Less Than Zero
by George Selgin · first published 1997
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…productivity, central banks still do price level stabilization instead. The monetary disequilibrium economists have written much on this. George Selgin has a great and relatively accessible essay called Less Than Zero that discusses this. No one in modern economic theory belieces the Marshallian tradition is identical to modern neoclassicism - never mind neoliberalism. But there is no single "modern neoclassicism,"…
on “Why the Assholes Are Winning: Money Trumps All” ↗…But since NGDP evolution is fixed, you'd see an RGDP decrease and hence an inflation hike. The American sort-of Fed fixes inflation instead. If you are into this kind of thing, do read George Selgin's Less Than Zero. (Eg at https://iea.org.uk/publications/research/less-zero). It gave me an appreciation of the classic gold standard---and how it managed to keep NGDP stable under the right regulatory circumstances,…
on “What Minimum-Wage Foes Got Wrong About Seattle” ↗…find that those incentives are a bit silly. First, the central bank can print enough money to get any level of aggregate nominal spending they fell like. No need for inflation. George Selgin's book 'Less than Zero' even makes a convincing argument in favour of deflation. (He essentially argues for a fixed nominal GDP, and an economy that's growing in real terms would thus see the price of goods decline.) Inflation…
on “Detroit wants to be the first big American city to tax land value” ↗