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Author Archives: Richard S. Grossman
Penny wise and pound foolish
The institutions of government and the politicians who run them have–rightly–been criticized for many mistakes during the past few years. The Congressional budget deadlock this past summer is a case in point. The mismanagement at Walter Reed Army Medical Center, … Continue reading
Alan Meltzer’s straw “Keynesian”
Remember when “liberal” became the insult of choice among Republicans? Apparently, “Keynesian” has now taken on that status for Republican economists. Never mind that Keynesian is ill-defined (old Keynesian? new Keynesian? the Keynesian part of the neoclassical synthesis?)–making Keynesian a … Continue reading
Prize (for a) failure
British clothing retailer Simon Wolfson (known to his friends in the House of Lords as Baron Wolfson of Aspley Guise) announced several days ago the establishment of the Wolfson Economics Prize (read the press release here). The prize, worth … Continue reading
Posted in Financial Crisis, monetary policy
Tagged Angela Merkel, default, euro, Germany, Greece, Ian Bremmer, Simon Wolfson
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John Cogan and John Taylor confuse temporary and permanent
In a recently published op-ed piece in the Wall Street Journal, Stanford economists John Cogan and John Taylor argue that: “Temporary, targeted tax reductions and increases in government spending are not good economics. They have repeatedly failed to increase economic … Continue reading
Posted in government budget
Tagged George H. W. Bush, George W. Bush, Jimmy Carter, John Cogan, John Taylor, Paul Volcker, Ronald Reagan
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The long run and short run of it
When you teach economics, you spend a fair amount of time dwelling on the distinctions between the short run and the long run. If a firm is not making a profit but is meeting its short-run costs (e.g., wages, utilities), … Continue reading
Gary Becker and the law of the jungle
The sub-prime crisis and the ensuing economic slowdown have led many to question some widely held economic tenets, particularly the belief that unfettered markets inevitably lead to the best of all possible outcomes. Writing in yesterday’s Wall Street Journal, University … Continue reading
A policy worth considering
The White House has already given some indication of the sort of proposals it will put forward after Labor Day to help boost the economy. These include extending payroll tax cuts for another year, extending unemployment benefits, and speeding the … Continue reading
Posted in government budget
Tagged free trade agreement, infrastructure bank, intestment tax credit
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The monetary musings of Gov. Rick Perry
Texas Governor and Republican presidential candidate Rick Perry, “…brought the Fed directly into the campaign debate Monday night by saying it would be ‘almost … treasonous’ for the central bank to play politics by expanding the money supply. “‘If this … Continue reading