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.

2 comments:

  1. 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

Please pick a handle or moniker for your comment. It's much easier to address someone by a name or pseudonym than simply "hey you". I have the option of requiring a "hard" identity, but I don't want to turn that on... yet.

With few exceptions, I will not respond or reply to anonymous comments, and I may delete them. I keep a copy of all comments; if you want the text of your comment to repost with something vaguely resembling an identity, email me.

No spam, pr0n, commercial advertising, insanity, lies, repetition or off-topic comments. Creationists, Global Warming deniers, anti-vaxers, Randians, and Libertarians are automatically presumed to be idiots; Christians and Muslims might get the benefit of the doubt, if I'm in a good mood.

See the Debate Flowchart for some basic rules.

Sourced factual corrections are always published and acknowledged.

I will respond or not respond to comments as the mood takes me. See my latest comment policy for details. I am not a pseudonomous-American: my real name is Larry.

Comments may be moderated from time to time. When I do moderate comments, anonymous comments are far more likely to be rejected.

I've already answered some typical comments.

I have jqMath enabled for the blog. If you have a dollar sign (\$) in your comment, put a \\ in front of it: \\\$, unless you want to include a formula in your comment.

Note: Only a member of this blog may post a comment.