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A "brilliant" mind (Stiglitz, allegedly) that can't comprehend the failures of government is hardly brilliant, is my view. Arrogant, yes. Brilliant? No.
Constructing the Keynesian Narrative -- Joe Stiglitz Edition
|Peter Boettke| I have said before, and I will say it again, to economists of my generation Joe Stiglitz is a towering figure in economic theory. But despite my great respect and admiration for his intellect and the argumentative strategy that he pursued with respect to the Walrasian system, my...
"I predicted to an economist friend (David Henderson) during the first year of the Obama administration that before he left office in 8 years we will experience 1970s style double digit inflation and double digit unemployment."
Well, that's mid-January 2017. Three more years to go. I see a distinct possibility that you'll win. Kotlikoff is on the money with his debt calculations. This is basically a ponzi game and barring a miracle, the trajectory is downward for US, not upward.
True, you should have agreed not just to unemployment but to some measure of standardised unemployment (that counts for those who drop out). I'd not be too despondent about your chances, though.
Sleep well. Keynesian delusions are just that. Even Keynes would not agree with American policies were he alive today.
Stiglitz on the Economic Malaise The Plagues Europe and the US
|Peter Boettke| For economists of my generation (PhD 1989), Joseph Stiglitz was clearly at the top of the professional mountain during our studies. His theoretical contributions seemed to touch every field of economic science, and he wasn't affraid to think big thoughts even though he work was ...
Richard, I almost choked when I read this: "I think that ultimately everything is attributable to luck, good or bad."
I'm afraid it is one thing to attribute weights to "luck" and "effort", but another to discount it so comprehensively. Such an approach completely eliminates the need for any economic science. It would imply that whether Bill Gates earned $1 or $1 trillion, he would produce the same. It would also justify communism. Need I say more to point out total absurdity of your assertion?
Luck, Wealth, and Implications for Policy--Posner
Liberals and conservatives tend to disagree about the role of luck in financial success, the former thinking it plays a very big role, the latter thinking it plays a small role: that instead financial success is largely attributable to talent and hard work. Taken to its extreme, the second posit...
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Oct 14, 2012
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