tag:blogger.com,1999:blog-6245381193993153721.post8975845102608975384..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Mark Hayes on Post Keynesian Economic PoliciesLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6245381193993153721.post-15636657835803639322011-09-13T01:43:05.738-07:002011-09-13T01:43:05.738-07:00"Is Mark talking about cost-push inflation th...<i>"Is Mark talking about cost-push inflation there? "</i><br /><br />Yes, though demand pull inflation can be dealt with by fiscal policy.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-48032553029499761682011-09-12T23:43:45.289-07:002011-09-12T23:43:45.289-07:00LK,
Is Mark talking about cost-push inflation the...LK,<br /><br />Is Mark talking about cost-push inflation there?NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-61518292747797615402011-09-12T23:40:27.930-07:002011-09-12T23:40:27.930-07:00Friedman tried to show that V is stable - which is...Friedman tried to show that V is stable - which is essentially the ratio between P.T and M<br /><br />It isn't and anything that relies on that fails with it.NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-56057832483005159592011-09-12T22:09:19.202-07:002011-09-12T22:09:19.202-07:00The data does not support the "Quantity Theor...The data does not support the "Quantity Theory of Money" Friedman's contention that "Inflation is always and everywhere a monetary phenomenon" is based on a very faulty analysis of data. See Art Shipman's article - <a href="http://newarthurianeconomics.blogspot.com/2011/09/greatest-scam-of-20th-century.html" rel="nofollow">The Greatest Scam of the 20th Century</a> and <a href="http://newarthurianeconomics.blogspot.com/2011/09/miscellaneous-afterthoughts.html" rel="nofollow">Miscellaneous afterthoughts</a><br /><br />Quote:<br /><i>To make it seem more legitimate, you can take the inflation-adjusted output you're using, and call it "real" output. Then, no one will even question your work.<br /><br />In order to make "money relative to output" look like the price trend, you have to factor the price trend into the ratio. This is what Friedman did. It was a total scam. And everybody bought it.</i>Clonalhttps://www.blogger.com/profile/18290009954839887975noreply@blogger.com