4 Matching Annotations
  1. Jun 2018
    1. This, of course, leaves us none the wiser as to how to model velocity, as the equation of exchange is nothing more than an identity. MV=PQ just says that the money flow of expenditures is equal to the market value of what those expenditures buy, which is true by definition. The left and right sides are two ways of saying the same thing; it’s a form of double-entry accounting where each transaction is simultaneously recorded on both sides of the equation. Whether an effect should be recorded in M, V, P, or Q is, ultimately, arbitrary. To transform the identity into a tool with predictive potency, we need to make a series of assumptions about each of the variables. For example, monetarists assume M is determined exogenously, V is constant, and Q is independent of M and use the equation to demonstrate how increases in the money supply increase P (i.e. cause inflation).
  2. Nov 2016
    1. Unfortunately, many focus on skills rather than literacies.

      True. It's also worth noting that some may be tempted to think that 21st century learners are "tech savvy" by default...but this is not really the case. The students were born and brought up during the age of digital technology but that doesn't mean they will naturally excel in the digital world without any form of guidance.

  3. Dec 2015
    1. Little consideration is given to the diversity of how these supposed “digital natives” experience technology

      This is a common assumption I teach my students to disabuse whenever they see it. People are rarely a monoculture, almost never monolithic block.

  4. Feb 2014
    1. Golden Age economics ended. Golden Age assumptions did not. For 30 wonderful years, we had been unusually flush, and we got used to it, re-designing our institutions to assume unending increases in subsidized demand. This did not happen. The year it started not happening was 1975.

      The Golden Age ended the year I was born.