SilasBarta comments on Mathematicians and the Prevention of Recessions - Less Wrong

8 Post author: JonahSinick 25 May 2013 04:12AM

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Comment author: SilasBarta 26 May 2013 06:26:00AM *  1 point [-]

Plausible enough to overcome the presumption against "printing money is a costless way to solve economic problems"?

Comment author: jsalvatier 26 May 2013 08:36:01PM *  2 points [-]

As a blanket presumption, that's dumb and you know it.

Certainly printing money is a near costless way to solve economic problems at some times otherwise we wouldn't use money at all. Sumner doesn't advocate printing money at all times and places, he advocates printing or destroying money until there is the correct amount (which he suggests is when NGDP is on-trend).

Comment author: SilasBarta 26 May 2013 09:35:59PM 1 point [-]

As a blanket presumption, that's dumb and you know it.

I think you're confusing "presumption" with "categorial principle" or "axiom" or something. A presumption can be overridden, given sufficient evidence; my question was whether or how strongly EY takes a presumption against it. If you agree with the concept of criminalizing counterfeiting, you agree with that presumption.

Certainly printing money is a near costless way to solve economic problems at some times otherwise we wouldn't use money at all.

Does not follow. Not all moneys arose in a Pareto-optimal fashion, so their use not evidence printing money being costless.