so I think studies like the above presenting historical episodes as cause-and-effect experiments are misleading.
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Replying to @samselikoff @michaellnorth
I present them as counterarguments to ppl who smugly claim that "obviously" macro 101 predicts employment drop
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and perhaps you don't think such claims exist. I can find some if you want :)
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Replying to @wycats @michaellnorth
I agree the claims do exist, however the macro101 point is an all-else-equal claim. That's the part I struggle with.
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Replying to @samselikoff @michaellnorth
the missing piece from 101 analysis is the impact of demand.
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Replying to @samselikoff @michaellnorth
the 101 analysis is something like "if you make labor more expensive, marginal ppl won't be able to buy" right?
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Replying to @wycats @michaellnorth
yep - price floor https://www.wikiwand.com/en/Price_floor
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Replying to @samselikoff @michaellnorth
but what if a policy takes idle money and moves it into spent money? That increases demand, 1/
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which should increase investment, all things considered, right? 2/2
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I meant all things equal.
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