Saturday, December 12, 2015

Tyler Cowen: "My Opinion of Myself has Gone Up"

Tyler Cowen
In one brief post, the Koch brothers-sponsored economist manages to suggest that inflationist Paul Krugman has some good arguments for not raising interest rates and is disheartened that most economists believe the Fed should raise rates:
I am disheartened by the recent Booth poll of economists, where the weight of opinion suggests that the Fed should raise rates this December.  Only seventeen percent say “uncertain,” when in my view that is obviously the correct answer.  I won’t myself say “don’t raise rates,” but there are enough good arguments for that view (see Krugman for instance) that it deserves more than 19% support. 
He goes on to write:
 [T]here was not a lot of talk about how outlining the broader path for monetary policy was a better and more important question.
It could be argued that this reference to " a broader policy" may be a discussion of whether the Fed should not manipulate interest rates or money supply in the first place, but he does state such, and his earlier comment, on where interest rates should be, appears to endorse the idea that the Fed should manipulate rates.

Cowen then goes on to discuss a vote on minimum wage and then concludes:
 But quite seriously, my opinion of the professional consensus — on topics outside an individual’s research specialty — really has gone down as a result of these polls.  And, not to put too fine a gloss on it, but my opinion of myself has gone up.  Why should I not just come out and say it? 


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