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
Reflections on Monetary Economics
The Net Internation Investment Position and the Trade Balance
Nick Edmonds
2 comments:
Krugman's Nobel is as well-deserved as Obama's.
As well qualified too!
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