Monday, January 2, 2017

Nick Edmonds — The Net Internation Investment Position and the Trade Balance

 
Paul Krugman oversimplifies the actual situation by assuming cet. par. when all things other than the independent variable almost never remain the same in the real world. It's the same kind of pseudo-argument about the future as debt and deficit hysteria based on "unfunded obligations" coming due in the future, along with eventual runaway interest on debt.

Reflections on Monetary Economics
The Net Internation Investment Position and the Trade Balance
Nick Edmonds

3 comments:

Noah Way said...

Krugman's Nobel is as well-deserved as Obama's.

Bob said...

As well qualified too!

Penguin pop said...

They are both clueless morons for sure.