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National debt, the movement of 2 buffer stocks: currency and reserves
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Helsworth
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National debt, the movement of 2 buffer stocks: currency and reserves



Dean Baker was at a loss on this question on that occassion; but Scott set him straight.

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19.06.2014 11:25
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Crossover
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Post: #2
RE: National debt, the movement of 2 buffer stocks: currency and reserves

I love this video.
It is a really simple matter however you can see how a person can have problems comprehending it if his brain has been wired differently for ages.
No wonder why other people will NEVER get it.

-In sharp contrast, economic phenomena are not just hard to predict. Their prediction is impossible. Why? Because human economies (quite unlike those populated by automata) are subject to something worse than the worst non-linearities: infinite regress.
19.06.2014 20:46
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Helsworth
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RE: National debt, the movement of 2 buffer stocks: currency and reserves

Crossover Wrote:
No wonder why other people will NEVER get it.

True that. Btw, have you watched Keen's "dodgy dynamics" critique of the neoliberal and post-keynesian models? It's simply brilliant.

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19.06.2014 20:57
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Crossover
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Post: #4
RE: National debt, the movement of 2 buffer stocks: currency and reserves

Nice self critique there.I hope he's gonna complete Minsky soon cause it's pretty non user-friendly right now.But I must confess I had a hard on when he showed what he's planning to do with it Hehe

It's funny coming from him though, a year ago or so he published a model that hiddenly assumed the money velocity to be constant.People were like "Keen went Monetarist" Surprised[/align]

-In sharp contrast, economic phenomena are not just hard to predict. Their prediction is impossible. Why? Because human economies (quite unlike those populated by automata) are subject to something worse than the worst non-linearities: infinite regress.
19.06.2014 22:20
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Helsworth
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Post: #5
RE: National debt, the movement of 2 buffer stocks: currency and reserves

Lol, he must have been pulling an April fool's joke; I don't know. I mean, it's well established that the establishment can buy people up with things like money, prestige, and what not. Hope Keen won't become a sellout as he gets more and more popularity with both the academia and everyone else. We don't need a 2nd Krugman giving a bad name to heterodox thought.

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19.06.2014 23:00
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Post: #6
RE: National debt, the movement of 2 buffer stocks: currency and reserves

ahhh Krugman is a New Keynesian.Nothing hetero about him.
Ofcourse he looks hetero or even radical to the real conservatives but thats all about it Smile

-In sharp contrast, economic phenomena are not just hard to predict. Their prediction is impossible. Why? Because human economies (quite unlike those populated by automata) are subject to something worse than the worst non-linearities: infinite regress.
20.06.2014 08:22
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