For readers who don’t already know this, my new blog is over at Substack: scottsumner.substack.com This will be my final Money Illusion post. The blog began on February 2, 2009. But the events ...
In the mid-1990s, the consensus view was that central banks should target inflation at 2%. Then in the late 1990s, a light rain of “magic dust” descended on the islands of Japan. The dust mad...
A recent Bloomberg article suggested that we may be moving toward a regime characterized by fiscal dominance, at least part of the time: In their paper, three economists from New York University,...
https://www.themoneyillusion.com/are-we-moving-toward-fiscal-dominance/
Matt Yglesias directed me to this tweet: If you looked at certain polls, you’d think the economy was doing poorly. On the other hand, if you looked at state economic performance polls, or polls...
https://www.themoneyillusion.com/an-american-economic-miracle/
I’ve been amazed by the response to Russia’s invasion of Ukraine. The most militarily expansionist leader since Hitler and Stalin starts a war that threatens to spiral out of control. He lead...
There has recently been a lot of discussion about how all of the conspiracy nuts are moving over to the GOP, whereas not so long ago they were at least as common among Democrats. Matt Yglesias ha...
https://www.themoneyillusion.com/yglesias-on-political-sorting/
One of my biggest frustrations over the past 15 years has been the economics profession’s drift away from certain well established propositions, such as the fact that the Fed controls the price...
https://www.themoneyillusion.com/the-final-nail-for-fiscal-dominance/
Brad DeLong directed me to a tweet that contained this intriguing graph: If you polled 51 million Americans and found that 50 million supported X, whereas 1 million opposed X, that would be a hig...
https://www.themoneyillusion.com/fifty-to-one-on-job-growth/
Here’s Richard Hanania: We can already see Republican candidates and institutions shifting over to Gribble messaging. The Heritage Foundation, once believed to represent elite conservative thou...
The FT has a good article that might be seen as being tangentially related to my earlier post on lab leak vs. zoonosis: If a screenwriter were to come up with a storyline in which a tech tycoon d...