"Keynes understood, why can’t New Keynesians?" http://feedly.com/e/9hHQRs27
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Replying to @slightlylate
@slightlylate maybe they are secretly Hayekian...1 reply 0 retweets 0 likes -
Replying to @mattpodwysocki
@mattpodwysocki@slightlylate the market is (invisibly) of the school of Hayek as well - that sneaky Hand utterly confounds monetarists ;)1 reply 0 retweets 0 likes -
Replying to @csuwildcat
@csuwildcat@mattpodwysocki it's only "sneaky" because (as Stiglitz showed) it doesn't exist. Magical thinking won't bring it back.1 reply 0 retweets 0 likes -
Replying to @slightlylate
@slightlylate@mattpodwysocki I don't subscribe to a perfect Invisible Hand model, but on balance the market optimizes prices and products.1 reply 0 retweets 0 likes -
Replying to @csuwildcat
@csuwildcat@mattpodwysocki : you're just confusing cause with effect. Markets are an outcome of human behavior. Hence market failures.1 reply 0 retweets 0 likes -
Replying to @slightlylate
@slightlylate@mattpodwysocki human behavior is (generally) a demand system that optimizes prices/product, the hand = rational self-interest1 reply 0 retweets 0 likes
@csuwildcat: you need to meet more humans ;-) /cc @mattpodwysocki
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