tag:blogger.com,1999:blog-6837159629100463303.post3977501114679754384..comments2023-06-18T01:25:08.748-07:00Comments on Information Transfer Economics: Letter to Dirk BezemerJason Smithhttp://www.blogger.com/profile/12680061127040420047noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6837159629100463303.post-69188050510724395912018-05-04T10:18:10.672-07:002018-05-04T10:18:10.672-07:00I hope you enjoy the update.
I have no intention ...I hope you enjoy the update.<br /><br />I have no intention of discrediting Godley, who seems completely above board — I like his work which uses some pretty simple models to make empirically testable forecasts. <br /><br />It is the Godley fan club (yourself and Bezemer included) which seems to see him as some sort of prophet and MMT or "accounting" models as the dawn of <a href="https://en.wikipedia.org/wiki/Psychohistory_(fictional)" rel="nofollow">psychohistory</a>.Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-42014786486967127142018-05-04T04:22:31.195-07:002018-05-04T04:22:31.195-07:00Aww!
Point being the quote is there. So change y...Aww! <br /><br />Point being the quote is there. So change your text. <br /><br />Second, the predictions of unsustainable processes have been since some time, not the two quotes which you make it out to be. <br /><br />You know man, you've seen the work and tried hard to discredit them. <br /><br />So are you changing the text? Ramananhttps://www.blogger.com/profile/13230097860373350435noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-85158820414484227192018-05-04T01:26:42.748-07:002018-05-04T01:26:42.748-07:00Wow. You PK/MMT people certainly stick together. D...Wow. You PK/MMT people certainly stick together. Did you read the first line of the article you cite:<br /><br />"The collapse in the subprime mortgage market, along with multiple signals of distress in the broader housing market, has already drawn forth a large body of comment."<br /><br />The housing crisis was already underway in the US, so this cannot count as a *prediction* of the housing crisis.<br /><br />This is also not the citation of Godley 2007 in Bezemer's article, but at least there is a source and it's an incorrect cite, with only a little bit of quote manipulation and being taken out of context (e.g. called a prediction of the housing crisis, but as Godley notes in the first sentence<br />the housing crisis is already underway).Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-15338048458392406022018-05-03T22:42:32.583-07:002018-05-03T22:42:32.583-07:00Obviously Bezemer is the best to respond.
2 poin...Obviously Bezemer is the best to respond. <br /><br />2 points:<br /><br />The second Godley quote appears in http://www.levyinstitute.org/publications/the-us-economy-whats-next<br /><br />Page 3, column 2. <br /><br />"However, by the end of the period, the level of output is still far (about 3 percent) below that in the CBO’s projection, which implies that unemployment starts to rise significantly and does not come down again."<br /><br />Secondly, it doesn't mean that unemployment never comes down as you think you are implying, only that with the policy assumption, unemployment doesn't come back and hence policy needs to be changed. Ramananhttps://www.blogger.com/profile/13230097860373350435noreply@blogger.com