Dr. Krugman's current post on his blog. I'm sure there will be more today. - please follow link, etc., etc., etc.
-------------------------------------------------
The Republican Descent Into Economic Darkness
Ryan Avent listens to Paul Ryan’s ideas on macroeconomic policy, and is appalled: it’s all spending cuts and tight money, which would be a recipe for another recession.
I don’t know whether Avent was really surprised by this — if so, he hasn’t been paying attention. 1930-vintage macro has been all the rage in GOP circles for a while now.
But not, actually, for all that long. Here’s a snip from the table of contents for the 2004 Economic Report of the President:
DESCRIPTIONEconomic Report of the President, 2004
Aggressive monetary policy is good? What would Ron Paul say? And the bit about tax cuts, although it makes a deferential nod to supply side dogma, is mainly a more or less straight Keynesian argument for increasing aggregate demand.
To be sure, this is Greg Mankiw writing; but still, look at what he was allowed to say.
I’ve been writing for a couple of years about the academic descent into a Dark Age of macroeconomics, in which much of the profession has forgotten things they used to know. But that has been a gradual process. The GOP descent into the intellectual abyss, by contrast, has been stunningly swift.
Some of this is just partisanship: wanna bet that, say, John Taylor would be a lot more sympathetic to expansionary policies if his party held the White House? But the truth — which I suspect that people like Greg aren’t willing to face, yet — is that the intellectual barbarians have completely overrun a party that even a few years ago was still capable of making sense
This is the End and a New Beginning
-
I've been thinking about this for some time.
After 21 years of writing this blog almost daily, I've decided to stop
writing the daily updates on the blog.
...
11 hours ago

No comments:
Post a Comment