Viewing profile — gph1

Here's one: http://www.kickstarter.com/projects/2123355930/minsky-reform...

I'd be delighted to revise or update my views in light of any evidence you could provide.

Could you lay out the casual mechanism that this study is claiming, and how they make the distinction between govt consumption and investment? I'd also like to see an empirical exa…

I'm not. The private sector generates wealth. One purpose of the government is to facilitate that wealth creation by running deficits to ensure there is sufficient demand for what …

Increasing the money supply is not in and of itself inflationary, nor does it logically imply a depreciating exchange rate. This is true no matter how many times Austrians and conf…

The idea that the US is running out of money or spending money it doesn't have is a non sequitor. The USG is monetary sovereign that issues it's own currency, and therefore has inf…

This is just fetishism. All currencies are fiat currencies, and all currencies are creatures of the state. If a currency is set at a fixed exchange rate to a precious metal, it's b…

The problem with EZ countries is precisely that you can't "take them together" because there is no centralized fiscal agent. You need this because there has to be fiscal transfers …

People focusing on the excel error and rebuttals such as this one are missing the point. The R/R argument fails because the causal inference itself is bunk. There are few plausible…

Please explain how monetary policy is "stealing money". Absurd tin foil hat caricatures like this often makes any reasonable discussion of the Fed and its role impossible.

Agreed re: Greece. Greece's bonds don't have the credibility because they aren't denominated in a currency that Greece controls. There's no reasonable analogy between the US runnin…

No doubt there is plenty of wasteful and inefficient government spending. But I don't think the opportunity trade off works like you suggest. It's not as if the government is remov…

The primary dealer banks will always be a ready funding agent for the US government--why wouldn't they be? Treasuries offer a risk free place for excess reserves to earn interest. …

No doubt that Austrian's avoided some of the neoclassical blind spots that caused many economists to miss the crisis, but then again Austrian's are always predicting crises and the…

If you look, you'll notice that a recession followed nearly every reported government budget surplus. This is not surprising: a surplus means that the government is removing more m…

You must have an interesting definition of "improve".

Debt is a symptom, not the problem. The problem is a currency union with no central fiscal agent that can assume liabilities and enable transfers from wealthier to poorer states. T…

Saying that all philosophical topics are just embryonic scientific topics is just as reductive and rigid as dividing the two by "how" and "what". Philosophy of mind is probably the…

It wasn't at all clear that that is what he was asking you. And you need to qualify the sense in which you "don't believe" in qualia. You don't believe that consciousness has pheno…

I think sub-cortical (limbic) and cortical are probably better analogues for system 1 and 2 than empathetic/analytic (intutive system 1 thought isn't necesarily empathetic, and can…

Interesting but don't really see how this addresses the explanatory gap problem.

Yes, the Federal Reserve creates the electronic credits that it uses to purchase the bonds. But this is not "money printing" in any meaningful economic sense because it its just sw…