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Saturday, March 31, 2012

Philosophical Fencing

Krugman vs. Keen.

Of course I would love if one day Krugman and Keen would be all friendly like, but for now I'll just sit back and enjoy the show.

It's pretty much now or never for Krugman to 'see the light'.   If he doesn't now I fear he's only going to become further entrenched in the mainstream morass of faulty assumptions.  If he does, it may mean the slight (gasp!) mainstreaming of post-Keynesian theory. 


I truly don't understand how Krugman doesn't get this.  He's a smart, Nobel Prize winning economist.  The 'savings' doesn't come from some reserve pool in order to make a loan.   The loan is extended and the 'savings' is from the expected pool of future wealth.  The bank extends credit and accepts an IOU from your present self because it thinks your future self can pay for it.   If you don't understand this, you don't understand debt bubbles.  

7 comments:

Tschäff said...

You have a nice front row seat, seeing an active central banker on my wall ridicule him. :)

Tschäff said...
This comment has been removed by the author.
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