yep, pure blooded. Davidson believes in a sort of endogenous money, but if you look at the end of "Money, Financial Markets and the Real World", he basically says that the role of a central bank is to supply ample central bank money for those economic purposes for which central bank money is important and let a prices & incomes policy do the rest.
dd -----Original Message----- From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of Jim Devine Sent: 03 August 2006 19:55 To: PEN-L@SUS.CSUCHICO.EDU Subject: Re: A gloomy Brad DeLong On 8/3/06, Daniel Davies <[EMAIL PROTECTED]> wrote: > In fairness, if you peek to the end of Paul Davidson's books, you find that > the policy prescription of the keeper of the flame of pur-sang > Post-Keynesian economics is ... a k% money supply rule. He just thinks that > k should be a very high number. > > best > dd what is "pur-sang"? pure-blooded? how could he advocate a k% rule? doesn't he think the money supply is endogenous? I had written: > Brad deL had an article in the JOURNAL OF ECONOMIC PERSPECTIVES awhile > back about the nature of Monetarism. It seems that his "new Keynesian" > school is nothing but a reformed version of Monetarism. -- Jim Devine / "Isn't it interesting that the same people who laugh at science fiction listen to weather forecasts and economists?" -- Kelvin Throop, III
