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EconLog - Econlib

Details: By Scott Sumner. Doug Irwin has an excellent new paper describing how the Korean economy took off in the late 1960s: In the early 1960s, South Korea was close to being considered a failed state. It suffered from political turmoil and economic stagnation. One of the poorest countries in the world, it had a lower per capita income than

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Scott Sumner, Author at Econlib

Details: Search EconLog; RSS Feeds; Blogger Bios; Scott Sumner. Display by Month. 2021 . 2021 2020 2019 2018 2017 2016 2015 2014. All Scott Sumner . The costs of not maximizing aggregate utility. Jan 2 2021. Scott Sumner . Gold hoarding during the Great Depression. Jan 1 2021. Search Econlib

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Endogenous and exogenous steering - Econlib

Details: 6 hours ago · Endogenous steering is analogous to how the money supply is controlled when a central bank is targeting a short-term interest rate (and doesn’t pay interest on bank reserves.) Prior to 2008, the Fed used to instruct its open market desk to passively adjust the money supply as needed to keep the fed funds rate equal to the target rate for a

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Myths we teach our children - Econlib

Details: Here I’ll list a few and then speculate as to what sort of hidden agenda might explain these myths. 1. We teach our students that before the Fed was created, our banking system was highly unstable due to a lack of regulation. Economists such as Larry White and George Selgin have punctured this myth.

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Teaching the Fed as the hero - Econlib

Details: Teaching the Fed as the hero. Many people would regard my approach to teaching monetary policy during my final years at Bentley to be hopelessly “out of date”. Marginal Revolution University has a new video out that discusses new ways of teaching Fed policy in light of changes made during and after the Great Recession.

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journalism Archives - Econlib

Details: By Scott Sumner. In a recent post, I listed a bunch of myths that we teach to our students. One of them was specifically applicable to the German population---the myth that hyperinflation put the Nazis in power. In fact, it was deflation (and unemployment) that transformed the Nazis from a small political party in 1929 to a major party

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EconLog by Author and Letter - Econlib

Details: Tom actually did discount himself to other elite NFL QBs, by an estimated $60 million over his career. That 2019 analysis, by Scott Davis and Cork Gaines, was decent and imo conservative. They chose Brees, Big Ben, and the Manning brothers as comps. It is widely speculated that Tom "took less" precisely because of Gisele.

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A new model of the macroeconomy - Econlib

Details: As you will see, the title of this post is half joking and half serious. I’ll try to explain both halves, starting with the joking part. My brand new model of the macroeconomy is called the NS/RO model, which stands for nominal spending/real output. The model shows how equilibrium output and the price level are […]

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A Higher Minimum Wage Will Make Us Meaner Scott Sumner

Details: Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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Continuing Education Scott Sumner on Interest Rates

Details: EconLog’s Scott Sumner argues in this episode that too many people reason (incorrectly) from a price change, causing confusion about the factors behind today’s continuing low interest rates. The conversation also touches on the role of the Federal Reserve and its monetary policy, and the effects of regulation on issues such as inequality.

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Myths we teach our children - Austrian Economic Blogs

Details: Tags Economic Education Economic History Fiscal Policy Monetary Policy myths About Scott Sumner Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts.

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It’s not what you don’t know; it’s what you know that ain

Details: In a recent post, I listed a bunch of myths that we teach to our students. One of them was specifically applicable to the German population—the myth that hyperinflation put the Nazis in power. In fact, it was deflation (and unemployment) that transformed the Nazis from a small political party in 1929 to a major party in 1932. I don’t know if anyone at Bloomberg …

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Teaching the Fed as the hero - Austrian Economic Blogs

Details: Teaching the Fed as the hero. Many people would regard my approach to teaching monetary policy during my final years at Bentley to be hopelessly “out of date”. Marginal Revolution University has a new video out that discusses new ways of teaching Fed policy in light of changes made during and after the Great Recession.

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Sumner on Money, Business Cycles, and Monetary Policy

Details: Continuing Education Scott Sumner on Interest Rates . EconLog's Scott Sumner argues in this episode that too many people reason (incorrectly) from a price change, causing confusion about the factors behind today's continuing low interest rates. The conversation also touches on the role of the Federal Reserve and

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Sumner Follow-up - Econlib

Details: The Continuing Education entry for last week’s episode with Dan Sumner asked the following two questions for you to respond to: 1. Mancur Olsen and Gary Becker argue that small groups have greater political power than larger ones, which seems counter-intuitive, as they would muster less influence (fewer votes and less money). Explain why it […]

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Scott Sumner Blog Two types of debt monetization (And

Details: Education; Stocks Keywords Contributors Users. Two Types Of Debt Monetization (And One Misconception) By Scott Sumner of EconLog Wednesday, July 14, 2021 12:29 AM EDT I see a lot of discussion of Fed “debt monetization”, and yet …

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If you want liberty, aim for success (and vice versa

Details: Scott Sumner considers the following as important: Australia, COVID-19, liberty, public health, Tyler Cowen, Uncategorized, unintended consequences, vaccination rates This could be interesting, too: David Henderson writes Dr. Moreno Comes Through. SchiffGold writes Government Wrecks Everything It Touches! SchiffGold Friday Gold Wrap Sept. 10

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Progressives: Test Your Cognitive Dissonance Scott Sumner

Details: Education; Latest Stories Progressives: Test Your Cognitive Dissonance. This post first appeared at Econlog. Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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Economic Principles 1st Edition Stephen Rubb, Scott

Details: Economic Principles. First Edition ©2019 Stephen Rubb, Scott Sumner. Format. E-book from $97.99. ISBN:9781319106812. Take notes, add highlights, and download our mobile-friendly e-books. Access ( 6 months ) $97.99. Subscribe until 02/16/2022.

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Be Suspicious of the Stories We Tell Ourselves Scott Sumner

Details: Education; Latest Stories Be Suspicious of the Stories We Tell Ourselves. Big triangles, big banks, big moral intuitions Cross-posted from Econlog. Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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The Simple Reason Most Regulations Are Harmful Scott Sumner

Details: Education; Latest Stories The Simple Reason Most Regulations Are Harmful. Cross-posted from Econlog. Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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Don't Solve Problems. Stop Causing Them. Scott Sumner

Details: Education; Latest Stories Don't Solve Problems. Stop Causing Them. Or, Why I'm Not a Progressive Cross-posted from Econlog. Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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Microeconomic Principles 1st Edition Stephen Rubb, Scott

Details: Microeconomic Principles. First Edition ©2019 Stephen Rubb, Scott Sumner. Format. E-book from $72.99. ISBN:9781319106928. Take notes, add highlights, and download our mobile-friendly e-books. Access ( 6 months ) $72.99. Subscribe until 03/16/2022.

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Scott Sumner Blog Teaching the Fed as the hero Talkmarkets

Details: By Scott Sumner of EconLog. Tuesday, June 29, 2021 11:33 PM EDT. Many people would regard my approach to teaching monetary policy during my final years at Bentley to be hopelessly “out of date”. Marginal Revolution University has a new video out that discusses new ways of teaching Fed policy in light of changes made during and after the

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Scott Sumner Blog Is market monetarism actually

Details: Education; Stocks Keywords Contributors Users. Is Market Monetarism Actually "Monetarist" By Scott Sumner of EconLog Friday, September 10, 2021 10:38 PM EDT Image Source: Pexels. In a recent review of my new book, George Selgin makes the following remark: By then Sumner’s way of thinking had grown into a movement dubbed “Market Monetarism

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Scott Sumner Blog Inflation Is A Nominal Phenomenon

Details: Education; Stocks Keywords Contributors Users. Inflation Is A Nominal Phenomenon By Scott Sumner of EconLog Sunday, June 20, 2021 8:14 AM EDT In my previous post, I discussed how Milton Friedman was right about 4 …

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The authoritarian nationalist playbook - Austrian Economic

Details: There’s a sort of boomlet in authoritarian nationalism, with some prominent conservative leaders touting the Orban regime in Hungary, or even the earlier Salazar regime in Portugal. But what is authoritarian nationalism? This term has been applied to regimes as dissimilar as the governments of Hungary, Poland, Turkey, Russia, India, China, and Brazil.

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Scott Sumner on Interest Rates - Econlib

Details: Scott Sumner, of Bentley University talks with EconTalk host Russ Roberts about interest rates. Sumner suggests that professional economists sometimes confuse cause and effect with respect to prices and quantities. Low interest rates need not encourage investment for example, if interest rates are low because of a decrease in demand. Sumner also talk about …

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Microeconomic Principles, 1st Edition Macmillan Learning

Details: Request a sample or learn about ordering options for Microeconomic Principles, 1st Edition by Stephen Rubb, Scott Sumner from the Macmillan Learning Instructor Catalog.

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Macroeconomic Principles, 1st Edition Macmillan Learning

Details: Request a sample or learn about ordering options for Macroeconomic Principles, 1st Edition by Stephen Rubb, Scott Sumner from the Macmillan Learning Instructor Catalog.

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Honestly, Can You Name World Leaders You Admire

Details: Education; Latest Stories Honestly, Can You Name World Leaders You Admire? This piece ran on EconLog. Scott Sumner Scott B. Sumner is the director of the Program on Monetary Policy at the Mercatus Center and a professor at Bentley University. He blogs at the Money Illusion and Econlog.

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Continuing Education Daniel Sumner on the Political

Details: Roberts spoke with agriculture & resource economist Daniel Sumner on the history, winners, and losers of U.S. agricultural subsidies from the New Deal to today. 1. Mancur Olsen and Gary Becker argue that small groups have greater political power than larger ones, which seems counter-intuitive, as they would muster less influence (fewer votes and […]

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Inflation and relative prices - Austrian Economic Blogs

Details: Pierre Lemieux has a post explaining the fallacy of assuming that inflation is caused by changes in relative prices. An increase in the price of used cars cannot generate or “drive” inflation for a simple reason: it works the other way around. Inflation, which is defined as a continuous and sustained increase in the general price level, causes all individual prices …

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Conservatism in the 21st century - Austrian Economic Blogs

Details: Americans pay little attention to Canadian politics, even though Canada is by far our largest export market and in many ways Canada is the country that is most similar to the US. In the upcoming election, Canada’s Conservative Party has recently been rising in the polls. Interestingly, its message seems to be aimed at blue-collar voters: There are plenty of skeptics …

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Scott Sumner on Education – Accidental Reality

Details: In a post titled Education and Marriage Sumner shall we say muses on education (and a bit on marriage, off topic for my purposes). His post underscores our inability to understand cause and effect in complex domains. Marriage and education are highly correlated with positive life outcomes, in many dimensions.

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Macroeconomic Principles 1st Edition Stephen Rubb, Scott

Details: Use Promo Code SHIPFREE at Step 4 of checkout. *Free Shipping only applicable to US orders. Restrictions apply. Macroeconomic Principles. First Edition ©2019 Stephen Rubb, Scott Sumner. Format. Packages. E-book from $72.99. ISBN:9781319106874.

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Search results for: Charles Sumner: Education\\Educator

Details: Search millions of objects in the collections including photographs, artworks, artifacts, scientific specimens, manuscripts, sound records, and transcripts. These

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Scott Sumner Blog Unemployment Insurance Reduces

Details: Education; Stocks Keywords Contributors Users. Unemployment Insurance Reduces Employment By Scott Sumner of EconLog Thursday, August 26, 2021 5:18 AM EDT Image Source: Pixabay. The claim in this title is one of the most well-established claims in all of economics. If you are one of those “believe the science” people, then you should believe

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Scott Sumner Blog MMT And Japan Talkmarkets

Details: MMT And Japan. By Scott Sumner of EconLog. Wednesday, August 25, 2021 7:41 AM EDT. It’s good to see that others are beginning to notice a problem with Modern Monetary Theory: Over the past 30 years, Japan has had by far the slowest growth in aggregate demand for any major developed economy over a similar period.

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A Higher Minimum Wage Will Make Us Meaner by Scott Sumner

Details: In a recent post, I argued that government monopolies often offered worse service to customers than competitive private firms.In this post (which will have something to offend both progressives and conservatives), I’ll look at a different but related problem. A few days ago there was a big debate about a New York Times expose on working conditions at Amazon.com.

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Scott Sumner Blog That 1970s inflation Talkmarkets

Details: By Scott Sumner of EconLog. Thursday, May 27, 2021 10:27 PM EDT. Patrick Horan directed me to these tweets: Luther is right. There are actually three issues that need to be disentangled here: 1.The cost of high trend inflation. 2.The cost of high inflation volatility. 3.Supply vs. demand-side inflation. High trend inflation increases the real

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Microeconomic Principles 1st Edition Stephen Rubb, Scott

Details: Students get free shipping when you rent or buy Microeconomic Principles (1st) from Macmillan Learning. Available in hardcopy, e-book & other digital formats.

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Economic Principles 1st Edition Stephen Rubb, Scott

Details: Students get free shipping when you rent or buy Economic Principles (1st) from Macmillan Learning. Available in hardcopy, e-book & other digital formats.

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The Money Illusion: Market Monetarism, the Great Recession

Details: Named by Foreign Policy magazine in 2012 as one of the “top 100 global thinkers,” Sumner has published papers in academic journals including the Journal of Political Economy, Economic Inquiry, and the Journal of Money, Credit, and Banking. He is author of the popular economics blog The Money Illusion and a contributor to EconLog.

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Sumner on Growth and Economic Policy - Econlib

Details: Scott Sumner of Bentley University and the blog, The Money Illusion, talks with EconTalk host Russ Roberts about the last 30 years of economic policy and macroeconomic success and failure. Sumner argues that there was a neoliberalism revolution beginning in the 1980s around the world, an era of deregulation, privatization and falling marginal tax rates.

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We Don't Need Steel Tariffs for National Security

Details: The argument that some tariffs are necessary for national security is a farce. The US has more than enough steel production capacity and even if we didn't, unless the US is fighting the entire world at once, we'd surely have access to at least some markets. Congress should never have given the president this power.

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What does “local control” actually mean? – Rational Review

Details: Source: EconLog by Scott Sumner “In the US, public services such as police, fire and K-12 education are typically provided by local governments. On the other hands, federal rules prevent local governments from certain types of regulation. Local governments are not allowed to restrict speech or interstate commerce, for instance. …

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