Tuesday, April 30, 2013

Murphy on Rogoff and Krugman

Bob Murphy always has interesting points on his blog, and he has a couple of posts that make for good reading and thinking.

In this one, he takes a hard look at the whole kerfuffle regarding Rogoff's nonexistent endorsement of "austerity," and in this one, he exposes Keynesian Logic (an oxymoron if ever there was one) for the fraud that it is.

I would like to add that Krugman really wants us to believe that Europe has been imposing an "unprecedented" policy of "austerity," although from what I can tell, Krugman defines "austerity" as not massively increasing government spending.


SteveDoc22 said...

Firstly, NPW (Nobel Prize Winner) Krugman wants us to ignore double digit inflation in education costs, high single digit inflation in medical costs, and energy costs that have remained substantially higher than 10 years ago (not to mention higher food costs). NPW Krugman wants to ignore inflation of financial assets, like stocks.

NPW Krugman wants us to focus on "core" inflation - a non-real world construct. Fine. You want to know why clothing costs havent risen? See the articles on the 400 people killed in an industrial "accident" in Bangladesh. When we outsource our labor costs to third world countries with low pay, slave conditions and no concern for safety, we can pretend that increasing the monetary base has no inflationary consquences. Electronics? Look at China's factory/cities.

BTW, if all the Fed money is sitting at the TBTF banks anyway, what was the point in printing it? How can it stimulate the economy? It's an internal contradiction.

Listen to NPW Krugman - don't save for a rainy day, don't save for retirement, take out a second mortgage. I'm sure he'll bail you out with some of his prize money.

Bob Roddis said...

I think I nailed Krugman today on Bob Murphy's blog:


Bob Roddis said...

In comments to the same Bob Murphy post, Lord Keynes has engaged in total self-immolation once and for all. He argues that because businesses often find they cannot lower their prices while selling fewer units that Austrian analysis and the concept of economic calculation have been vanquished. That argument is so stupid that I must admit to being shocked at how stupid it actually is.


Bookmark it.

Anonymous said...

Bob, how long have you been trying to debate with "Lord Keynes" and do you see any progress in sight? It must take a lot of energy to do this on a regular basis.

Lord Keynes said...

Bob Roddis@May 2, 2013 at 6:47 PM

No, Roddis, a perusal of that page shows your cowardly evasion of a simple question, time and again:

So you are saying that buyers and sellers adjusting prices in a flexible way in trades and thereby moving them towards their market- clearing levels is NOT a fundamental part of the Austrian notion of “economic calculation”?

Since you have been denying this for ages now in your bizarre interpretation of your stock Hayek passage, you know that a straight answer would destroy you.

That's why you're a terrified little coward.

Bob Roddis said...

Bob, how long have you been trying to debate with "Lord Keynes" and do you see any progress in sight? It must take a lot of energy to do this on a regular basis.

I think this "debate" goes back at least three years. I see immense progress yesterday after the clarification of his "fixprice" argument that I mentioned above. He's been eviscerated once and for all and all the world can see it.

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