- Dispels the notion that academics generally see the “inevitable” case for h money
- Gets to the right conclusion
- Insists that one must do the math, rather than relying on poetic reasoning
- Reveals that a lot of guys slippery or silent on h money are so because they want fiscal stimulus and don’t mind telling or accepting some fibs to get it
Krugman cannot quite follow through on 4, though. The case made by the advocates is too painfully misleading and silly, even to accept as a (dubious) means to an end he endorses. He tried to remain silent briefly, but in the end he found it too heavy a burden to bear.
Brilliant. Bit late with folks now onto raising the inflation target (also low odds) instead. But brilliant.
Separately, these are all points I have made myself. So maybe the ump is not totally objective. The ump, is, however, right in this case. I can be very appropriately humble on other stuff.