I recently read Finite and Infinite Games, by James Carse, poolside while on vacation. Excerpt: Seriousness is always related to roles, or abstractions. We are likely to be more serious with police officers when we find them uniformed and performing their mandated roles than when we find them in the process of changing into their [...]
Tags: Carse, Cowen, Elk, Finite and Infinite Games, Krugman, Yglesias
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I promise not to do too many more posts about a) macro or b) Paul Krugman. I don’t just love macro, these are not my most popular posts, and Krugman is too shrill to read on a regular basis. Nevertheless, I think I can sort through some of the recent disagreement about liquidity traps. The [...]
Tags: Cowen, fiscal policy, Keynes, Keynesianism, Kling, Krugman, liquidity trap, monetary policy
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Paul Krugman disses RBC theory and those who study it as unscientific. I’m not an RBC theorist, but I’ll stick up for freshwater macro. Here are some reasons why RBC theory deserves more respect than Krugman gives it. 1. Suppose monetary policy is conducted so that all nominal shocks are perfectly offset. Zero percent of [...]
Tags: Caplin, Cowen, Krugman, legal restrictions theory, macro, monetary theory, New Keynesianism, real business cycles, Spulber
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“The lights are going out all over America—literally.” So begins Paul Krugman’s latest NY Times column, in which he laments the crumbling of America’s foundations. The proximate cause of this decline, according to Krugman, is insufficient government spending on infrastructure and education. But the root cause is rhetoric: How did we get to this point? [...]
Tags: education, infrastructure, Krugman, public finance
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