tag:blogger.com,1999:blog-286599265273958850.post6166219603241119644..comments2023-10-31T07:21:09.792-04:00Comments on William L. Anderson: James K. Galbraith: Like Economically Illiterate Father, Like SonWilliam L. Andersonhttp://www.blogger.com/profile/01802990642236807359noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-286599265273958850.post-78610032063821621992010-03-24T12:56:01.575-04:002010-03-24T12:56:01.575-04:00Obviously, I cannot let those comments pass, so I ...Obviously, I cannot let those comments pass, so I will have a reply later.William L. Andersonhttps://www.blogger.com/profile/01802990642236807359noreply@blogger.comtag:blogger.com,1999:blog-286599265273958850.post-68752986019814469892010-03-24T09:09:21.270-04:002010-03-24T09:09:21.270-04:00The alert reader will catch the distortion in this...The alert reader will catch the distortion in this post. When the public deficit increases, that's an increase in the "net financial wealth" of the *private sector*. Not (obviously) of the country as a whole. <br /><br />And it's not real wealth either. The word I used was "financial." <br /><br />It is a claim on future purchasing power, for the private sector. Exactly as stated in my article.<br /><br />My point is accounting. <br /><br />Professor Anderson restates a truism as an absurdity, in order to attack it.<br /><br />Cheap.<br /><br />JGJames Galbraithhttps://www.blogger.com/profile/10210855427880366462noreply@blogger.comtag:blogger.com,1999:blog-286599265273958850.post-19159147593932249952010-03-24T07:43:28.101-04:002010-03-24T07:43:28.101-04:00At first, I thought that his article had to be som...At first, I thought that his article had to be some strange parody of Keynesian philosophy, but then I read the whole article and realized that he was playing it straight.<br /><br />Well, as "straight" as things get in his twisted form of an alternate reality.<br /><br />I am at least pleased that the "web-letter" responses to this article have been largely scathingly negative.Anonymousnoreply@blogger.com