> So, if I understand what you are telling me, when, for instance, Krugman, write his text book and his New York Times columns, he is just writing a simplification.
Any time an expert is writing for a non-expert audience, they are usually writing a simplification tailored for the audience and the purpose of the writing.
> Because he thinks that the notion that private banks create money as an account operation, and they search reserves after giving a credit, and not before, is too complicate for his readers.
Or because the general idea of a multiplier effect works either way, and his columns are unlikely to depend on the mechanics of the simplified computation of the multiplier as an estimator of the maximum level of the multiplier effect under the simplifying assumptions that apply to that calculation.
If you have a specific problematic column in mind, we could have a less abstract discussion about the problem you have with it.
Any time an expert is writing for a non-expert audience, they are usually writing a simplification tailored for the audience and the purpose of the writing.
> Because he thinks that the notion that private banks create money as an account operation, and they search reserves after giving a credit, and not before, is too complicate for his readers.
Or because the general idea of a multiplier effect works either way, and his columns are unlikely to depend on the mechanics of the simplified computation of the multiplier as an estimator of the maximum level of the multiplier effect under the simplifying assumptions that apply to that calculation.
If you have a specific problematic column in mind, we could have a less abstract discussion about the problem you have with it.