"Contrary to what skeptics often assert, the case for free trade is robust. It extends not just to overall prosperity (or “aggregate GNP”), but also to distributional outcomes, which makes the free-trade argument morally compelling as well."
Bhagwati explica.
quarta-feira, 29 de junho de 2011
Milton Friedman: O Retorno do Mestre
O que Milton Friedman (1912-2006) teria recomendado para elaboração de política monetária para a crise global de 2007-2009? Bernanke, em 2004, observou que “Friedman’s monetary framework has been so influential that, in its broad outlines at least, it has nearly become identical with modern monetary theory and practice.” Este artigo de Edward Nelson analisa a resposta de política à crise financeira sob a perspectiva da abordagem do Milton Friedman:
"the purpose of the present paper is to discuss Friedman’s monetary framework with particular reference to his analysis of financial crises. In so doing, I aim to show that certain aspects of Friedman’s framework are consistent with recent monetary policy practice, yet do not coincide with the majority view underlying “modern monetary theory.” In particular, the manner in which key monetary and financial policy responses have departed from leading benchmarks in the monetary policy and banking literature can be understood by considering Friedman’s own departures from those benchmarks. I will concentrate on bringing out lesser-known aspects of Friedman’s monetary economics that provide a conceptual framework through which recent policy actions can be understood. Several elements of the policy response are either explicitly along lines that Friedman recommended, or are actions that have the practical effect of satisfying criteria that he laid out."
"the purpose of the present paper is to discuss Friedman’s monetary framework with particular reference to his analysis of financial crises. In so doing, I aim to show that certain aspects of Friedman’s framework are consistent with recent monetary policy practice, yet do not coincide with the majority view underlying “modern monetary theory.” In particular, the manner in which key monetary and financial policy responses have departed from leading benchmarks in the monetary policy and banking literature can be understood by considering Friedman’s own departures from those benchmarks. I will concentrate on bringing out lesser-known aspects of Friedman’s monetary economics that provide a conceptual framework through which recent policy actions can be understood. Several elements of the policy response are either explicitly along lines that Friedman recommended, or are actions that have the practical effect of satisfying criteria that he laid out."
domingo, 26 de junho de 2011
Volta do Auto-Exílio
Pior do que o stress de ter que blogar é o stress de não fazê-lo. Neste período de inatividade, a má notícia é que Bill Easterly encerrou suas atividades no seu blog. O motivo de ambos foi mais ou menos mesmo, liberar energia para outros projetos mais rentáveis. Talvez seja o caso de, para blogar com maior regularidade, me transformar em um blogueiro progressista. Ou continuar esta aventura solitária apenas pelo prazer de fazê-lo. De qualquer forma, voltei.
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