Sunday, September 8, 2013

The best thing I've read in a long time.


Reviewing a PDF by Alan Blinder and Jeremy B. Rudd, Arnold Kling writes:

It is an article of faith among economists that the 1970s inflation and the 1980s disinflation both came from monetary policy, but that does not make it a proven fact. Maybe we have too much faith. Instead, we should be willing to examine data and adopt a skeptical perspective...

Amen to that!

// Update (8 Sept 9:35 pm)

Steve Randy Waldman writes

I am writing in 2013 about choices made in 1973 because I think a mythology has developed around 1970s experience that is very harmful.

There seems to be a lot of re-thinking going on.

at

3 comments:

  1. JazzbumpaSeptember 8, 2013 at 11:45 AM

    Here's some relevant food for thought.

    http://www.asymptosis.com/did-the-baby-boom-labor-force-surge-cause-the-great-inflation.html

    Cheers!
    JzB

    ReplyDelete
  2. The ArthurianSeptember 8, 2013 at 8:12 PM

    Jazz, I saw the post at Interfluidity and was tempted to parry it with this one from Chart Porn. For the life of me I cannot say why.

    SRW's post was very interesting, but it would take a lot of pondering-time, and a lot of graphs, before I might find it convincing.

    ReplyDelete
  3. The ArthurianJuly 2, 2018 at 5:01 AM

    SRW again:
    "I’m talking about the inflation of the 1970s. Sorry, Milton, I know you got a lot of mileage out of the line, but the great inflation was not at root a monetary phenomenon."

    ReplyDelete

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