Paul Krugman wrote a post today referencing a paper my dad wrote in 1976!
Bob Hall has posted his original 1976 paper making the distinction between fresh water and salt water economists (pdf):
The fresh water view holds that fluctuations are largely attributable to supply shifts and that the government is essentially incapable of affecting the level of economic activity. The salt water view holds shifts in demand responsible for fluctuations and thinks government policies (at least monetary policy) is capable of affecting demand.
The title of this post, by the way, is a reference to Paul Krugman's hilarious cameo in Get Him To the Greek.
Possibly the coolest thing any economist has ever done, anywhere.
Posted by: |