PHELPS: NO CASE FOR KEYNESIANISM
7 November 2009 by Cullen Roche
2 Comments
Interesting thoughts here from Edmund Phelps on Keynesianism:
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Comments
Having listened to Mr. Woo, and then listening to this, I get a feeling that Mr. Woo has a better sense of what is actually going on within the economy.
How Phelps can assert that we aren’t experiencing any signs of disinflation or of over-capacity is truly puzzling given all the contemporaneous and comprehensive facts and analysis across credible sources of financial and economic news and analysis. It was disappointing that his assertions, which were pretty core to Phelps’s argument that Krugman is way off base, went unchallenged in the interview but were simply accepted as fact.