I no longer believe in capitalism. At all.

[Jon Miller]

You should replace that with 'The consensus of monetarist economists' as I haven't seen anywhere that most economists are monetarists or that non-monetarists now favor the monetarist interpretation of the Great Depression.

JM

[Kidlicious]

This is highly debatable, and many prominent economists think it actually made things worse.

It got worse when they raised taxes.

[Kidlicious]

The consensus of economists is that the Great Depression was a monetary phenomenon and that the New Deal was generally either ineffective or even harmful to economic growth at the time.

A consensus of all the people Kuci calls economists.

[Sir Og]

You should replace that with 'The consensus of monetarist economists' as I haven't seen anywhere that most economists are monetarists or that non-monetarists now favor the monetarist interpretation of the Great Depression.

JM

The consensus of economist whose models can actualy predict stuff and are not full of **** is the one Kuci mentioned.
The other economists are wrong quite often but apparently people do not care much.

[Jon Miller]

I am not so sure, from what I have seen monetarists basically argue that they can't predict stuff whenever evidence is produced which disagree with their models (see numerous threads where I have linked economics studies). This leads me to believe that they either can't predict stuff, or that they biased towards their own theories (which is OK to a degree).

JM

[Sir Og]

I don't know of any macroeconomic debacle in the last century which has produced economic data that contradicts the market monetarist model.

Whilst pretty much any Kynesian or Austrian who has opened their mouth in the last few years has spewed so much crap it is not even funny. People are being consistenly wrong and yet their opinions are still somehow considered valid.
For an example of which economists are wrong and their models should not be considered look at anybody who in the last couple of years predicted hyperinflation or high interest rates for the US bonds or look for people who think the CB cannot produce inflation.

[Lorizael]

to Kuci and Jaguar's reasoned explanation of consumption taxes.

[Jaguar]

I don't know of any macroeconomic debacle in the last century which has produced economic data that contradicts the market monetarist model.

Whilst pretty much any Kynesian or Austrian who has opened their mouth in the last few years has spewed so much crap it is not even funny. People are being consistenly wrong and yet their opinions are still somehow considered valid.
For an example of which economists are wrong and their models should not be considered look at anybody who in the last couple of years predicted hyperinflation or high interest rates for the US bonds or look for people who think the CB cannot produce inflation.

[Jon Miller]

When I read about monetarism online, most of the time it is by pro-monetarists who consider all the rest of economists fools... or it is about 'how can monetarism survive after being discredited'.

It all doesn't seem very scientific at all.

The pro-monetarists seem to be the group that is the most lacking behaviorally.

JM

[kentonio]

to Kuci and Jaguar's reasoned explanation of consumption taxes.

It was a nice write up, but it still feels like an excuse to move the tax burden onto the poor.

[Kuciwalker]

No, it's an excuse to move the tax burden from one group of rich people to a different group of rich people.

[Hauldren Collider]

When I read about monetarism online, most of the time it is by pro-monetarists who consider all the rest of economists fools... or it is about 'how can monetarism survive after being discredited'.

It all doesn't seem very scientific at all.

The pro-monetarists seem to be the group that is the most lacking behaviorally.

JM

That's rich, coming from the person who basically believes in socialism.

[Kidlicious]

The consensus of economist whose models can actualy predict stuff and are not full of **** is the one Kuci mentioned.
The other economists are wrong quite often but apparently people do not care much.

This is just wrong. There is plenty that the monetarist model has not predicted, like Japanese deflation.

[kentonio]

That's rich, coming from the person who basically believes in socialism.

He should, it does exist.

[Sir Og]

This is just wrong. There is plenty that the monetarist model has not predicted, like Japanese deflation.

BOJ actions are contractionary they never let any inflation take place. There is no contradiction with market monetarism.

Economists cannot predict how a certain CB will **** up at a specific time. They can predict the results of said **** up.

Basically macroeconomics is a study of the ways central banks mess things up. If all central banks around the world were doing a proper job nobody would ever talk about macro.