Vitor
September 9, 2009, 12:10pm
1
It sounds like the start of promising joke, but it really happened and hilarity ensued nonetheless. Im a member of a Pearl Jam forum where there is this another guy who is an economist and actually studied in Auburn, he is the one who introduced me to mises.org . So let me quote him…
i should tell the story about my job interview with the fed here in kansas city. they asked me about optimal monetary policy, and hilarity quickly ensued.
so they started off asking basic technocratic economic questions…“what should the fed do when inflation is increasing?”, “why do bond prices and their yields move in opposite directions?”, “what happens when the fed increases the reserve requirement?”, etc. i prefaced every answer with the words “the textbook says…” so when inflation is increasing, i said “the textbook says you raise rates.” they noticed, and at the end of the interview they asked why i prefaced every answer with “the textbook says…” i said, “because i don’t always agree with the textbook, particularly when it comes to the actions of the federal reserve.” i then turned the tables and put them on the defensive. a nutshell:
me: what are your feelings on price and wage controls?
them: we’re against them.
me: do you disagree that interest rates are prices, that they communicate information about the real state of the economy, the capital structure, and producer/consumer sentiments?
them: it’s more complicated than that…
me: if you don’t have another interview scheduled after mine, i don’t mind waiting and listening to your explanation. how exactly can the fed manipulate interest rates and not expect consequences not unlike those that result from controlling other prices and wages (ie…minimum wage, rent control, etc)?
them: the nature of money is very different than is the nature of other goods and services. blah, blah, blah…
me: fair enough, but that doesn’t distract from the fact that distorting the price of money, as communicated by interest rates, has effects on the real economy. if it didn’t there would be no need for the fed in the first place. if the fed’s actions had no real effect, it would be a redundant institution, no?
them: …
me: i’ll show myself out. thanks.
awesome, btw Ten is a great album, but I prefer Soundgarden and Nirvana
Natalie
September 9, 2009, 3:29pm
4
That’s why the austrians will never take over the world. We should start by infiltrating the enemy. No strategic thinking at all!
Ansury
September 9, 2009, 3:53pm
5
[:D] This is why I prefer to view them as the chimps they are (refer to avatar picture). Ben does have a lot of facial hair…
Obviously his resume lacked sufficient affiliation with the AFL-CIO.
That’s not the Austrian goal.
I really hope you are kidding.
Natalie
September 9, 2009, 4:11pm
8
Why so serious?
But what if he could have found the lost 2 trillion dollars?
Natalie:
Why so serious?
I told you, I don’t know where you stand, and when I ask, you evade. So I assume the worst.
As a russian, I would hope you would appreciate my cynicism. [;)]
Vitor
September 9, 2009, 5:21pm
10
Vitalogy, No Code and Yield are 1 gazillion times better than Ten.
Vitor
September 9, 2009, 5:22pm
11
Unexpected update: He didnt get the job. [:O]
He should sue for discrimination.
Natalie
September 10, 2009, 9:45am
13
It’s not that I deliberately evade I just try to avoid generic statements because there’re many variations in practical terms.
Conza88:
+ evade
;p
Yeah, exactly what I mean. She’s good.
@Natalie , I relent. You are a person of mystery.
Conza
September 10, 2009, 10:20am
16
Vitor:
It sounds like the start of promising joke, but it really happened and hilarity ensued nonetheless. Im a member of a Pearl Jam forum where there is this another guy who is an economist and actually studied in Auburn, he is the one who introduced me to mises.org . So let me quote him…
Any chance I could see the source? Just interested. [:)]
Vitor
September 10, 2009, 11:11am
17
Conza
September 10, 2009, 11:31am
18
Haha, the continue on doesn’t disappoint.. thanks. [:D]
So, your friend goes into the interview for a job from which he could have greatly benefitted (after all Mises, Menger and Boehm Bawerk all worked for the government) and makes himself look like an arrogant fool. Somehow, this is a “victory” for all self proclaimed Austrian “economists”. I suppose there are some things I just don’t get.
So, your friend goes into the interview for a job from which he could have greatly benefitted (after all Mises, Menger and Boehm Bawerk all worked for the government) and makes himself look like an arrogant fool. Somehow, this is a “victory” for all self proclaimed Austrian “economists”. I suppose there are some things I just don’t get.
I honestly don’t know how those mentioned could stand their jobs. Not every individual has an interest in working for the government & attempting influence from within, even if it might prove advantageous, nor does every individual have the sort of patience this would require.
I’d say it was a minor moral victory, though.
