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Paul Krugman in 2002 after the moderately severe 2001 US contraction: “To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble”. Err, yes Paul.
The misallocation of resources into the disastrously inept US finance sector is chronicled in this Harvard Magazine article. Of 6500 selected Harvard graduates from 1969-1990 22% of those graduating in 1970 were in finance 15 years later. But 38% of those who graduated in 1990 were in finance 15 years later. Similar changes occurred for women though absolute numbers were smaller. Continue reading The pig is too fat I am sure that Paul Krugman’s ‘How did economists get it so wrong?’ will get much attention in the blogosphere. Worth a read although I don’t believe that policy-makers were as naive as he suggests. They lacked knowledge and always will. A good read for economic students along with the earlier counter-counter-revolutionary work of Robert Lucas. Yes, [...] Here. We are getting glib critiques of economics (and particularly of the EMH) in the wake of the fast-receding GFC. RL sets things straight. Let me take an excerpt from The Economist: Continue reading Robert Lucas on facile criticisms of economics in the face of the GFC. A pessimistic, scathing critique of the Geithner plan by James K. Galbraith. In some ways mimics Paul Krugman’s pessimism in the NYT . Here are reservations along similar lines by John Quiggin. HT AlterNet, an [...] |
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