Cowen's thesis at the end seems to be: "if we'd only had philosopher / technocratic ./ economist kings instead of those short-time-horizon, demos-attentive, politicians that manage to win elections, we would have managed inflation and our budget so much better."
Which is kind of a weird sentiment coming from a libertarian.
I like Tyler. I read Marg Rev. But one must always remember what he is: a libertarian economist. AKA: a hammer looking for nails.
That actually seem more like Alex's POV. SFAICT there IS no Libertarian position on monetary policy. Even a Constitutional gold standard with free banking is still a market interference. But they do tend toward "technocratic" independent central banks as the next best thing. And although I'm no Libertarian, I agree.
MF: on JFK tax cuts “…So far as I know, there has been no empirical demonstration that the tax cut had any effect on the total flow of income in the US. There has been no demonstration that if monetary policy had been maintained unchanged…the tax cut would have been really expansionary on nominal income….”
That's just plain vanilla monetary dominance. Even if the JFK cuts were successful in incentivizing more innovation and substitution of work for leisure of high income people, I'd imagine that it would hardly show up in "total income flows."
Cowen's thesis at the end seems to be: "if we'd only had philosopher / technocratic ./ economist kings instead of those short-time-horizon, demos-attentive, politicians that manage to win elections, we would have managed inflation and our budget so much better."
Which is kind of a weird sentiment coming from a libertarian.
I like Tyler. I read Marg Rev. But one must always remember what he is: a libertarian economist. AKA: a hammer looking for nails.
That actually seem more like Alex's POV. SFAICT there IS no Libertarian position on monetary policy. Even a Constitutional gold standard with free banking is still a market interference. But they do tend toward "technocratic" independent central banks as the next best thing. And although I'm no Libertarian, I agree.
MF: on JFK tax cuts “…So far as I know, there has been no empirical demonstration that the tax cut had any effect on the total flow of income in the US. There has been no demonstration that if monetary policy had been maintained unchanged…the tax cut would have been really expansionary on nominal income….”
https://thefaintofheart.wordpress.com/2013/11/22/conservatives-praise-kennedy/
That's just plain vanilla monetary dominance. Even if the JFK cuts were successful in incentivizing more innovation and substitution of work for leisure of high income people, I'd imagine that it would hardly show up in "total income flows."