tag:blogger.com,1999:blog-35117130.post3095652627687005786..comments2024-03-28T19:18:40.387-04:00Comments on Northern Reflections: The Credibility RevolutionOwen Grayhttp://www.blogger.com/profile/06464860078574618579noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-35117130.post-6495334914632315292021-10-13T17:37:00.862-04:002021-10-13T17:37:00.862-04:00Sage advice from Mr. Keynes, jrk.Sage advice from Mr. Keynes, jrk.Owen Grayhttps://www.blogger.com/profile/06464860078574618579noreply@blogger.comtag:blogger.com,1999:blog-35117130.post-59669752606665009032021-10-13T17:22:21.377-04:002021-10-13T17:22:21.377-04:00Another problem with a lot of conventional economi...Another problem with a lot of conventional economists has benn that if the data does not match the theory, they assume it is a data problem.<br /><br />As John Maynard Keynes put it, "When the facts change, I change my mind. What do you do, sir?” jrkrideauhttps://www.blogger.com/profile/04869979887929067657noreply@blogger.comtag:blogger.com,1999:blog-35117130.post-72249774808731187142021-10-13T15:01:07.918-04:002021-10-13T15:01:07.918-04:00Precisely, Cap. Card exposed the lie at the heart ...Precisely, Cap. Card exposed the lie at the heart of conservative economics.Owen Grayhttps://www.blogger.com/profile/06464860078574618579noreply@blogger.comtag:blogger.com,1999:blog-35117130.post-83944876079280425672021-10-13T12:36:00.996-04:002021-10-13T12:36:00.996-04:00Card's research showed that raising the minimu...Card's research showed that raising the minimum wage has little effect on the number of jobs. In other words, when the chamber of commerce starts ranting about how raising the minimum wage will cause job losses, they're lying. <br /><br />Interestingly, Card's research indicates that companies made up the difference in pay by reducing things like dividends. No wonder Ford limited Ontario's recent increase to a meager 10 cents an hour.<br /><br />CapAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-35117130.post-84397210714143333422021-10-13T11:10:23.757-04:002021-10-13T11:10:23.757-04:00These are men who grew up with a sense of how ordi...These are men who grew up with a sense of how ordinary folks live. For them, Mound, economics is more than a theory.Owen Grayhttps://www.blogger.com/profile/06464860078574618579noreply@blogger.comtag:blogger.com,1999:blog-35117130.post-9363140415337688232021-10-13T10:58:47.826-04:002021-10-13T10:58:47.826-04:00Then there's Joe Stiglitz, a kid from Gary, In...Then there's Joe Stiglitz, a kid from Gary, Indiana. Mother, a school teacher. Father, an insurance salesman. His PhD thesis (1966) was titled "Studies in the theory of economic growth and income distribution." His lifelong focus on the scourge of inequality earned him his 2001 Nobel Prize.The Disaffected Libhttps://www.blogger.com/profile/13135599782685108764noreply@blogger.com