4 ms·

> Not true. We understand the causes of inflation. I assume you are talking about the monetary theory of inflation, MV=PY? I've never met an economist that thi

by zie 4y ago

> Not true. We understand the causes of inflation. I assume you are talking about the monetary theory of inflation, MV=PY? I've never met an economist that thinks it tells the whole story. John Cochrane(a world class economist) is in the process of writing a new book that covers inflation, and he doesn't think he has all the answers. You and the rest of the "we" in your sentence needs to publish some academic papers informing the rest of us, as we clearly didn't get the memo. > The reasons Social Security doesn’t lead to rampant inflation is because Social Security is funded by the working age residents It's just a different form of a tax, perhaps it's sold to the people differently enough that they think of it the way you think of it, but it doesn't change the economics any. Taxes pay for it just like taxes would pay for a UBI.

nobodyandproud 4y ago
> I assume you are talking about the monetary theory of inflation, MV=PY? I've never met an economist that thinks it tells the whole story. John Cochrane(a world class economist) is in the process of writing a new book that covers inflation, and he doesn't think he has all the answers. Okay. But your position is that we know nothing about inflation. Which simply isn’t true. Since you’re name dropping John Cochrane (I don’t subscribe to said individual, but you seem to respect them): https://www.johnhcochrane.com/research-all/fiscal-inflation https://www.johnhcochrane.com/research-all/fiscal-inflation from an essay: “The future is not hopeless. Inflation control simply requires our government, including the central bank, to understand classic lessons of history. Forestalling inflation is a joint task of fiscal, monetary, and micro-economic policy. Stabilizing inflation once it gets out of control is a joint task of fiscal, monetary, and micro-economic policy. Expectations are “anchored” if people believe such policy is in place, and politicians and Fed officials are ready to act if needed.” That doesn’t read like inflation is some vast, major unknown. What I think you’re saying is that our knowledge and models of inflation are imperfect, therefore we can’t say with certainty that UBI will cause inflation. Which is essentially the same as “I don’t know.” > You and the rest of the "we" in your sentence needs to publish some academic papers informing the rest of us, as we clearly didn't get the memo. I asked a question; you provided non-answer; when you push the SS narrative I posit why SS is a poor analogy. Trump’s covid payment is far closer to UBI. > It's just a different form of a tax, perhaps it's sold to the people differently enough that they think of it the way you think of it, but it doesn't change the economics any. Taxes pay for it just like taxes would pay for a UBI. I’m pointing out that SS is nothing like UBI, unless you’re saying that UBI is also meant for a subset of the population. I’m well aware of the dent it makes in my paycheck.

by zie 4y ago

nobodyandproud 4y ago

> I assume you are talking about the monetary theory of inflation, MV=PY? I've never met an economist that thinks it tells the whole story. John Cochrane(a world class economist) is in the process of writing a new book that covers inflation, and he doesn't think he has all the answers. Okay. But your position is that we know nothing about inflation. Which simply isn’t true. Since you’re name dropping John Cochrane (I don’t subscribe to said individual, but you seem to respect them): https://www.johnhcochrane.com/research-all/fiscal-inflation https://www.johnhcochrane.com/research-all/fiscal-inflation from an essay: “The future is not hopeless. Inflation control simply requires our government, including the central bank, to understand classic lessons of history. Forestalling inflation is a joint task of fiscal, monetary, and micro-economic policy. Stabilizing inflation once it gets out of control is a joint task of fiscal, monetary, and micro-economic policy. Expectations are “anchored” if people believe such policy is in place, and politicians and Fed officials are ready to act if needed.” That doesn’t read like inflation is some vast, major unknown. What I think you’re saying is that our knowledge and models of inflation are imperfect, therefore we can’t say with certainty that UBI will cause inflation. Which is essentially the same as “I don’t know.” > You and the rest of the "we" in your sentence needs to publish some academic papers informing the rest of us, as we clearly didn't get the memo. I asked a question; you provided non-answer; when you push the SS narrative I posit why SS is a poor analogy. Trump’s covid payment is far closer to UBI. > It's just a different form of a tax, perhaps it's sold to the people differently enough that they think of it the way you think of it, but it doesn't change the economics any. Taxes pay for it just like taxes would pay for a UBI. I’m pointing out that SS is nothing like UBI, unless you’re saying that UBI is also meant for a subset of the population. I’m well aware of the dent it makes in my paycheck.