Reason online has a post containing five lies one often hears about our economy these days, mostly from Obama Administration officials. I go along with the first three, disagree with #4 and don't have enough data about #5 yet.
I agree with the first three; in fact, here's a link from Greg Mankiw's site to a engrossing Q&A about the financial crisis written by Yale economist Gary Gorton that echoes the sentiment in #3 - http://online.wsj.com/public/resources/documents/crisisqa0210.pdf)
Point #4 is debatable; and, unfortunately, if things continue to track according to their current trajectory, point #5 is dead on.
I saw Christina Romer on the tube talking about how during a economic downturn the worst thing govt. could do was to rein in spending; pure Keynesian economic theory. How much evidence does one need to discredit this crap? In recent history we've got the Carter years followed by the Reagan years, a pure A/B comparison of both schools. Gee how did that turn out? This is ideology over reality. Or as Bull Connor used to say, 'it's mind over matter, I don't mind and you don't matter'.
I agree with the first three; in fact, here's a link from Greg Mankiw's site to a engrossing Q&A about the financial crisis written by Yale economist Gary Gorton that echoes the sentiment in #3 - http://online.wsj.com/public/resources/documents/crisisqa0210.pdf)
ReplyDeletePoint #4 is debatable; and, unfortunately, if things continue to track according to their current trajectory, point #5 is dead on.
I saw Christina Romer on the tube talking about how during a economic downturn the worst thing govt. could do was to rein in spending; pure Keynesian economic theory.
ReplyDeleteHow much evidence does one need to discredit this crap? In recent history we've got the Carter years followed by the Reagan years, a pure A/B comparison of both schools. Gee how did that turn out?
This is ideology over reality. Or as Bull Connor used to say, 'it's mind over matter, I don't mind and you don't matter'.