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The Keynesian Dead End - Page 9

post #121 of 127
Quote:
Originally Posted by Artisan Fan View Post
Turner is really the guy who applied the cost data to retail customers. Pareto is more broad and well established. My customers like Turner's more empirical take. It is even more compelling when we find the same percentage on their own data.

Good point.
post #122 of 127
Thread Starter 
Quote:
Originally Posted by iammatt View Post
Look, what distinguishes new and old Keynesianism is not pre-70s and post-70s but an incorporation of microfoundations into models. Since the models used did not have microfoundations, but were based on large historical aggregates, according to the people who made them and used them, it is old Keynesian. Krugman is arguably old-Keynesian anyway. I am in no way critiquing new-Keynesianism as being not serious, I am saying it wasn't applied.

Perhaps try this.

You can't put lipstick on a pig.
post #123 of 127
Quote:
Originally Posted by iammatt View Post
Krugman is arguably old-Keynesian anyway.

I would probably put him somewhere between new and old, from the little I have read from him ... but I wouldn't call him crude: http://krugman.blogs.nytimes.com/201...in-the-kisser/
post #124 of 127
Quote:
Originally Posted by JustinW View Post
I would probably put him somewhere between new and old, from the little I have read from him ... but I wouldn't call him crude: http://krugman.blogs.nytimes.com/201...in-the-kisser/
Well, I think he and DeLong are both basically old Keynesians (Krugman even moreso,) and I do think it is a bit of a crude view of economics, though I would not say that about new-Keynesianism. DeLong happens to be a crude, pretty vile human being, but I think Krugman would be kind of a kick.
post #125 of 127
Quote:
Originally Posted by Artisan Fan View Post
There is lots of Goldman Sachs access and influence in D.C., especially under this regime. However, Goldman is where they are due to liquid and free capital markets. That's really a terrible example but thanks for supporting my argument.
Goldman is where they are because of at least two government bailouts. Perhaps three. Maybe four, depending on how you count them. They would have been wiped out 15 years ago on worthless Mexican paper if the Treasury didn't bail them out. They were ever-so-happy to cooperate with the NY Fed, Treasury, and Alan Greenspan so that they didn't take a bath on Long Term Capital Management. More recently they directly took $10 billion from the Treasury. Then they were allowed to convert to a bank holding company so they could access the Fed's liquidity and funding (although they never have met the textbook definition of a bank holding company ). Additionally they were incidental beneficiary's of the taxpayer's additional largess to stabilize the markets.
post #126 of 127
Quote:
Originally Posted by iammatt View Post
Well, I think he and DeLong are both basically old Keynesians (Krugman even moreso,) and I do think it is a bit of a crude view of economics, though I would not say that about new-Keynesianism. DeLong happens to be a crude, pretty vile human being, but I think Krugman would be kind of a kick.

Really? Krugman always came off as arrogant to me. DeLong, always as pretty fun, I mean.. for a dreadfully boring economist.
post #127 of 127
Quote:
Originally Posted by Astan View Post


Quote:


Originally Posted by iammatt View Post

Well, I think he and DeLong are both basically old Keynesians (Krugman even moreso,) and I do think it is a bit of a crude view of economics, though I would not say that about new-Keynesianism. DeLong happens to be a crude, pretty vile human being, but I think Krugman would be kind of a kick.




Really? Krugman always came off as arrogant to me. DeLong, always as pretty fun, I mean.. for a dreadfully boring economist.
Need to change the thread title to read, "In A Coma For Six Years But Not Quite Dead Yet End".
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