tag:blogger.com,1999:blog-24699713.post7177832431182355460..comments2023-04-15T06:30:45.256-05:00Comments on What I Think: Those Who Can't Do Sometimes Really Do TeachUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-24699713.post-74021848208224980412009-07-15T18:56:48.039-05:002009-07-15T18:56:48.039-05:00As for so flippantly dismissing Drew's picky c...As for so flippantly dismissing Drew's picky comment, I was in a rush and didn't have much time. However, I have a moment now to apologize, noting that since I had used the word "fiscal" a couple of times before, it just flowed with what I was thinking. It's not really that great of a mistake. Monetary and fiscal may not be exact synonyms, but they are hardly antonyms.Aristoshttps://www.blogger.com/profile/12682742018107902779noreply@blogger.comtag:blogger.com,1999:blog-24699713.post-17920199640422976272009-07-14T12:53:39.796-05:002009-07-14T12:53:39.796-05:00I'm going to jump out on a ledge and assume th...I'm going to jump out on a ledge and assume that you meant "thought" when your wrote: "I though it was fats..." It's somewhat ironic...Aristoshttps://www.blogger.com/profile/12682742018107902779noreply@blogger.comtag:blogger.com,1999:blog-24699713.post-68210120240733319472009-07-14T01:13:13.228-05:002009-07-14T01:13:13.228-05:00I'm going to jump out on a ledge and assume th...I'm going to jump out on a ledge and assume that you meant "monetary policy" when you wrote: "Through the Federal Reserve System, the government attempts to boost the economy with its fiscal policies..." It's somewhat ironic to write an entire post criticising an econ professor on his phrasing only to make such a common sense error in econ jargon. Monetary policy as practiced by the Federal Reserve through fractional reserve banking revolves around creating (and occasionally destroying) money by manipulation bond markets. Fiscal policy is just a fancy phrase for spending money.<br /><br />I can attest that this is common practice within our econ department at Michigan and within the field as a whole. Entire Macro texts are written (Greg Mankiw's is a particularly popular one) that don't even acknowledge other schools of thought. I had hoped that the current economic crisis could be a watershed moment for macroeconomics - allowing economists to reanalyzed their assumptions. But it appears as though we collectively feel like blame-storming instead - in doing so, crystalizing most into their preexisting dogmas. We simple econ folk don't need to feel left out though as "scientific consensus" is sweeping academia. Apparently all climatologists now agree on catostrophic, man-made global warming. And nutrititons now think that too much meat in the diet is the problem - or was it carbs? I though it was fats...Anonymoushttps://www.blogger.com/profile/00586649818495939855noreply@blogger.com