David R. Henderson  

Timothy B. Lee's Blunder

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With the lonely exception of Scott Sumner, virtually every libertarian or conservative who has expressed a strong opinion about monetary policy has come down on the side of the inflation hawks.
This is from Timothy B. Lee, "Why Are Libertarians Inflation Hawks?" While Lee has correctly pointed out that most libertarians are inflation hawks, unreasonably in his and my view, it is certainly not true that Scott Sumner is a "lonely exception." Jeff Hummel and I defended Greenspan's record against the charge that his policies while he was Fed chairman were too inflationary. The irony is that Lee is from the Cato Institute and our piece was published by--the Cato Institute.

Moreover, on a number of occasions, I have put my money where my mouth is, betting against some of the wilder claims that various libertarian inflation hawks have made--here and here.


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CATEGORIES: Monetary Policy



COMMENTS (5 to date)
Richard A. writes:

I agree that Lee's statement is too strong. What he should have said is--

With some exceptions like Scott Sumner, too many libertarians or conservatives who have expressed a strong opinion about monetary policy have come down on the side of the inflation hawks.

Tim Lee writes:

I stand corrected. Still, I think my basic point is still correct: opinion among libertarian intellectuals is pretty heavily skewed toward inflation hawkishness. Do you disagree? I'd be delighted to be proven wrong, but I don't think I am.

Jeff Hummel writes:

I also have blogged on Lee's post over at Liberty & Power, citing additional articles he overlooked. But I certainly agree with his basic point.

David R. Henderson writes:

@Tim Lee,
No, I agree, which is what I said in my post that you commented on.

Charlie writes:

Are the two people you bet with also rethinking their positions as Tim is. I'd be curious why or (more interestingly) why not.

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