From Free Advice' Potpourri post:"It's like a pair of eyes. You're looking at the umlaut, and it's looking at you."David St. Hubbins, "This Is Spın̈al Tap"
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==> Some of my favorite bloggers have been having a war over interest rate theory. As this was the subject of my dissertation, you’d think I’d be hip-deep in it by now. (In the sense that I would be commenting, not that any of them would acknowledge my existence.) I understand quite well what Krugman and DeLong are saying, but unfortunately I am not really clear on the Cowen/Andolfatto/Williamson position (and in fact I wonder if the latter three even have the same position, since I think Williamson embraces fiscal policy while the other two say their diagnosis leads to a different prescription).
But none of that matters. The important thing is the following, hilarious exchange:
First, DeLong took Cowen out to the woodshed for (allegedly) failing to make a distinction that Knut Wicksell made in 1890. Then DeLong ends with, “This is not rocket science. This is basic Geldzins und Guterpreis…”
Then, Cowen shoots back with a long post containing this quick line amidst all of the boring econ chatter: “Brad also chides me for neglecting “basic Geldzins und Guterpreis”, but speaking of basics he neglects the umlaut and also the plural on “price”, so it should be “Güterpreise“, the German-language title then being translated somewhat inexactly into “Interest and Prices.””
DA-YUM! That may not sound snippy to you outsiders, but that was the academic equivalent of Tyler saying, “Hey Brad, I got your Knut right here.”
