Another great one from Randy.
Read it at Economonitor | Great Leap Forward
Brad Delong: We’re All Minskians Now!
by L. Randall Wray
UPDATE:
See also
Zero Hedge
Guest Post: Whitewashing The Economic Establishment
Submitted by John Aziz of Azizonomics
Mentions Steve Keen and Randy in taking down DeLong and the mainstream. Increasing non-typical stuff is showing up at ZH.
From Brad Delong in the comments
ReplyDelete"Yes, the Fed and the Treasury can hit pretty much whatever long-term Treasury rate they wish. What surprises me is that they have hit this rate without a much larger ratio of high-powered money to government debt and without a higher current rate of inflation."
OMG :O
Apparently still thinks M def= stock of rb.
ReplyDelete"What surprises me is that they have hit this rate without a much larger ratio of high-powered money to government debt and without a higher current rate of inflation."
ReplyDeleteThese people always seem to be "surprised" or "puzzled".
This comment has been removed by the author.
ReplyDeleteThese guys - Krugman included - will never escape the wrong theory around an exogenous stock of money.
ReplyDeletePoor lads on bankers payroll.
ReplyDeleteNo mention of economic calculation. No mention of hampered price system.
ReplyDeleteThe only people who are "Miskyians" are those who have an agenda to attack capitalism by referring to non-capitalism history.