Jonathan Newman joins The Human Action Podcast to discuss his recent Twitter controversy over the claim that market prices can be “wrong” (i.e. in disequilibrium) if they are “sticky.”
Jonathan Newman’s Twitter controversy on sticky prices: https://Mises.org/HAP399a
Joe Salerno on Mises’s Monetary Theory: https://Mises.org/HAP399b
Bagus and Howden on market disequilibrium and sticky prices: https://Mises.org/HAP399c
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00:00 Introduction
00:25 What are ‘Sticky Prices’?
02:28 The Fed Fixes Sticky Prices
05:39 Disagreements Over What Prices Should Be
10:12 Are ‘Sticky Prices’ just Market Prices?
18:19 Arguments About Efficiency
24:41 Realized Prices
26:25 The Impact of ‘Sticky Prices’ on the Economy
30:47 The Solution is Worse than the Problem
39:06 Thinking Like an Economist