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Joe Hannigan
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Evan Soltas is wrong.  In the economy of the future we will all make a living blogging for each other.

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Everything is for sale all the time.

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This is brilliant!

Veronique de Rugy claims that there is no austerity in Europe, and Tyler Cowen nods approvingly. Then the Kenesians dogpile on the two of them and de Rugy walks it back, admitting she was just swinging at a straw man.

Cowen, in true Cowenesque fashion, doubles down, saying we don't get it because we're not as "deep" as him.

Maybe we're not as deep as Cowen, but when you're sinking as fast as he is, it's bound to be tough for the rest of us to keep up.

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The Fed's John Williams says that the natural rate of unemployment may have increased from 5% to 6.5%. I have no idea whether or not he is right, but his comments highlight two important facts.

First, the job that we ask the Fed to do is nearly impossible. How are they supposed to balance employment and inflation when it isn't obvious what level of unemployment they should target? It doesn't surprise me that they seem to ignore unemployment altogether, and this is a strong argument for NGDP targeting.

Second, every day that we wait to get back to the natural rate of unemployment, the higher the natural rate gets. Long term unemployment tends to make people less employable. The unemployment of today will echo for years. The Fed should be racing to do what they can to lower it.

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What I've always liked about Tyler Cowen is that he applies his economics to a wide variety of topics and issues. This allows him to be continually wrong in new and interesting ways. Not this time though. This time he's wrong in and old-fashioned and predictable ways.

Cowen says that "austerity" hasn't really been tried yet...in Europe! Holy S***! Don't tell the Europeans that! There's nothing they are more proud of than their austerity. And for God's sake don't tell the Bond Vigilantes!

Cowen is just grasping at straws here. For an antidote go to the Economist http://www.economist.com/blogs/freeexchange/2012/05/euro-crisis-0
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