From Wednesday:
Sumner makes the monumental mistake of applying "other things equal" to the real world. He assumes that nothing else has changed that could possibly be depressing growth, so that if growth is slow it must be because money is tight.
Friday, September 13, 2013
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You see this flawed thinking all the time, especially with conservative economists. Something was right [or they believe it to be so] once, so it has to be right all the time.
Austrians are the worst.
A few years back, I got into it with Bob Murphy when he said deflation couldn't have been the problem in the GD, since deflation was worse in 1921.
He must have taken that post down. I've searched his archives and can't find it.
Ceteris paribus cherry picking.
JzB
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