Here’s a Warstler post sent to me by Josiah:
It has been an ugly 3 years. But last night I lost a big bet, so….
For the next month or so, I’m going to layout how I let go of my driving political philosophy since the mid-1980’s and adopted Sumner’s.
. . .
What is needed as a strategy is a single conservative policy embedded directly into the fabric of our economy, that assures, “growth.”
This can be accomplished through monetary policy, specifically through a new approach by the Federal Reserve.
The Fed is on the verge of throwing out their dual mandate, and instead using only one: Nominal Gross Domestic Product on a Level Target (NGDPLT).
Conservatives must rally their political strength to this idea.
. . .
We can Go Gulch, but there’s a smarter trickier way to do it. If Ayn Rand had been around today, she’d come to understand there is another way.
The answer is NGDPLT.