Comments On Comments

                I number of people receive got asked me why I receive got non replied direct to this together with subsequent posts of mine, specially equally he keeps claiming that I made around mistake. Well, for the record, I produce sometimes brand mistakes, together with when they are pointed out I admit them. However on this occasion my writing on this upshot seems pretty consistent to me together with equally far equally I’m aware error free. So, why no reply?

                Well, I did inward fact run out a comment on Scott’s second here. This is 1 of the problems alongside the ‘you were inconsistent here, together with yous receive got forgotten this here, but yous are a professor at Oxford together with so I’ll grade yous the produce goodness of doubt’ variety of exchange. I intend it tin muddle rather than clarify an issue.

                So instead I wrote a few self contained posts which tried to throw calorie-free on around of the issues, but which too made feel on their own. The master quotes I looked at appeared to propose that if taxes went up, consumption would at 1 time autumn past times the same amount (“it’s only a wash”). I pointed out inward my master post that this volition non hap because of consumption smoothing. What I had non anticipated is that around people mightiness intend that lower saving would automatically Pb to an equal autumn inward spending on majuscule goods without whatsoever alter inward income (another wash). That is why I wrote the savings equals investment post, which explained why this would non happen. Some of the comments to my master post said hey, these guys are only assuming total employment, together with so I wrote this on that full general issue. There too seemed to survive around confusion inward the ground on the deviation betwixt behavioural responses together with equilibrium relationships, which Brad DeLong discussed, together with which Chris Dillow brilliantly anticipated. As the ground went on, I idea I could clarify a signal well-nigh multipliers together with consumption smoothing (or ‘Old Keynesian’ together with New Keynesian models), together with so I wrote this. I’m glad to run across that John Cochrane is at nowadays less dismissive of financial stimulus, which leads Noah Smith to brand observations well-nigh politics together with macro that receive got around similarities to those inward my master post.

                While I’m on the bailiwick of comments, I should order something well-nigh comments on my ain posts. I had non anticipated together with so many people reading my stuff, together with thus together with so many comments, together with if I tried to answer them all I would receive got to fail the solar daytime job. However I produce read them all, together with if at that topographic point is a mutual subject that I would similar to order something on, I’ll write a novel post on it (like ‘Demand Denial together with Ideology’). One exception is where somebody points out an error inward what I wrote, or something where inward retrospect I intend I receive got been misleading or unclear, inward which illustration I intend it is sensible to recognise that at 1 time past times replying to the comment. So give cheers yous to those who receive got left comments, equally I produce notice them useful.