Dairy of a Republican Hater
Wray vs. Sumner on Interest Rates, the Monetary Base, Prices, and NGDP a Case of People Talking Past Each Other
evilsax
Would be nice to have a serious debate between the MM and MMT cohorts as leading contenders in non-conventional policy. But they would have to understand each others' positions to avoid talking past each other.
"Talking past each other"? Is there something important that Wray is missing in Sumner's post? It seems like Mike Sax's only problem with Wray is that Wray didn't reference Sax's blog as a source for Sumner reference.
ReplyDeletePerhaps I'm missing something, but this looks like a big helping of false equivalence...
The problem is Sumner's got nothing…
ReplyDeleteSo if Wray is misunderstanding Sumners argument it doesn't matter…Sumner doesn't have one (that makes sense)…he's incoherent. Embarrassingly so.
The best description of monetarism I can come up with is they are chasing their tails, or caught in an endless loop of nothing..
Randy responds to Mike Sax via an email to me. Apparently he had trouble posting to Blogger.
ReplyDeleteEvilsax: Hold your horses. I'm glad the NEP moderator linked to your piece. True, someone sent it to me and it led me to Sumner's piece. I wrote a response to that, and got my title from his piece. I did not mean to ignore you, but I did not use anything you said. True, if you had not written your piece, and if no one had sent me a link to Sumner, I would have been blissfully ignorant of his piece. So, thank you. Well, maybe. Sometimes ignorance is better.