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Why Do you bother with Noah Smith?

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This guy has a proven track record of not knowing what he’s talking about? Why do you care about his views?

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Posted by Lars Svensen
Posted on 05/12/2016 2:18 AM
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Hi Lars,

I don’t care about Noah so much. I care about the ideas that he promotes. He is a New Keynesian economist who constantly bashes Post-Keynesian economics. He clearly has no understanding of PKE, but for some reason he continues to bash it. I’ve emailed him about this to try to inform him of the errors, but he doesn’t seem to care. But it’s not personal. I want people to understand these concepts properly rather than getting an ear full of hot air. I’m not against people as much as I am against bad ideas. The idea that the deficit might cause hyperinflation because the Fed monetizes the debt is just wrong. It’s wrong in so many ways that I can’t even believe he’d write it. So it needs to be corrected so we can at least undo some of the damage done by his article.

But please don’t take any of my comments personally. That is not at all how I intend it. I don’t attack people. I attack ideas.

CR

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Cullen Roche Posted by Cullen Roche
Answered on 05/12/2016 2:29 AM
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    The guy is an assistant professor of finance. LOL. eople like that are immune from the real world until it bitchslaps them upside the face.

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    Posted by MachineGhost
    Answered on 05/12/2016 8:43 PM
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      He doesn’t even teach anymore. He’s a journalist now at Bloomberg. Big audience though so he has some reach…. Which is too bad because he’s a smart dude. If he made an effort to understand some of these things he’d probably agree with a lot of it. At least he knows that banks are the real money creators and that’s further than most economists get….

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      Cullen Roche Posted by Cullen Roche
      Answered on 05/12/2016 9:00 PM
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        I know its nowhere as fun to the ego, but if you just sent a whitelink to your operational reality whitepaper and nothing more instead of appearing to be seducing, arguing, challenging beliefs or appealing to emotion, it might be more effective in getting through to those stubborn types. I know my eyes glaze over when I see diatribes in response to something agitatory I post, but curiosity does allow me to at least click on a link.

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        Posted by MachineGhost
        Answered on 05/12/2016 9:28 PM
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          MG

          Not quite clear about your angst here. Not sure a whole lot of folks suffer from your diatribes.

          They certainly suffer from mine.
          Cortisol surges are painful to manage.
          Dr. Jekyll and Mr. Hyde.

          And another is inbound (diatribe): re: Alexander Hamilton & Socialism.
          Your eyes are most certainly going to glaze over there.

          It will be the best sleep medication for all. And it is non-toxic and non-addicting as well!

          But the simple fact that socialism creeped into our Federated Republican form of government at its initiation/instantiation is a lot for me to get over.

          So is the fact that I have a wide streak of socialism running through my own thought-streams.

          Mebbe, old dogs learn new tricks? I always thought I was a Kantian – damn!

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          Posted by Poseidons Bear
          Answered on 05/12/2016 10:55 PM
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            Continue tackling Dr. Smith on your own terms CR.

            Look, his math skills are just average. I can turn an adaptive LLSE curve fitter on a dime on a data series – No Prob. Run a VAR (vector autoregresive estimator) on multiple data series – been there – done that.

            What we need is a lot less sloppy Econ.

            And over the past 1 & 1/2 years, Dr. Smith has gotten really sloppy – and IMHO too liberal.
            It may be the challenges of not being able to get the research done to support his post? I dunno.

            But is has become really sloppy, and the commenters are calling him out on it.

            What he wrote in the post you referenced was not correct – it was sloppy. He needs to research the Weimar Republic before he makes another slip-shod comment about hyperinflation – really.

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            Posted by Poseidons Bear
            Answered on 05/12/2016 11:05 PM
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              Noah Smith in general is a clear thinking, well educated, smart person. His thesis advisor, Miles Kimball, is better in all of these qualities. John Cochrane is, in general, a clear thinking, well educated, smart person. I tend to agree far more often with Smith than Cochrane, but I often find both of their views worthy occasionally of at least a few hours of the critical thinking I get every day walking my dog or riding my bicycle.

              What is a bit odd is that Noah is mostly an empirical economist, and his best writing reflects this, but although he worked for Kimball, he isn’t that well versed in macro-economic theory.

              Why Cullen has a beef with him is a mystery because mostly he writes really intelligent stuff. On macro-economics he is lacking (because he is really a data based micro-economist). But he is a smart person and I enjoy reading his articles.

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              Posted by John Daschbach
              Answered on 05/13/2016 7:43 PM
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                John,

                I totally agree with you. My only problem with Noah is that he doesn’t express a good understanding of Post-Keynesian economics but regularly bashes it. I just don’t understand why someone would do that. I agree that he is very good on most things. But he’s very bad on a topic that I think is particularly important….

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                Cullen Roche Posted by Cullen Roche
                Answered on 05/17/2016 6:06 PM
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