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Not sure why you think PK was off base in 2003. The economy was near full employment and we were ramping up TWO wars. To say nothing of the early stages of the residential real estate boom.
The large Bush tax cut at that time seems pretty irresponsible to me.
Perhaps his bond vigilante scenerio did not come to pass because of Greenspan's accommodating Fed. But we have since come to see an even more accommodating Fed go to extremes to keep some expansion going in an underperforming economy.
Commented 5 days ago on Vintage Krugman: Stating the Obvious at Economist's View
Vintage Krugman: Stating the Obvious
Don't say you weren't warned. This is Paul Krugman, just a few days under 10 years ago: Stating the Obvious, by Paul Krugman, Commentary, NY Times, May 27, 2003: "The lunatics are now in charge of the asylum." So wrote the normally staid Financial Times, traditionally the voice of solid British...
Wow!! Some intelligent analysis from an Austrian economist.
Commented Mar 30, 2013 on Market-Destroying Institutions: Why Emergency Policies in Cyprus Embody all that is Wrong about Europe at Coordination Problem
Market-Destroying Institutions: Why Emergency Policies in Cyprus Embody all that is Wrong about Europe
~ Frederic Sautet ~ Some depositors at Cyprus’ largest bank may lose a lot of money (e.g. see article in FT). Those with deposits above €100,000 could lose 37.5 percent in tax (cash converted into bank shares), and on top of that another 22.5 percent to replenish the bank’s reserves (a “special ...
How does one know what the correct rule is??
Remember Milton Friedman's rule of an unchanging 4% annual growth in the money supply would render Fed discretion superflous and give us constant economic growth with little inflation? Who would advocate such a rule today?
Commented Feb 15, 2013 on Why I Favor Rules Over Discretion-Becker at The Becker-Posner Blog
Why I Favor Rules Over Discretion-Becker
Posner shows there is no absolute distinction between rules and discretion (and standards) because most sensible rules allow for discretion in extraordinary cases. Yet there is a difference under less than extraordinary circumstances, and rules are better in the great majority of circumstances wh...
So what did end the Great Depression?
Or maybe it is still going on.
Commented Jan 6, 2013 on "The Reality of the Wartime Economy" is Now Published and Online at Coordination Problem
"The Reality of the Wartime Economy" is Now Published and Online
Steven Horwitz The new issue of The Independent Review is out and the cover article is my paper co-authored with my former student Mike McPhillips on the wartime economy during World War II: "The Reality of the Wartime Economy: More Historical Evidence on Whether World War II Ended the Great De...
Robert Samuelson is no economist. Why does anyone give him the time of day on economic matters?
Commented Dec 17, 2012 on Is the Fed Risking "Dangerous Side Effects"? at Economist's View
Is the Fed Risking "Dangerous Side Effects"?
Robert Samuelson: The Fed rolls the dice, by Robert J. Samuelson, Commentary, Washington Post: It was big news last week when the Federal Reserve announced that it wants to maintain its current low-interest rate policy until unemployment, now 7.7 percent, drops to at least 6.5 percent. The Fe...
What do you expect to read from the chief economist of Prosperity Capital Company??
Commented Nov 6, 2012 on Which market failure? at Stumbling and Mumbling
Which market failure?
Liam Halligan says: "The UK remains in grave danger of a sovereign bond market meltdown." This puzzles me. I don't disagree that there's a good chance of bond yields rising over the long-term. But a return to normalish interest rates that is anticipated by the market - an upward sloping yield cu...
Of course money is a store of value. When the return on money exceeds the return on real investment we go into recession/deflation. When people (agents??) sense this will happen they will hold on to (not spend) their money.
Commented Oct 30, 2012 on Medium of Account vs Medium of Exchange at Worthwhile Canadian Initiative
Medium of Account vs Medium of Exchange
Money has two defining functions: it is the medium of account (all prices are quoted in terms of money); it is the medium of exchange (all other goods are only bought or sold for money). ("Store of value" is not a defining function of money, because my canoe is a store of value too.) Scott Sumne...
And what new technology do you see on the horizon that will create 78,000 new jobs in the near future??
Commented Oct 28, 2011 on Jobs Lost to Technology, Pony Express Edition at Businomics Blog
Jobs Lost to Technology, Pony Express Edition
This weeks marks the 150th anniversary of two very noteworthy events. On October 24, 1861, the transcontinental telegraph was completed as the line from Carson City was connected in Salt Lake City. The prior week the line from Omaha had reached Salt Lake. The second major event of note was the ...
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