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" ... But apart from this contemporary mood, the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil. ... "
" ... I'm well aware of Brad Delong's two part Paul Krugman dictum: 1) Paul Krugman is never wrong and 2) If you think Paul Krugman is wrong then see 1). However, and dangerous though it is for a mere scribbler to claim that a Nobel Laureate is wrong on said laureate's subject of expertise, it is still true that Paul Krugman is wrong here on this subject of the expansionary austerity zombie. The reason being that Krugman is misidentifying the theory that he claims to be talking about. He's right if what we decide to talk about is the "German view", but wrong about expansionary austerity because he's missing the crucial ingredient of that second. ... "
" ... It is, of course, hugely dangerous as well as startlingly presumptive for a mere economic scribbler like to me to advise an economist as prestigious as Richard Thaler. But, still, it must be done, on the basis that I'm just like that. And the point comes in two parts. Firstly, that I think we can find a much better way of working out what are nudges, what are those little imperfections in behaviour that make humans so manipulable. Apologies if this is already being done, I've just not seen it anywhere. The second is that Robert Shiller is having his work misdescribed a little: because the point that Thaler makes is one that Shiller has actually addressed. Indeed, he's rather famous for having addressed exactly this point. ... "
" ... Mundell long maintained that the euro-dollar rate should be fixed, respectful of the fixed exchange rates under gold that had supervised the industrial revolution responsible for making these places so rich in the first place. Mundell was no “defunct scribbler,” the intellectual personage in Keynes’s writing who sets out the parameters of future public debate. Mundell preferred wisdom to well up from the public, intellectuals stepping in to ratify such wisdom and work up the system that the democratic populace desires to function in practice. Mundell advocated a common currency in Europe. But he lamented the cashiering of gold and fixed rates as the unfortunate development that led to that alternative. ... "
" ... Unless your a superb scribbler, whiteboards aren't that much fun: they certainly haven't changed much since being invented in the late 1950s. ... "