tag:blogger.com,1999:blog-5713178645208582139.post3213013282549997710..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: My Reply to Mark A. CalabriaDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5713178645208582139.post-62600491836048420622010-12-02T16:25:36.668-06:002010-12-02T16:25:36.668-06:00Dr. Beckworth broke a current right-wing rule by s...Dr. Beckworth broke a current right-wing rule by saying the words "aggregate demand." To many people at Cato (and in Austrian economics) and "supply-siders" those are fighting words, hence Calabria countered by essentially calling him a Keynesian. We've seen this over and over again in the last couple years, and it's sad. Milton Friedman would be a Keynesian in the Justin D. Tapphttps://www.blogger.com/profile/12618278252714742391noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-63729165038361536102010-12-02T10:36:14.637-06:002010-12-02T10:36:14.637-06:00Mr. Calabria says "First, over time even low ...Mr. Calabria says "First, over time even low levels of inflation erode away wealth."<br /><br />I've been sitting here trying to imagine what kind of wealth is eroded by inflation. Perhaps he means wealth stored in a bag under your bed. Or, perhaps he means wealth invested in short selling dollars. Certainly, not wealth invested in things, whose price would be expected to increase Goyo Marquezhttps://www.blogger.com/profile/01456183946917461839noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-12983450511141791692010-12-01T16:21:00.168-06:002010-12-01T16:21:00.168-06:00It behooves the economics profession to think seri...It behooves the economics profession to think seriously about a job guarantee program and vigorously advocate it, along the lines suggested 2 decades ago by the Nobel economist, William Vickrey. There has to be a saner, more civilized and morally justifiable way to organize an economy than the path that has evolved these past 30 yrs.ecbnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-9905999048952070892010-12-01T16:08:47.133-06:002010-12-01T16:08:47.133-06:00Looking at the slopes of your three graphs over th...Looking at the slopes of your three graphs over the last year makes me wonder why anyone thinks we are in recovery. Demand, though up, is at a slope far below trend; core inflation still looks like it's heading negative soon; and money velocity has bounced like a dead cat.<br /><br />Maybe things stopped getting worse for a while, but they sure aren't getting much better.<br /><br />Jazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.com