Reasoning From a Price Change - By Brian McCarthy
> your epistemology is outsourced to prediction markets
> your policy is arbitrated by bond yields
> your "human nature" is downstream of the interest rate
> your shelter costs have overridden the reproductive instinct
> your labour market decides how much immigration you get
>... See more
Whenever someone tries to debunk @michaelxpettis (and @martinwolf_ ), the critique almost always rests on a fundamental misunderstanding of what they’re actually arguing. And @policytensor recent thread is no exception. Rather than engage with Pettis on his own terms, he attacks a simplified version of the “savings glut” hypothesis that Pettis has... See more
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