Another otherwise interesting Planet Money podcast. But with the complete and total belief in the falsehood that interest rate manipulation does what the mainstream thinks it does, when it clearly does not (and never has). "Happy Fed Independence Day (Update)" https://www.npr.org/2021/03/01/972618276/happy-fed-independence-day-update Everything everyone mentions about the effects of manipulating the base interest rate is incorrect. … Continue reading Again: Good “Mainstream” Econ Podcasts still get basics wrong, frustrating
"Show me your model [’s non-banal output useful for policy, prediction, or at least understanding the real world better than verbal/visual methods; granted toy models are useful for teaching some classroom concepts] !!!" It is well known that mainstream DSGE economic modeling is hopelessly flawed (e.g., here, here, here [discussed here], here, here, here, here, here, … Continue reading Do Economists Dream of Electric Gödel Machines?
The Slings and Arrows of Outrageous Fortune (The Real World) Consider our little Island with its well-balanced System One and System Two. What if instead it had had to grow its little economy in the midst of 9 other islands? If they were 9 other completely peaceful Islands, and all endowed with the same … Continue reading 1000 Castaways, Additional Material (Chapter 5)
For the moment it is at http://clintballinger.edublogs.org/ (also see here for links to my working papers). When my VPN is not working I will not have access to this site while I am in China. I may put an RSS feed from the site I do have access too, I am not sure yet. Cheers, Clint