Eric Lonergan: The Pigou Effect Is Smarter than You Think: “Friedman’s 1968 AER presidential address… interesting for its perspective on Keynes… …presenting a much more interesting perspective than that of today’s ‘New Keynesians’…. ‘Keynes offered simultaneously an explanation for the presumed impotence of monetary policy to stem the depression, a non-monetary interpretation of the depression, … Continue reading Today’s Must-Must-Read: Eric Lonergan: The Pigou Effect Is Smarter than You Think