How difficult has it been for economists to communicate their expertise to policy makers during this financial crisis? The Chronicle of Higher Education has this report:
During the days after the White House announced its rescue proposal, economists of diverse stripes drafted plans, petitions, and working papers. And a few scholars were summoned to the U.S. Capitol to advise lawmakers directly.But now that the dust is beginning to settle in Washington, many academic economists have the gnawing feeling that during moments of crisis, they don't have much ability to sway public policy.
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Most of those economists were big fans of Milton Friedman, who in turn was a big fan of Pinochet, and are responsible for this mess. Greed is good, they said. Government, baaad.
Well, guess what, J. M. Keynes looks quite good right now. Let's hope that Obama will hire Siglitz or Krugman and not those discredited fothermuckers.
Posted by: NM | October 10, 2008 12:29 PM