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The author Scott Sumner
Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

S. Sumner: Money Illusion

Are the jobs gone forever?

In my previous post, I linked to a Tyler Cowen post that quoted Betsey Stevenson: The problem is that old jobs are long gone for the vast majority of those who remain unemployed. In a narrow technical sense that may be true. But according to Yahoo, this is also true: More signs of labor shortages […]

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The unvaccinated and the unemployed

Roughly 49% of the US population has not received at least the first dose of a Covid vaccine. Total employment is down 7.6 million from early 2020. Should we conclude: 1. The 160 million unvaccinated Americans have searched and searched and just can’t find any location willing to offer them a vaccine. (Or that perhaps […]

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Not the USA

Here’s The Economist, discussing the woes of the Labour Party: In their recent book “Brexit Land” two academics at the University of Manchester, Maria Sobolewska and Robert Ford, argue that today’s political divide is cultural rather than economic. The university-educated classes define themselves by their cosmopolitan values—their enthusiasm for immigration and fierce hostility to racial […]

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Edward Nelson on Milton Friedman

While I’m only 275 pages into Ed Nelson’s big 2 volume set entitled “Milton Friedman & Economic Debate in the United States”, I can already say that it’s one of my favorite books on macroeconomics. One issue that has frequently puzzled me is how to interpret causality in the Phillips Curve relationship. I have always […]

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“Which laboratory is responsible matters little”

Back in 2014, there was a vigorous debate over gain-of-function (GoF) research. Prestigious journals published articles showing that this research is extremely dangerous, and probably should not be allowed: First, from the calculations in two in-depth pandemic risk analyses (7–9), there is a substantial probability that a pandemic with over a 100-million fatalities could be […]

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Mark Carney on NGDP targeting

David Beckworth has a new podcast where he interviews Mark Carney, former head of the Bank of England (and previously the Bank of Canada.) This caught my eye: Carney: Last point if I may, what we did in lieu of moving to nominal GDP targeting, it was a reasonably healthy debate about it, which is […]

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Recent articles

1. I don’t post on Israel/Palestine because I find the issue to be incredibly boring and unimportant. I also find 90% of the articles on the subject to be either stupid or uninteresting. The only pundit who seems to share my view is Matt Yglesias, who has an excellent post on why he also finds […]

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