It’s good to know we’re still making progress!
By Maggie McKeeIt’s a result only a mathematician could love. Researchers hoping to get ‘2’ as the answer for a long-sought proof involving pairs of prime numbers are celebrating the fact that a mathematician has wrestled the value down from infinity to 70 million. “That’s only [a factor of] 35 mill…
“we’ve entered a looking-glass world in which virtue is vice and prudence is folly, and in which doing the responsible thing is a recipe for economic failure”
Shades of modern Japan in 1930s Britain.
Lay off Bernanke, guys. Reexamine your own analysis.
“instead of saying that maybe this macro IS-LM stuff has a point, they’re raging against the man with the beard.”
White whales of finance.
And that’s OK.
“The wonkosphere was a much better,much more reliable source of knowledge than the proper academic literature.”
We’re living in a golden age.
“Parks and Recreation” has been renewed. Long live Pawnee!
“rules change when the economy is in a liquidity trap. Or, as Krugman puts it, they don’t like that they keep being wrong, and a bearded academic like Bernanke (or somebody else for that matter) keeps being right.In other words, they don’t get Keynesianism.”
Beautiful explanation of the economic theory that allowed Krugman’s predictions to be right and Austrians’ to be wrong.
“Yes, IS-LM simplifies things a lot, and can’t be taken as the final word. But it has done what good economic models are supposed to do: make sense of what we see, and make highly useful predictions about what would happen in unusual circumstances.”