Can you translate that into supply and demand?
I make much the same case against Stephen Miran's claim that safe asset demand results in an overvalued exchange rate https://stephenkirchner.substack.com/p/stephen-miran-on-restructuring-the
Joshua is wrong about this too!
Wow. There was much to unpack, but I think that should convey your point—we know little from these accounting identities.
As always I love your work because it makes me think and learn.
Thank you
An excellent piece. I've been wondering how best to counter Miran's ramblings--and you've done a great job here.
I used to think words could not be violent. But that was before you called Remember the Titans a "childhood" movie
:)
"It’s like arguing that a high apple price “causes” low apple consumption, when really both price and quantity are determined simultaneously by supply and demand."
Great point! Is important to remember that P* and Q* are both endogenous variables.
Isn't it odd that newspapers can't find economists to write for them on economic matters?
Not to disparage your analyses*, but it's just Econ 101. Newspaper pundits should at least be able to pass an Econ 101 test. :)
* The _analysis_. Your exposition is brilliant.
Ignorance is a renewable resource.
Fantastic review of Pettis work and arguments and responses thereto.
I make much the same case against Stephen Miran's claim that safe asset demand results in an overvalued exchange rate https://stephenkirchner.substack.com/p/stephen-miran-on-restructuring-the
Joshua is wrong about this too!
Wow. There was much to unpack, but I think that should convey your point—we know little from these accounting identities.
As always I love your work because it makes me think and learn.
Thank you
An excellent piece. I've been wondering how best to counter Miran's ramblings--and you've done a great job here.
I used to think words could not be violent. But that was before you called Remember the Titans a "childhood" movie
:)
"It’s like arguing that a high apple price “causes” low apple consumption, when really both price and quantity are determined simultaneously by supply and demand."
Great point! Is important to remember that P* and Q* are both endogenous variables.
Isn't it odd that newspapers can't find economists to write for them on economic matters?
Not to disparage your analyses*, but it's just Econ 101. Newspaper pundits should at least be able to pass an Econ 101 test. :)
* The _analysis_. Your exposition is brilliant.
Ignorance is a renewable resource.
Fantastic review of Pettis work and arguments and responses thereto.