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wycats's profile
Yehuda Katz 🥨
Yehuda Katz 🥨
Yehuda Katz  🥨
Verified account
@wycats

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Yehuda Katz  🥨Verified account

@wycats

Tilde Co-Founder, OSS enthusiast and world traveler.

Portland, OR
yehudakatz.com
Joined August 2007

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    1. Sam Selikoff‏ @samselikoff 4 Dec 2016
      Replying to @samselikoff @wycats @michaellnorth

      is because it's still performing a function in the market

      2 replies 0 retweets 0 likes
    2. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @samselikoff @michaellnorth

      right, Austrians don't believe the market can get "stuck" (liquidity trap)

      1 reply 0 retweets 0 likes
    3. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @wycats @samselikoff @michaellnorth

      but this is a religious belief that is deeply unintuitive. Which is the point of the babysitter coop parable.

      1 reply 0 retweets 0 likes
    4. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @wycats @samselikoff @michaellnorth

      fyi http://www.pkarchive.org/theory/baby.html …

      1 reply 0 retweets 0 likes
    5. Sam Selikoff‏ @samselikoff 4 Dec 2016
      Replying to @wycats @michaellnorth

      not familiar - reading

      1 reply 0 retweets 0 likes
    6. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @samselikoff @michaellnorth

      /me waits 😀

      1 reply 0 retweets 0 likes
    7. Sam Selikoff‏ @samselikoff 4 Dec 2016
      Replying to @wycats @michaellnorth

      I think an Austrian would say this leaves out the interest rate, a key price that changes when folks don't consume

      1 reply 0 retweets 0 likes
    8. Sam Selikoff‏ @samselikoff 4 Dec 2016
      Replying to @samselikoff @wycats @michaellnorth

      in fact there are no prices in this story. If 1 couple wanted to babysit they could offer to for half a coupon

      1 reply 0 retweets 0 likes
    9. Sam Selikoff‏ @samselikoff 4 Dec 2016
      Replying to @samselikoff @wycats @michaellnorth

      I think this is too important to ignore. Prices are key to how a market economy functions

      1 reply 0 retweets 0 likes
    10. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @samselikoff @michaellnorth

      interest rates are usually part of an enhanced version of the parable. http://www.slate.com/articles/business/the_dismal_science/1998/08/babysitting_the_economy.html …

      1 reply 0 retweets 0 likes
      Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
      Replying to @wycats @samselikoff @michaellnorth

      but here's the thing: Austrians were so sure they were right in 2008 that they said, loudly, that 1/

      3:54 PM - 4 Dec 2016
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
          Replying to @wycats @samselikoff @michaellnorth

          stimulus and rounds of QE would trigger near-term inflation. They said it again when QE was 2/

          1 reply 0 retweets 0 likes
        3. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
          Replying to @wycats @samselikoff @michaellnorth

          about to phase out. When it doesn't happen they blame other factors, lengthen the time horizon 3/

          1 reply 0 retweets 0 likes
        4. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
          Replying to @wycats @samselikoff @michaellnorth

          but since it didn't happen, maybe consider the liquidity trap story? 4/4

          1 reply 0 retweets 0 likes
        5. Sam Selikoff‏ @samselikoff 4 Dec 2016
          Replying to @wycats @michaellnorth

          right - but Keynesians (and others) also made incorrect predictions about effects of stimulus, many times

          3 replies 0 retweets 0 likes
        6. Yehuda Katz  🥨‏Verified account @wycats 4 Dec 2016
          Replying to @samselikoff @michaellnorth

          sure, but this one was a doozy. triple the money supply, virtually no price inflation... gotta deal with that.

          1 reply 0 retweets 0 likes
        7. Sam Selikoff‏ @samselikoff 4 Dec 2016
          Replying to @wycats @michaellnorth

          I agree

          0 replies 0 retweets 0 likes
        8. End of conversation

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