tag:blogger.com,1999:blog-5043138489010794057.post2631626103466021732..comments2024-03-27T15:57:09.192+05:30Comments on Urbanomics: The great divide in macroeconomicsUrbanomicshttp://www.blogger.com/profile/16956198290294771298noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5043138489010794057.post-76774918145505688842009-09-27T23:24:34.210+05:302009-09-27T23:24:34.210+05:30I firmly believe that the monetary and fiscal poli...I firmly believe that the monetary and fiscal policies that the world is embarking on have created liquidity induced securities speculation (all over again) and have engendered inefficient resource allocation. You can't erase trillions in bad loans and poor capital investment decisions just by throwing around some "stimulus" funds and lowering interest rates to 0%.<br /><br /><a href="http://www.beyondthemargin.net/2009/09/keynesian-economics.html" rel="nofollow">READ - The Resurgence of Keynesian Economics and Interventionism</a>BeyondTheMargin.nethttp://www.beyondthemargin.netnoreply@blogger.comtag:blogger.com,1999:blog-5043138489010794057.post-19019284811670749802009-09-27T19:56:44.176+05:302009-09-27T19:56:44.176+05:30You wrote: This Edmund Phelps-Robert Lucas analysi...You wrote: <i>This Edmund Phelps-Robert Lucas analysis</i><br /><br />This is not quite fair to Milton Friedman. With his 1967 Presidential Address to the AEA, he presented a very similar model, so it is usually referred to, AFAIK, as the Phelps-Friedman model, not Phelps-Lucas; see <a href="http://www.nybooks.com/articles/19857" rel="nofollow">Krugman's account in the NYRB</a> in 2007 (Feb 15, 2007, v54, #2 in case the link does not work). Lucas formalized the model in a paper published in JET 1972.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5043138489010794057.post-79213870219482699812009-09-27T16:50:50.319+05:302009-09-27T16:50:50.319+05:30The Gedi thinks that Economists do not understand ...The Gedi thinks that Economists do not understand national accounts and hence mess up.Gedihttp://macrolateral.spaces.live.com/noreply@blogger.com