tag:blogger.com,1999:blog-2761684730989137546.post29659484586005378..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Jason Furman — The New View of Fiscal Policy and Its Application mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2761684730989137546.post-57738008808185291042016-10-07T08:31:28.091-04:002016-10-07T08:31:28.091-04:00Item No.3 in the "old view" (“Moreover f...Item No.3 in the "old view" (“Moreover fiscal stabilisation needs…”) is a joke. Haven’t so called “professional” economists caught up with the fact that the monetary base and national debt basically increase year after year (in nominal terms, i.e. in $ terms)? I mean why don’t they just look at the figures made available by the St Louis Fed?<br /><br />And there’s only one way of constantly topping up the base and debt, and that’s via a deficit. Thus the idea that “biggest fiscal policy priority should be the long-run fiscal balance” is just BS.<br /><br />The actual size of that deficit is significant: roughly 4% of GDP every year – decade after decade.<br /><br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-27524702806590972422016-10-07T08:23:11.327-04:002016-10-07T08:23:11.327-04:00Whether old view or new view, mainstream macro is ...Whether old view or new view, mainstream macro is still voodoo.peterchttps://www.blogger.com/profile/01617954484867427637noreply@blogger.com