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Assorted Links
- The Impact of Milton Friedman on Modern Monetary Economics. A nice review by Edward Nelson and Anna Schwartz of Friedman's thought and influence over monetary policy that also, in the author's words, sets the record straight on Paul Krugman's 'Who was Milton Friedman.'
- The world may be getting smaller but big Americans are sinking the boats at Disney's It's a Small World.
- The Ayn Rand Lexicon is now online.
Posted by Alex Tabarrok on October 30, 2007 at 02:48 PM in Data Source | Permalink
Comments
Does anyone believe that the movie Dirty Dancing refutes Rand's Atlas Shrugged?
I noticed the evil character in the movie totes it around.
Posted by: Rue Des Quatre Vents at Oct 30, 2007 3:01:51 PM
Are seperating individual theories into "schools of thought" at all useful?
A good portion of Nelson and Schwartz's article is devoted to describing what they think "monetarism" really is and that Krugman mischaracterized the "monetarist" position and legacy. But, one could easily argue that Krugman was referring to what Brad Delong called "Political Monetarism" while N&S are defending "Classical Monetarism".
http://econ161.berkeley.edu/Econ_Articles/monetarism.html
Is either description more right than the other? I don't know. What's "really" Keynesianism?
Posted by: Student at Oct 30, 2007 6:18:15 PM
To echo Student, Krugman wrote that Friedman helped to create the Phelps-Friedman Model and was instrumental in creating the Phillips Curve, but was a different person than the intellectual father of the Monetarist movement. Krugman goes after the latter more than the former, so the authors should seek to defend both, as much as possible, if they wish to say Krugman is 'wrong.'
Posted by: William Smith at Oct 30, 2007 6:46:45 PM
Am I the only one that recalls Friedman's main policy prescription was that the Federal Reserve should target monetary quantities and should mainly be in the business of expanding the money supply as needed. How could Nelson and Schwartz not include that?
Posted by: Lawrence` Boyd at Oct 30, 2007 8:22:03 PM
"How could Nelson and Schwartz not include that?"
They discuss it at length.
Posted by: bob mcmanus at Oct 30, 2007 9:07:25 PM
Krugman did not understand Friedman and attacked his legacy because Krugman, as he does most of the time, is most interested in getting economic theory to fit his political views.
Posted by: DanC at Oct 30, 2007 9:19:28 PM
The Ayn Rand Lexicon is now online.
Be still, my beating heart.
Posted by: Bernard Yomtov at Oct 30, 2007 9:35:31 PM
This Small World story sounds like a hoax to me. The story is suspiciously free of sources who might actually know whether rider's weight is a factor in the redesign.
From the article: "the boats themselves, were designed and built in 1963 on the assumption that the male adult riders would average 175 pounds and the women about 135, which they pretty much did at the time."
I am sorry, but I find it hard to believe that the original designers never considered what would happen if a group of large men took the ride.
I say its an urban legend and I am betting that Disney will deny soon.
Posted by: Wes Johnson at Oct 30, 2007 10:25:36 PM
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Posted by: aizheng at Oct 31, 2007 2:58:53 AM
Here is a link to a very similar story about Disney's Small World ride, from the Mice Age website, which the CalorieLab story linked to. No sources in that article, but it strikes me as more likely to be an informed source on Disney material.
I would bet against urban legend, and I believe Disney would not deny.
Posted by: Mike-KP at Oct 31, 2007 9:31:13 AM
I hope others will join me in thanking Nelson and Schwartz for exposing
Krugman's representation of the late Milton Friedman's character and
intellectual contributions for what they are: "doubletalk".
Posted by: indiana jim at Oct 31, 2007 10:19:00 PM
Excuse the typo in my last post; replace "Krugman's representation" with
"Krugman's representations". It is these that Nelson and Schwartz have
laudably exposed and labeled "doubletalk".
Bravo Nelson and Schwartz!
Posted by: indiana jim at Oct 31, 2007 10:23:37 PM
it is funny you don't provide the link to krugman's article.
Here is a link to Krugman's - "who was milton friedman?"
http://www.nybooks.com/articles/19857
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