tag:blogger.com,1999:blog-2433734171708230599.post175844988713595990..comments2023-10-29T11:50:14.811-04:00Comments on Foundations of Economics: The Economist Magazine on Austrian EconomicsShawn Rhttp://www.blogger.com/profile/02129241997834251648noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2433734171708230599.post-4869171982209530372012-01-11T13:56:42.358-05:002012-01-11T13:56:42.358-05:00@ brad,
Well it is true that costs are subjective...@ brad,<br /><br />Well it is true that costs are subjective, however, I think it highly unlikely that your personal career would be much different if you suddenly embraced, say, real business cycle theory by converting to strong rational expectations. I don't think you would lose your job or be harmed in situation in life. You would still teach your classes, get published, and maintain your social positions.Shawn Rhttps://www.blogger.com/profile/02129241997834251648noreply@blogger.comtag:blogger.com,1999:blog-2433734171708230599.post-16317318072171563372012-01-11T11:38:29.177-05:002012-01-11T11:38:29.177-05:00Re: "On the other hand if Krugman, Sumner, or...Re: "On the other hand if Krugman, Sumner, or J. Bradford DeLong make a wrong public pronouncement due to operating in a faulty economic framework, it does not cost them much personally."<br /><br />It doesn't? Yes it does. It costs me an immense amount. The costs are in other things rather than money, true--but if I were playing this game for money I would not be here, now, looking out at the Golden Gate Bridge; I would be at 57th and Park running Euro breakup scenarios...<br /><br />Yours,<br /><br />Brad DeLongbradhttps://www.blogger.com/profile/04548019979157668776noreply@blogger.com