Monetary Policy Controversy
1. Next Governor of Bank of Japan
The next governor of Bank of Japan has been selected, and the controversy over monetary policy is once again getting attention.(From いらすとや)
Since opinions among economists and other experts are quite different, those who are not interested in political economy may have no idea which one is right.
Since the essence of Abenomics was bold monetary easing, the difference in opinions about monetary policy is also the difference in evaluation of Abenomics.
"The models of social sciences can explain the economy when it has the conditions required by the models.
Since the essence of Abenomics was bold monetary easing, the difference in opinions about monetary policy is also the difference in evaluation of Abenomics.
2. Fiscal and monetary policy
The oversimplification of arguments, such as whether the Phillips curve is correct or incorrect, or whether Friedman is correct or incorrect, makes them difficult to understand."The models of social sciences can explain the economy when it has the conditions required by the models.
If the conditions disappear, the models are useless.
Even though John Maynard Keynes was right, Keynesian economics is not always correct.
Even though Milton Friedman was right, monetarism is not always correct."
・Fate of social science: https://tanakah17191928.blogspot.com/2019/09/fate-of-social-sciences.html
In the end, we can only learn from history, but no matter how much we learn about history, we cannot accurately foresee the future.
Those who study history must especially remember this.
・I'm a historicist, but ...: https://tanakah17191928.blogspot.com/2022/05/i-am-historicist-but.html
- To read this article in Japanese
・Fate of social science: https://tanakah17191928.blogspot.com/2019/09/fate-of-social-sciences.html
3. Historicism
We can foresee the future to some extent by watching the course of history.In the end, we can only learn from history, but no matter how much we learn about history, we cannot accurately foresee the future.
Those who study history must especially remember this.
・I'm a historicist, but ...: https://tanakah17191928.blogspot.com/2022/05/i-am-historicist-but.html
- To read this article in Japanese
