economistsview.typepad.com - 6/30/2009
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This may help Brad DeLong settle his
inner conflict over whether Greenspan made an error by not moving interest
rates to limit the housing boom. Guillermo Calvo and Rudy Loo-Kung argue that
the benefits of bubbles almost always outweigh their costs (and thus there's no
need for ...
VoxEU.org - 6/30/2009
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VoxEU.org —
Guillermo Calvo , Rudy Loo-Kung , 27 June
2009 The financial sector is prone to crises, which...
are typically associated with serious effects on output and employment. This column weighs the costs and benefits of financial deregulation that spurs ...
(more)
How bad are bubbles for welfare?
Comments
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Don't burst my Bubble!
Lawrance G. Lux —
... I will present this Post to finish the confusion of the Day. There are those Economists who wish to ignore the distributional impact of Utility Costs in crisis, relying solely on the Consumption ratios. The refusal to admit to the Utility Costs involved is a defense of Class Inequality. Bubbles allow a specific segment of the economy to aggregate Riches at a rapid, unethical rate; propelling massive Consumption Cost increases which cannot be matched by the ordinary labor force. The expanding Wealth of the segregated Class, along with the higher Prices of Consumption, give a ...
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