People need protection from those who claim they understand macroeconomics, but don’t
He’s shouting at James Bullard by the way:
Unlike many in the US , Bullard will be living in comfort, with healthcare and a pension. And he wants to crush the lifeblood out of an economy where insecurity is commonplace to supposedly beat inflation whose cause is utterly unrelated to the quantum of money supply or excess consumer demand.
Opposing callousness of this sort is what motivates me.
People with limited knowledge of macro and an absolute right not to be persecuted by those who claim they have such knowledge, but who actually don’t, need protection from abuse. That’s good enough reason to be angry for me.
Hmm, Bullard:
James Brian Bullard is the chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, positions he has held since 2008.
….
He received bachelor’s degrees in economics and in quantitative methods and information systems from St. Cloud State University in 1984 and a Ph.D. in economics from Indiana University in 1990.[4]Career
Bullard began his career as an academic economist and monetary policy scholar. His research has appeared in numerous professional journals, including the American Economic Review, the Journal of Monetary Economics, Macroeconomic Dynamics and the Journal of Money, Credit and Banking.[5]
Hmm.
If you take the view that anyone who claims to understand or be able to use modern macroeconomics effectively is a fool or a charlatan, then Spud could be right. (OK, half right.)
This made me chuckle – surprisingly insightful for a footballer – Murphy’s response is even more hilarious! Guess since Downham Market pubwatch banned him from every hostelry in town he doesn’t go out to pubs much, even in his new abode, and never to watch football…
phil foden says:
April 14 2022 at 9:29 am
I don’t understand why you think you know so much about economics..where is your track record? where is your credibility?
Reply
Richard Murphy says:
April 14 2022 at 12:01 pm
My peers have elected me a Fellow of the Academy of Social Science for my work on political economy
What’s your claim?
As for the ‘substance’ of Murphy’s claims – there is none. The collapse of his credibility and MMT as a philosophy is the only thing increasing faster than inflation!
“My peers have elected me a Fellow of the Academy of Social Science”
Wikipedia: The Academy’s origins lie in the formation of a representative body for the social science learned societies in 1982.
FFS, it’s hardly the Royal Society. Even the Royal Town Planning Institute is more than twice as old.
Well Tim, if you’re looking for an academic publication on economics with, let’s say, a different slant on things, just save up £4.95. That’s Van Patten’s Christmas reading sorted already!
“The print edition of ‘Money for nothing and my Tweets for free’ is on its way. The proofs arrived yesterday”
Fellow of the Academy of Social Science
Fellow ASS
And asiaseen wins today’s internet.
Is he the first (and only) member? If not, surely the first member to consider adding the letters after his name would suggest a better name for the society.
Certainly there are supply side issues with inflation at the moment, but to describe the amount of money sloshing about the system as “utterly unrelated” is breathtaking!
Whom to believe? A pompous potato ASS or a well-qualified and experienced CEO, hmm.
I’m enjoying his belief that a bunch of social scientists providing endorsement is somehow proof of his credibility – just proves he would be unable to get a single real world economist to endorse him
But who will protect us from macroeconomists? Who? No one!
Look Mr VP. No macroeconomists have credibility PhD’s or bottle tops. He is no worse or better than any of them. They give astrology a bad name.
I had a glance over there a few days ago. Looks like I’ve been banned again, even after using another email address and another IP address. Ho hum, I’ll have to get the knitting out again.
But as Ritchie himself might have said, when a true genius appears in the world, you may know him by this sign, that the dunces are all in confederacy against him.
To paraphrase Prof Brignell… Putting ‘social’ in front of ‘scientist is the same as putting ‘witch’ in front of ‘doctor’. He used ‘climate’ in his example, but ‘social’ and ‘political’ fit just as well.
“The Academy’s distinguished Fellowship comprises 1,400 leading social scientists from academia, the public, private and third sectors”
Well, I suppose that makes it slightly more exclusive than the RSA or a Blue Peter Badge.
The only possible interpretation of any research whatever in the ‘social sciences’ is: some do, some don’t.
Ernest Rutherford (Baron Rutherford of Nelson) 1871-1937