Noted for Your Afternoon Procrastination for June 9, 2015
How Much Does "Liberalism" Mean "Neoconservatism" or "Racist Crackpot"?: Reposting a Sokratic Dialogue on the Old and the New New Republic

And I Will Dwell on the Balanced-Growth Path, Forever!

Robert Waldmann: The Long Run Is My Shepherd: "DeLong Praises The Long Run...[, saying:]

...these beliefs hinged and hinge on a firm and faithful expectation that this long run is at hand, or is near, or will soon draw near (translations from the original koine texts differ)' those who believe will not taste death before, but will live to see exit from the liquidity trap'

I commented:

Yea, though I walk through the valley of the shadow of debt, I will fear no evil: thou -- long run -- art with me; thy root and saddle path, they comfort me.

He commanded: 'You have a moral obligation to expand this to its full and proper length...'

So don't blame me for what follows:

The Long run is my shepherd, I lack nothing.
He makes me lie down on greenbacks,
he leads me beside calm markets,
he refreshes my screen.
He guides me along the saddle paths
for his game’s sake.

Even though I walk through the local minimum
of the shadow price of debt,
I will fear no lambda,
for you are with me;
your root and your graph,
they comfort me.

You prepare an I.O. table before me
in the presence of my counterparties.
You adjust the price of oil;
my investment spills over.
Surely your TFP will follow me
all the days of my life,
and I will dwell on the balanced growth path
forever.

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