tag:blogger.com,1999:blog-2761684730989137546.post9068925860548510775..comments2024-03-28T20:28:01.733-04:00Comments on Mike Norman Economics: The ladder of social science reasoning, 4 statements in increasing order of generality, or Why didn’t they say they were sorry when it turned out they’d messed up? — Andrew Gelmanmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2761684730989137546.post-85913725342621195732019-09-05T11:14:44.105-04:002019-09-05T11:14:44.105-04:00"goverenments which issue their own currencie..."goverenments which issue their own currencies are wholly different to households."<br /><br />Well they think they are equivalent to households... sounds reasonable...<br /><br />And btw the move isn't to "say your sorry!" like these liberal art losers suggest... the proper response is to make a corrective adjustment and get back into it...Matt Frankohttps://www.blogger.com/profile/11082502216984169113noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-47146000757156671902019-09-05T10:51:57.671-04:002019-09-05T10:51:57.671-04:00I've always thought the R&R spreadsheet er...I've always thought the R&R spreadsheet error was less important than R&R's utter failure to understand the Econ 101 point that goverenments which issue their own currencies are wholly different to households. That is, R&R have always been convinced that government debt is a debt that has to be repaid at some point, like a household's mortgage. <br /><br />And of course with a view to boosting the latter delusional nonsense, they employ the emotive phrase "debt overhang" with a view to making us all scared stiff of any rise in government debt. Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.com