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楼主: 布拉格之春

There is nothing much that Milton Friedman got right!

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 楼主| 发表于 2017-8-14 12:25:02 | 显示全部楼层
Beder, citing Diesing, wrote that in attempting to manipulate data to ensure it “fitted his hypotheses”. Friedman would:

1. If raw or adjusted data are consistent with [the hypothesis], he reports them as confirmation …

2. If the fit with expectations is moderate, he exaggerates the fit …

3. If particular data points or groups differ from the predicted regression, he invents ad hoc explanations for the divergence …

4. If a whole set of data disagree with predictions, adjusts them until they do agree …

5. If no plausible adjustment suggests itself, reject the data as unreliable …

6. If data adjustment or rejection are not feasible, express puzzlement.

And so it goes for much of the mainstream macroeconomics empirical work. Shoddy, based on a desire to ‘prove’ the unprovable.

Friedman was no exception – and his work has no relevance for sound policy development.
 楼主| 发表于 2017-8-14 12:25:18 | 显示全部楼层
Conclusion

The Bloomberg article though seems oblivious to reality when it concludes:

… an important lesson of Friedman’s speech remains valid: If we want to ensure more people are well-employed, central banks alone will certainly not suffice.

And so we are back to the beginning again.

The lesson that the GFC brought home in spades is that if “we want to ensure more people are well-employed, central banks alone will certainly not suffice” because their policy tools are ineffective in manipulating aggregate spending.

Only fiscal policy is an effective means of accomplishing that task.

Which is a very un-Friedman-type statement.

Crowdfunding Request – Economics for a progressive agenda

I received a request to promote this Crowdfunding effort. I note that I will receive a portion of the funds raised in the form of reimbursement of some travel expenses. I have waived my usual speaking fees and some other expenses to help this group out.

The Crowdfunding Site is for an – Economics for a progressive agenda.

As the site notes:

Professor Bill Mitchell, a leading proponent of Modern Monetary Theory, has agreed to be our speaker at a fringe meeting to be held during Labour Conference Week in Brighton in September 2017.

The meeting is being organised independently by a small group of Labour members whose goal is to start a conversation about reframing our understanding of economics to match a progressive political agenda. Our funds are limited and so we are seeking to raise money to cover the travel and other costs associated with the event. Your donations and support would be really appreciated.

For those interested in joining us the meeting will be held on Monday 25th September between 2 and 5pm and the venue is The Brighthelm Centre, North Road, Brighton, BN1 1YD. All are welcome and you don’t have to be a member of the Labour party to attend.

It will be great to see as many people in Brighton as possible.

Please give generously to ensure the organisers are not out of pocket.

That is enough for today!
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