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JW Mason @JWMason1
, 3 tweets, 1 min read Read on Twitter
Here is my piece from the new Jacobin on the state of economics ten years after the crisis. jwmason.org/slackwire/in-j…
Warning, it's rather long. Also, since it was written for the print magazine, it doesn't have any links. Sorry!
Also, to anticipate criticism from working economists, who don't like having stones thrown at them: While the first third of the piece does criticizes mainstream theory, the remaining two thirds are about genuinely exciting stuff happening in mainstream empirical and policy work.
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Here is DeLong making the full-ion expansionary austerity case for the 1990s. He is explicitly claiming that the tech boom was directly the result of cutting taxes and reducing government spending. bradford-delong.com/2018/12/clinto…
This is the pure Treasury View, the most simple-minded crowding out story - there is a fixed supply of saving and every dollar of it that the government doesn't use, turns directly into private investment.
"half the cuts came from social insurance programs." In DeLong's world, taking from the poorest is the Lord's work because every meal that a poor mother doesn't eat, every utility bill she can't pay, turns directly into more fiber optic cable and server farms.
Read 12 tweets
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Expansionary austerity: It's back! piie.com/blogs/realtime…
Blanchard and Zettelmeyer's argument is: 1) High public debt increases interest rates on public debt; 2) interest rates on public debt are passed through one for one to rates facing private borrowers; 3) higher interest rates reduce real activity enough to offset fiscal boost.
Point 1 sems iffy. They are quite confident that entire 160 basis point increase in Italy's public-debt rate in past 6 months is due to proposed budget (even tho as they note much of increase occurred before budget announced) and would be entirely reversed if EU budegt accepted.
Read 9 tweets
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Econ 101: Incentives don't matter.

nytimes.com/2018/11/15/opi…
It's a valid point and an important one. Good on him for writing it.

The problems are 1) he wrote "conservatives" when he should (also) have written "economists); 2) he himself produces academic work and, more consequentially, textbooks, where business decisions do respond >
> strongly to interest rates and other incentives; 3) if US monetary policy works largely through exchange rate changes, how is that any different than what gets dubbed "manipulation" when China does it?
Read 3 tweets

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Gonna go ahead and guess that a number of you did not accomplish all that you hoped to accomplish in 2018, and I'm here to tell you, that's okay. 2018 was the year that took ten years, a time-warp mind-fuck of a year that felt less like a calendar and more like a circus mirror.
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Hell yeah, a @JWMason1 thread

jwmason.org/slackwire/in-j…
Professor Nasreddin put it best:

So the piece is divided into five parts:

1. Let me clear my throat
2. What is 'macroeconomic theory'?
3. What is 'empirical macroeconomics'?
4. Who are the central bankers?
5. Macro is a land of contrasts.
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141. A la hora del montoneo fashionista jashtaguero, resulta que todos son fulanita o fulanito; hasta el perro son. Pero cuando toca revisar el nivel de responsabilidad personal en el crimen de la #PederastiaEclesiástica, no hay quien se apunte con el #TodosSomosCómplices
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Todo está claro en el enlace del tuit 135 de este hilo.
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