tag:blogger.com,1999:blog-1240730580083032584.post2346053087788613329..comments2024-02-26T22:53:09.562-08:00Comments on Money, Markets, and Misperceptions: Looking to Hayek on Rethinking MacroUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1240730580083032584.post-1410689698691357402014-02-26T14:42:53.133-08:002014-02-26T14:42:53.133-08:00It depends on what we want to model. Credit emerge...It depends on what we want to model. Credit emerges from the interaction between the borrower and the lender. How would the absence of a particular lender impact a particular borrower or vice versa? Maybe a lot - the borrower dies on the way to find a different lender. Maybe not much at all - the borrower finds the lender and acts as he would have otherwise. We can only know by observation. How will similar absences affect prices? Marginally. James Catonhttps://www.blogger.com/profile/14807595180565488334noreply@blogger.comtag:blogger.com,1999:blog-1240730580083032584.post-88778576376541470072014-02-26T12:55:51.439-08:002014-02-26T12:55:51.439-08:00"An increase in the money stock, for example,..."An increase in the money stock, for example, acts directly on prices of particular goods."<br /><br />Wouldn't it be even more accurate to say an increase in the money stock is a change in circumstances that causes *people* to act?gcallahhttps://www.blogger.com/profile/10065877215969589482noreply@blogger.com