On Apr 2, 2015, at 12:00 PM, Tom Walker wrote: > > > ------------------------------ > > Message: 6 > Date: Thu, 2 Apr 2015 07:39:08 -0700 > From: Tom Walker <[email protected]> > Subject: [Pen-l] Economists discover the world! > To: PEN-L list <[email protected]> > Message-ID: > <CANz+BQzB5W45S+Ek+7xQJVh=jN9=ht_3gfybxnzcvv5zbaq...@mail.gmail.com> > Content-Type: text/plain; charset="utf-8" > > There is a buzz on the econoblogosphere about the debate about secular > stagnation between Ben Bernanke, Larry Summers and Paul Krugman. Jared > Bernstein breathlessly sums up the excitement: "we've made important > diagnostic progress here by bringing the international dimension... into > the discussion." > > You mean to tell me that up to now economists have left out the > international dimension? > > -- > Cheers, > > Tom Walker (Sandwichman) > -------------- next part -------------- > An HTML attachment was scrubbed... > URL: > http://lists.csuchico.edu/pipermail/pen-l/attachments/20150402/1f72af9e/attachment-0001.html > > > ------------------------------ >
I looked for the buzz and didn't find the specific items Tom Walker refers to, but I did find some exchanges about the diagnosis of secular stagnation by the buzzers. (buzzards?) I was struck by how obvious it is that they all have an underlying foundation of existing full employment as they analyze the economy. It is all about adjusting the equilibrium from one spot to another, whether it is where the demand for money curve crosses the supply of money curve and/or where the demand for anything shifts from Europe to Asia or North America. It is all equilibrium, all the time. And these are the big name economists, utterly baffled by what's going on. They differ only in the need for stimulus vs the need for liquidity. Or in one case, the need to do nothing. Gene _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
