Saturday, February 11, 2012

Real and financial economics

It's not just laypeople who make this error: Paul Krugman chides St. Louis Fed president James Bullard mixing up real and financial economics.

Yes... the president of the Federal Reserve regional bank of St. Louis doesn't understand the difference between actual physical things and the symbols that represent them. These are the people who end up making economic policy under capitalism.
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2 comments:

  1. Cirze2/13/12, 12:49 PM

    I love it.

    Thanks!

    How often I've thought of the exact same analysis before.

    I don't think most of them even have to be smart to be chosen for those "jobs" anymore.

    Check out Cain's credentials.

    Love ya,

    S

    ReplyDelete
  2. Larry Hamelin2/13/12, 6:09 PM

    Cain? Herman Cain?

    ReplyDelete

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