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Old 01-25-2018, 11:48 AM
 
Location: Aurora Denveralis
3,056 posts, read 1,034,591 times
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Quote:
Originally Posted by ohio_peasant View Post
There's a fundamental difference between descriptive knowledge and predictive knowledge.
Great post, thanks. I think you've nailed the problem, and how economics as a field has confused the two viewpoints - and been given far too much credit and respect for a truly awful forward-view, just because they can be so deep, analytical and data-based for the backward one.
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Old 01-25-2018, 04:03 PM
 
2,701 posts, read 3,752,527 times
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I'm glad Krugman finally looked into a mirror. He didn't like what he saw.
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Old 01-25-2018, 04:31 PM
 
Location: Aurora Denveralis
3,056 posts, read 1,034,591 times
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Quote:
Originally Posted by Teak View Post
I'm glad Krugman finally looked into a mirror. He didn't like what he saw.
Wouldn't argue. But he held up the mirror for us to see, too.

You know, the old joke: if you laid all the economists end-to-end... where's a steamroller when you need one?
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Old 01-25-2018, 07:08 PM
 
Location: Ruidoso, NM
5,170 posts, read 4,737,218 times
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Quote:
Originally Posted by jtab4994 View Post
I'd like to read an article by Krugman explaining why he thought the 2016 election would usher in an era of economic disaster, and why he got it so wrong.
Past tense? A mere 1 year later?

Economic disasters are usually decades in the making. And I see zero evidence that one isn't being ushered in currently.

Are you mistakenly believing that the stock market has anything to do with the economy? When the rich get richer, and the economy is sick, then assets (like stocks) get inflated, as opposed to actual investing. SP500 P/E ratio is about double the long term average. The price is not based on anything real, economically.

He just passed a big deficit spending (fiscal stimulus) tax reform, so of course that will goose the "economy" for awhile. Always does.
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Old 01-25-2018, 07:10 PM
 
Location: Ruidoso, NM
5,170 posts, read 4,737,218 times
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Quote:
Originally Posted by cdelena View Post
No one has the insight, foresight, comprehensive knowledge, or tools to know what, where, and when regarding the economy. It is all guesses and words.
When you understand that the goal is to maximize productivity, it gets a lot simpler. Cuts right through the BS.
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Old 01-25-2018, 07:18 PM
 
Location: Aurora Denveralis
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Quote:
Originally Posted by rruff View Post
When you understand that the goal is to maximize productivity, it gets a lot simpler. Cuts right through the BS.
That pretty well boils it down.

But the assumption in the field is that productivity and its butt-monkey growth are unalloyed, unchallenged positives, no matter what, regardless of collateral costs and damage. And that's kinda where it all goes off the rails from any perspective but the spreadsheet and the dividend pool.
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Old 01-25-2018, 07:40 PM
 
Location: Ruidoso, NM
5,170 posts, read 4,737,218 times
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Quote:
Originally Posted by Quietude View Post
But the assumption in the field is that productivity and its butt-monkey growth are unalloyed, unchallenged positives, no matter what, regardless of collateral costs and damage.
What I see is very little consideration regarding productivity. It's all about quick fixes and short term bubble creation.
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Old 01-25-2018, 08:53 PM
 
3,530 posts, read 2,175,605 times
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Quote:
Originally Posted by Quietude View Post
That pretty well boils it down.

But the assumption in the field is that productivity and its butt-monkey growth are unalloyed, unchallenged positives, no matter what, regardless of collateral costs and damage. And that's kinda where it all goes off the rails from any perspective but the spreadsheet and the dividend pool.
Quote:
Originally Posted by rruff View Post
What I see is very little consideration regarding productivity. It's all about quick fixes and short term bubble creation.
That's exactly the sort of myopic nonsense that Krugman is arguing against.
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Old 01-25-2018, 09:04 PM
 
Location: Aurora Denveralis
3,056 posts, read 1,034,591 times
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Quote:
Originally Posted by rruff View Post
What I see is very little consideration regarding productivity. It's all about quick fixes and short term bubble creation.
Same lyrics, different tune. My poster child for that is Apple, which spent the ca. 1980 years nearly running themselves into the ground on the technology end by making only decisions that kept their share price and dividends inflated. But that's a big microcosm of growth-for-growth's sake thinking that's beyond endemic in US and most international economics.

Quote:
Originally Posted by FrankMiller View Post
That's exactly the sort of myopic nonsense that Krugman is arguing against.
Even as a fan, I concede his detractors here have scored some pot-kettle points against him. I don't know of any significant economist who goes much against the consensus grain; it's all micro-arguments about fine adjustments to our perfectly running system.
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Old 01-26-2018, 12:49 AM
 
Location: Las Vegas, NV.
673 posts, read 238,237 times
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Quote:
Originally Posted by Quietude View Post
Hilarious (to me) column by Paul Krugman, admitting what everyone already knew: economists, even the most respected big names, just make sh*t up for political and career reasons... and no one cares. Quite the opposite: they click on the Like button a hundred times and beg for more.
The universal tie-pin of econ pundits should be a stopped clock.
I can't even believe this guy (PAUL) still gets a paycheck from that dying newspaper. He never says anything we don't already know. I despise him
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