31:37.858-05:00Being criticized is better than being ignored. Kru...Being criticized is better than being ignored. Krugman and Delong provide valuable publicity for Murphy and other Austrians. A few of their readers will visit Murphy's site and realize what an honest person and great economist he is. <br /><br />I think the bet underscores the fact that many Austrians take the equation of exchange too literally, as Mises and Hayek warned. Many things can Roger McKinneynoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-9159187019115163982013-01-01T08:43:30.442-05:002013-01-01T08:43:30.442-05:00Thanks Bob W. Just a few clarifications everybody:...Thanks Bob W. Just a few clarifications everybody:<br /><br />(A) I made the bet with David Henderson in <a href="http://econlog.econlib.org/archives/2009/12/double-digit_in_1.html" rel="nofollow">December 2009.</a> (The 2011 is when I posted an "update" on the bet on my blog. I wasn't ignoring it; I was letting my readers know that I had this pending bet, and if you follow Wenzel&#Bob Murphyhttps://www.blogger.com/profile/04001108408649311528noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-45752494629024854982013-01-01T07:14:04.325-05:002013-01-01T07:14:04.325-05:00Why is it assumed that money supply expansion will...Why is it assumed that money supply expansion will immediately or fairly quickly result in a broad based increase in price levels of a certain percentage? It seems to me, adhering to the ABT, after a boom, while malinvestments are being sorted out, general price levels should be falling precipitously. Money inflation might not lead to 10% inflation as indicated by a politically manipulated CPI,t.geigerhttp://www.facebook.com/tageigernoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-21814424229714335252013-01-01T07:07:42.553-05:002013-01-01T07:07:42.553-05:00War of personalities again, woo hoo! For readers ...War of personalities again, woo hoo! For readers of Human Action & Man, Economy & State, correct me if I'm wrong, but isn't every transaction between individuals unique? And if so, then isn't the current general economic situation unique, because of the uniqueness of individual transactions? Clearly, going out on a limb to predict a politically uncomfortable 10% y/y t.geigerhttp://www.facebook.com/tageigernoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-44911935935237212512013-01-01T06:17:48.704-05:002013-01-01T06:17:48.704-05:00If Krugman is right and knows it, why not debate t...If Krugman is right and knows it, why not debate the "fallacious" Murphy? Or, respond to why he is scared to do so.MonsieurMadeleinehttp://revolutionation.orgnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-66868735370974116802013-01-01T01:30:40.288-05:002013-01-01T01:30:40.288-05:00Is Krugman of all people bringing up someone being...Is Krugman of all people bringing up someone being wrong on a prediction? LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-75582561894418049522013-01-01T01:03:47.784-05:002013-01-01T01:03:47.784-05:00I was wondering something similar: why was an Aust...I was wondering something similar: why was an Austrian paying any attention to CPI? Does he really think he can add butter, hats and horses and figure out how much "their" price has increased "overall"?ntknoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-82005061372525265192013-01-01T00:07:03.831-05:002013-01-01T00:07:03.831-05:00I think this brings up the important point about t...I think this brings up the important point about the proper role of the economist.<br /><br />For Keynesians, they want to understand, optimize, and control the economy much like engineers want to control a chemical process.<br /><br />Austrians, because they realize there are no (or insufficient) constants in the economy that allow for predictable and repeatable phenomena, realize that to try toAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-30790964945890497412012-12-31T23:59:44.157-05:002012-12-31T23:59:44.157-05:00Here's the lesson: don't bet on anything e...Here's the lesson: don't bet on anything except craps. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-44778629965309290292012-12-31T23:47:48.928-05:002012-12-31T23:47:48.928-05:00So your argument is that printing new money is som...So your argument is that printing new money is sometimes deflationary? Obviously, printing money doesn't necessarily mean prices would rise. It could be that other factors would cause prices to fall in spite of the upward pressure on prices QE would cause, but it sounds like you believe expansionary monetary policy can be the cause of deflation. If so, there is a reason that point has been cotterdan321https://www.blogger.com/profile/06737986508570854479noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-87492023347173571522012-12-31T21:54:07.937-05:002012-12-31T21:54:07.937-05:00Amazing indeed. Btw, it is David Henderson, not Do...Amazing indeed. Btw, it is David Henderson, not Doug.Matthew M.http://www.libertypolicyjournal.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-40798572462047110532012-12-31T21:40:41.991-05:002012-12-31T21:40:41.991-05:00I'm wondering what Bob Murphy's net worth ...I'm wondering what Bob Murphy's net worth is. A piddly $500? If he had been certain of the outcome, he should have bet $500 million or something.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17572145784699802152012-12-31T21:31:15.748-05:002012-12-31T21:31:15.748-05:00Prof. DeLong probably doesn't understand the m...Prof. DeLong probably doesn't understand the meaning of the word "bet".<br /><br />AFAIK there is no need for anyone to place a bet on 100% certain outcome. Just looking at the payoffs of the binary bets - get $500 if you win, pay $500 if you lose - makes me wonder how certain the participants were about the outcomes they were betting on. Of course, Prof. DeLong is an ivory tower Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-76000956930958051232012-12-31T21:23:18.858-05:002012-12-31T21:23:18.858-05:00I saw this before and was appalled. I would like ...I saw this before and was appalled. I would like Murphy to reply with haste though, as opposed to stating he is 'busy' and will get back to it. He should get while the getting is good, Krugmanites won't visit his blog twice. They will see that message and rejoice.Chrishttps://www.blogger.com/profile/17018718341065715200noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-89123577101224966512012-12-31T21:00:35.744-05:002012-12-31T21:00:35.744-05:00It's been pointed out, but largely ignored, th...It's been pointed out, but largely ignored, that things like QE transfer money from the private sector to the public (govt) sector, and that such transfers often prove to be deflationary (think Japan, and a host of other reasons for this).<br /><br />Guys like Krugman and Murphy are full of crap, just in different ways. Anonymousnoreply@blogger.com