tag:blogger.com,1999:blog-7169279.post2130402168424945237..comments2023-11-24T03:20:02.361-07:00Comments on Tufte's Economics Classes Blog - A Living Textbook: Have Keynesian Economists Been Delt the Perfect Hand?Dr. Tuftehttp://www.blogger.com/profile/17397586052171706438noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-7169279.post-39586274649691813242009-02-23T14:06:00.000-07:002009-02-23T14:06:00.000-07:00The problem is figuring out how important the stim...The problem is figuring out how important the stimulus package was after the fact.<BR/><BR/>I don't think there's any doubt that Keynesians have been dealt a situation in which they ought to be able to clearly demonstrate that their policy prescription works. If not now, when?<BR/><BR/>Having said that, the contraction will end at some point, so the stimulus package is going to be correlated withDr. Tuftehttps://www.blogger.com/profile/17397586052171706438noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-88946664875812149082009-02-23T12:47:00.000-07:002009-02-23T12:47:00.000-07:00Perfect tests are flights of fantasy and textbooks...Perfect tests are flights of fantasy and textbooks. But it is a good test of the Abba Lerner Keynes and R.F.Kahn doctrine that public investment has a multiplied impact upon GDP and therefore employment contrary to the Treasury view that it simply displaces private investment. Bearing in mind that the stimulus bill may be not large enough, shocked and distressed animal spirits too large for a oneHaroldchorneypolecon@me.comhttps://www.blogger.com/profile/02776629307984253971noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-47568136595587796942009-02-19T15:41:00.000-07:002009-02-19T15:41:00.000-07:00You're right.But my point was that the French are ...You're right.<BR/><BR/>But my point was that the French are going in the opposite direction of everyone else.Dr. Tuftehttps://www.blogger.com/profile/17397586052171706438noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-55572041220080828212009-02-19T10:27:00.000-07:002009-02-19T10:27:00.000-07:00France is doing well. But we need to look at the r...France is doing well. But we need to look at the reasons for this before we try to emulate them. France has a huge public sector. According to a recent article in the Wall Street Journal in 2007 public spending was equivalent to 52.4% of GDP, compare this to the U.S. where public spending was equivalent to 37.4%. Because the government is slow to cut back, a larger public sectors should translateAbigailhttps://www.blogger.com/profile/08385489902914085598noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-45468705761229242922009-02-17T10:39:00.000-07:002009-02-17T10:39:00.000-07:00I agree.The interesting thing about France is that...I agree.<BR/><BR/>The interesting thing about France is that from 1982 to 2005 they moved left while we moved (generally) right. <BR/><BR/>Now, as we move left, they're moving back to the right - and doing fairly well relative to other countries in this recession.Dr. Tuftehttps://www.blogger.com/profile/17397586052171706438noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-13248214808659998282009-02-15T19:53:00.000-07:002009-02-15T19:53:00.000-07:00Could it possibly be a good idea to take advice fr...Could it possibly be a good idea to take advice from other countries besides Russia or China? Maybe if we emulated France, our economy could be doing better. If all recessions are different, then maybe if we look at other economies that are doing well in this same recession, we could get a better idea on how to implement a successful stimulus.Graciehttps://www.blogger.com/profile/04805180586272914332noreply@blogger.comtag:blogger.com,1999:blog-7169279.post-33144571862859928192009-02-02T18:40:00.000-07:002009-02-02T18:40:00.000-07:00Ooh. Lots of good stuff here ...1) If this is our ...Ooh. Lots of good stuff here ...<BR/><BR/>1) If this is our criteria for the perfect test of Keynesianism, then we are pulling a "see no evil" "here no evil". The previous "perfect test of Keynsianism" was Japan in the 90s. The evidence isn't supportive, so this has quickly become a fact that is easier to ignore.<BR/><BR/>2) Contradicting opinions are only useful if you know how much effort when Dr. Tuftehttps://www.blogger.com/profile/17397586052171706438noreply@blogger.com