Row 74222

Row ID: 74222 | Dataset Entry | Axioma AXP Content Repository

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I’m not sure if you’re understanding what I just told you.

> Just because Keynesians have shifted the description of inflation from money supply to prices in order to hide the true nature of price increases doesn't mean it is right.

We’re not in 1955 here, there’s no battling schools of economics. “Keynesians” didn’t do anything. New Neoclassical synthesis rules the world, and nobody in the field objects to it. When your boy Friedman said “we’re all keynesians now” he wasn’t talking about schools - he was talking about the broad merging of every economic idea in to synthesis with Keynes as its foundation. It was a statement of respect.

But let’s not stop there. Friedman doesn’t agree with you. MV=PY, the quantity theory that he championed’s core formula, explicitly means that money expansion cannot equate to inflation. This isn’t up for debate, it’s you not understanding the people you’re quoting lol.

For instance even before Friedman's quote you had the famous Sargent paper describing how extended periods of outsized inflation are almost exclusively tied to losses in political faith. https://www.nber.org/system/files/chapters/c11452/c11452.pdf

You've got Mishkin's general outline on causes of inflation, with only one being monetary at times: https://www.kansascityfed.org/Jackson%20Hole/documents/3892/1984-S84MISHK.pdf

But also most specifically regarding your comment on monetary policy after the pandemic, all of the prevailing research suggests that post pandemic era inflation is almost entirely attributed to reverberations from massive prolonged supply shocks. NBER: https://www.nber.org/system/files/working_papers/w31417/w31417.pdf

IMF: https://www.imf.org/-/media/Files/Publications/WP/2023/English/wpiea2023010-print-pdf.ashx

So I mean, there's just not a lot of actual research supporting the idea that money supply alone is what drives inflation.

> Here learn something useful: https://mises.org/mises-wire/inflation-money-supply-growth-not-prices-denominated-money

This is hilarious. For one, Mises is an Austrian school political advocacy group, not an economic outlet. More on that in a second, first I’ll point back to the above - the studies I showed you, the frameworks I listed, they explicitly reject the idea that money expansion = inflation. Explicitly.

Fun quick aside: do you know that Austrians openly reject data and modeling, their stance is that economics is philosophical and may not be reflected in data. This is because they’ve never been able to evidence their ideas with actual observed relationships lol.

But more importantly, and this is what’s hilarious to me, Friedman, the guy you started out with, fucking hated Austrian economics. He said, and I’ll quote:

> I think the Austrian business-cycle theory has done the world a great deal of harm. If you go back to the 1930s, which is a key point, here you had the Austrians sitting in London, Hayek and Lionel Robbins, and saying you just have to let the bottom drop out of the world. You’ve just got to let it cure itself. You can’t do anything about it. You will only make it worse. You have Rothbard saying it was a great mistake not to let the whole banking system collapse. I think by encouraging that kind of do-nothing policy both in Britain and in the United States, they did harm.

He also famously stopped a q&a midpoint to say “there’s no Austrian economics, only good and bad economics” directly calling their ideas bad economics.

Here we are, I’m teaching you about the people you’re quoting trying to argue with me. You don’t understand Friedman, you don’t seem to understand Austrian bullshit, and you definitely don’t understand inflation. IDK where that confidence comes from, but it definitely ain’t backed by intellect or even a baseline understanding of the subject you’re trying to argue about lol.

FieldValue
text I’m not sure if you’re understanding what I just told you. > Just because Keynesians have shifted the description of inflation from money supply to prices in order to hide the true nature of price increases doesn't mean it is right. We’re not in 1955 here, there’s no battling schools of economics. “Keynesians” didn’t do anything. New Neoclassical synthesis rules the world, and nobody in the field objects to it. When your boy Friedman said “we’re all keynesians now” he wasn’t talking about…
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datetime 2024-05-24
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Raw Record

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