tag:blogger.com,1999:blog-5713178645208582139.post4926926161701955429..comments2024-03-17T03:26:42.785-05:00Comments on Macro Musings Blog: The Austrians Attempt a Beckworth SmackdownDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-5713178645208582139.post-84302869810642170442011-06-20T15:45:54.527-05:002011-06-20T15:45:54.527-05:00I always imagine the Austrian School as a place wh...I always imagine the Austrian School as a place where stern-looking mustachioed men with dueling scars talk about the the need for rectitude and the gold standard.<br /><br />The Austrian School is another quirky sign that something is rotting from within on the American right. Where does all this lunacy on money supply come from? You even have James Taylor, after gushing about the effects of QEBenjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-19451424432036887992011-01-23T14:04:24.467-06:002011-01-23T14:04:24.467-06:00David,
I thought I'd get a rise with the Keyne...David,<br />I thought I'd get a rise with the Keynesian question. lol. I'll read your link AFTER the football. I'm sure I'll be back with more questions for you. And thanks for the response.nanutehttps://www.blogger.com/profile/04526158764171117978noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-91843603778554915152011-01-23T11:53:17.073-06:002011-01-23T11:53:17.073-06:00Nanute:
Great questions. The Paradox of Thrift i...Nanute:<br /><br />Great questions. The Paradox of Thrift is (as Bill Woolsey puts it) a vulgar Keynesian version of the excess money demand problem. The two ideas are getting at the same thing, but I have come to the conclusion that framing it as an excess money demand problem is more precise. <br /><br /><br /><a href="http://macromarketmusings.blogspot.com/2010/09/David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-10873763584364210202011-01-23T10:02:17.759-06:002011-01-23T10:02:17.759-06:00David,
Thanks for the explanation. Does this lead ...David,<br />Thanks for the explanation. Does this lead to the "paradox of thrift"? It would seem that under current conditions everyone from consumers to lenders seem to be in a position of one's money balances is less than one's desired money balances. Which begs the question: Why? When money is spent by consumers or "spent" by lenders, is it really a matter of price nanutehttps://www.blogger.com/profile/04526158764171117978noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-40510004770285370552011-01-23T09:16:52.246-06:002011-01-23T09:16:52.246-06:00Nanute,
Excess money demand is when one's ac...Nanute, <br /><br />Excess money demand is when one's actual money balances is less than one's desired money balances. Let me outsource to Steve Horwitz, an Austrian who does take seriously this issue, for more:<br /><br /><i>[I]t's a comparison between desired money balances and actual money balances. Assuming... that the demand to hold money balances is not infinite, i.e., there David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-81315463760555811452011-01-23T09:08:12.224-06:002011-01-23T09:08:12.224-06:00Good post very interestingGood post very interestingRichhttp://www.amlpayroll.co.uk/noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-54150243537079877562011-01-23T05:28:25.065-06:002011-01-23T05:28:25.065-06:00David,
I wandered over there to see the response. ...David,<br />I wandered over there to see the response. Not very promising, for the most part. It is rather difficult to argue from a monetarist perspective when the majority of the participants cannot accept the fact that our system IS a fiat based, fractional reserve system. The denial leads to theories and arguments based on a system of money that is nothing more than wishful thinking. I nanutehttps://www.blogger.com/profile/04526158764171117978noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-58969512065128758612011-01-22T22:50:26.676-06:002011-01-22T22:50:26.676-06:00Thanks Suo for the comment. Yes, I got eaten alive...Thanks Suo for the comment. Yes, I got eaten alive at Mises.org. If only they knew that I happened to be a outspoken critic in the mainstream press of the Fed's low interest rates policies in 2002-2004 for a very Austrian reason: the Fed kept the federal funds way below the natural interest rate.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-5020438294348672942011-01-22T14:11:22.632-06:002011-01-22T14:11:22.632-06:00David,
Thank you for engaging w/ Bob Murphy. I si...David,<br /><br />Thank you for engaging w/ Bob Murphy. I sincerely hope the "conversation" will continue. I'm a fan of both you & Bob -- yes, it is possible to respect the thinking of those w/ different views. And the reactions I've read on the Mises and Coordination Problem blogs to your exchange w/ Bob now have me completely re-reading (yet again!) Chapter 17 of Mises'suo Martehttps://www.blogger.com/profile/03379409145057374887noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-51893540144343301932011-01-20T18:12:57.533-06:002011-01-20T18:12:57.533-06:00I have seen people refer to Murphy as an Austrian ...I have seen people refer to Murphy as an Austrian equivalent to Krugman - often more interested in beating the ideological drum than evaluating and analyzing in search of the truth.ecbnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-32997210617264478742011-01-19T14:21:08.838-06:002011-01-19T14:21:08.838-06:00Good discussion, and I think you are handling your...Good discussion, and I think you are handling yourself admirably.<br /><br />Reading Yeager recently, I can't help but feel the label "quasi-monetarist" is inappropriate. So-called quasi-monetarists are really just old monetarists. I have been struck by some of the old economists Yeager quotes and how closely their views accord with yours or mine. The "Keynesian diversion"Lee Kellynoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-44740722896196212942011-01-19T11:51:45.177-06:002011-01-19T11:51:45.177-06:00David
Am I grossly mistaken or is there really som...David<br />Am I grossly mistaken or is there really something very wrong with this quote from Plosser´s speach in Chile:<br />"For example, if an adverse productivity shock results in a substantial reduction in the outlook for economic growth, then real interest rates tend to fall. As long as inflation is at an acceptable level, the appropriate monetary policy is to reduce the federal funds João Marcushttps://www.blogger.com/profile/13658264244033012660noreply@blogger.com