Home > Miscellaneous Musings > Mark Thoma gets religion 8 years too late

Mark Thoma gets religion 8 years too late

The nasty little Paul Krugman ‘mini-me’ Mark Thoma gets all misty-eyed over how theoretical models can hurt real people:

This isn’t just a theoretical exercise where finding novel, counter-intuitive results that may or may not have real world applicability draws the admiration of peers, people’s livelihoods are at stake. Real people in the real world are depending on the Fed to get this right, and suggestions that the Fed raise interest rates to help with the recession go against every intuitive bone I have in my body. More importantly, for those who think those bones might be broken, it goes against the existing empirical evidence. This is not a game, actual policy is at stake that will affect people’s lives, and we cannot be careless in how we approach it.

Where were you in 2002-2007?  The Keynesian Endpoint is looking scary to those who sat on the *sses for decades, happy in the knowledge the Fed was ‘in charge’.  Now they scream ‘Oh the humanity!’ when the Hindenburg has already exploded through their ridiculous fiat money theories.

Categories: Miscellaneous Musings
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