Friday, January 14, 2011

Beckworth, Krugman!

The imprecision between the money in our wallets and the eggs in our refrigerator is about the same. The money illusion is no more powerful than the egg illusion. The Austrians, the Keynesians, the Goldarians and the Monetarians have this wrong. All camps suffer from the mistake that economics has to do with money.

There is no special money circuit in the brain.

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