{"id":998,"date":"2008-10-31T23:16:04","date_gmt":"2008-11-01T03:16:04","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=998"},"modified":"2008-10-31T23:18:24","modified_gmt":"2008-11-01T03:18:24","slug":"when-consumers-capitulate","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2008\/10\/31\/when-consumers-capitulate\/","title":{"rendered":"When Consumers Capitulate"},"content":{"rendered":"<p>Ok, so maybe you thought I didn&#8217;t know what I was talking about in my essay about <a title=\"Why We Have Government\" href=\"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=993\" target=\"_blank\"><strong>Why We Have Government<\/strong><\/a>.<\/p>\n<p>If you didn&#8217;t like my explanation, then you can read the <a title=\"Paul Krugman Article\" href=\"http:\/\/www.nytimes.com\/2008\/10\/31\/opinion\/31krugman.html?_r=1&amp;adxnnl=1&amp;oref=slogin&amp;adxnnlx=1225508578-gNw8Nv\/ikuBqOZLoC7l3CQ\" target=\"_blank\"><strong>explanation by Paul Krugman<\/strong><\/a>, the most recent winner of the Nobel Prize for Econimcs.<\/p>\n<p>I suppose I really shouldn&#8217;t use worn out phrase, &#8220;Nobel Prize winning economist&#8221;.\u00a0 After all Mitlon Friedman was a &#8220;Nobel Prize winning economist&#8221;.\u00a0 He couldn&#8217;t figure out when to stop touting his own award winning research as the answer to ever possible question.<\/p>\n<p>Well, Krugman is just giving some basic economic lessons in his column.\u00a0 He explains &#8220;the paradox of thrift&#8221;. He also explains &#8220;a liquidity trap&#8221;. His conclusion on what needs to be done comes in the following paragraph:<\/p>\n<blockquote><p>No, what the economy needs now is something to take the place of retrenching consumers. That means a major fiscal stimulus. And this time the stimulus should take the form of actual government spending rather than rebate checks that consumers probably wouldn\u2019t spend.<\/p><\/blockquote>\n<p>Sounds remarkably similar to what I wrote.\u00a0 Perhaps he learned his introductory economics from the same book that I did.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ok, so maybe you thought I didn&#8217;t know what I was talking about in my essay about Why We Have Government. If you didn&#8217;t like my explanation, then you can read the explanation by Paul Krugman, the most recent winner of the Nobel Prize for Econimcs. I suppose I really shouldn&#8217;t use worn out phrase, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=998"}],"version-history":[{"count":2,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/998\/revisions"}],"predecessor-version":[{"id":1000,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/998\/revisions\/1000"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}