{"id":20707,"date":"2016-05-18T19:16:59","date_gmt":"2016-05-19T00:16:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20707"},"modified":"2016-05-18T19:17:25","modified_gmt":"2016-05-19T00:17:25","slug":"cern-discovers-new-particle-called-the-ferir","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20707","title":{"rendered":"CERN Discovers New Particle Called The FERIR"},"content":{"rendered":"<h3><a href=\"http:\/\/www.theautomaticearth.com\/2016\/05\/cern-discovers-new-particle-called-the-ferir\/\">CERN Discovers New Particle Called The FERIR<\/a><\/h3>\n<p>This is an article by our friend Steve Keen, which was yanked by Forbes yesterday after just a few hours due to, according to Steve, their \u2018parody policy\u2019. I did some research and it turns out the Automatic Earth has no such policy. So I offered Steve to repost it here.<\/p>\n<p><strong><em>Steve Keen:\u00a0<\/em><\/strong><em>CERN<\/em>\u00a0has just announced the discovery of a new particle, called the \u201c<strong><em>FERIR<\/em><\/strong>\u201d.<\/p>\n<p>This is not a fundamental particle of matter like the Higgs Boson, but an invention of economists.\u00a0<a href=\"http:\/\/home.cern\/\">CERN<\/a>\u00a0in this instance stands not for the famous particle accelerator straddling the French and Swiss borders, but for an economic research lab at\u00a0<em>MIT<\/em>\u2014whose initials are coincidentally the same as those of its far more famous cousin.<\/p>\n<p>Despite its relative anonymity, MIT\u2019s\u00a0<em>CERN<\/em>\u00a0is far more important than its physical namesake. The latter merely informs us about the fundamental nature of the universe.\u00a0<em>MIT<\/em>\u2019s\u00a0<em>CERN<\/em>, on the other hand, shapes our lives today, because the discoveries it makes dramatically affect economic policy.<\/p>\n<p><em>CERN<\/em>, which in this case stands for \u201c<strong><em>C<\/em><\/strong>razy\u00a0<strong><em>E<\/em><\/strong>conomic\u00a0<strong><em>R<\/em><\/strong>ationalizations for a<strong><em>N<\/em><\/strong>omalies\u201d, has discovered many important sub-economic particles in the past, with its most famous discovery to date being the\u00a0<strong><em>NAIRU<\/em><\/strong>, or \u201cNon-Accelerating Inflation Rate of Unemployment\u201d. Today\u2019s newly discovered particle, the\u00a0<strong><em>FERIR<\/em><\/strong>, or \u201cFull Employment Real Interest Rate\u201d, is the anti-particle of the\u00a0<strong><em>NAIRU<\/em><\/strong>.<\/p>\n<p>Its existence was first mooted some 30 months ago by Professor Larry Summers at the 2013 IMF Research Conference. The existence of the\u00a0<strong><em>FERIR<\/em><\/strong>\u00a0was confirmed just this week by\u00a0<em>CERN<\/em>\u2019s particle equilibrator, the\u00a0<em>DSGEin<\/em>.<\/p>\n<p>Asked why the discovery had occurred now, Professor Krugman explained that ever since the\u00a0<strong><em>GFC<\/em><\/strong>\u00a0(\u201cGlobal Financial Crisis\u201d), economists had been attempting to understand not only how the\u00a0<strong><em>GFC<\/em><\/strong>\u00a0happened, but also why its aftermath has been what Professor Summers characterized as \u201cSecular Stagnation\u201d.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CERN Discovers New Particle Called The FERIR This is an article by our friend Steve Keen, which was yanked by Forbes yesterday after just a few hours due to, according to Steve, their \u2018parody policy\u2019. I did some research and it turns out the Automatic Earth has no such policy. So I offered Steve to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[13880,2085,9633,13881,472,5679,7738,750,13882,5177],"class_list":["post-20707","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cern","tag-economists","tag-friedman","tag-gfc","tag-krugman","tag-mit","tag-raul-meijer","tag-steve-keen","tag-summers","tag-the-automatic-earth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20707"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20707\/revisions"}],"predecessor-version":[{"id":20709,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20707\/revisions\/20709"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}