The University of Chicago's Economists Debate About the State of the Macroeconomy
John Cochrane and Austan Goolsbee held a debate on economic policy last week. Here are Cochrane’s opening remarks. To paraphrase the Beatles, “All you Need is 4% Growth”. Forget love, we need growth. Last year, the Clark Medalist President George W. Bush wrote the forward for a book that claims it has the secret recipe for achieving 4% GNP growth.
How do you unlock the full potential of an individual, a nation or a world economy? Jim Heckman is working away on how we build productive young adults. But, once we all graduate from Perry pre-School and we are 25 years old — what type of national and world economy await us?
In the year 2012, what is the U.S’ comparative advantage? If the U.S economy features a 1% set of Steve Jobs and the Zuck and has the 99% providing non-tradeable service jobs (i.e yoga and Starbucks), is that a sustainable economy? Can any public policy seriously address this issue in the short term or is Heckman’s child “big push” the only viable medium term strategy? Given that it takes 20 years to grow a child, no short run politician will invest too much in his strategy.
For conservative economists, do you have a credible computable general equilibrium model that allows you to decompose how much of the growth gap in the U.S is due to tax distortions, environmental regulations, the advent of Obamacare, uncertainty about future taxes etc? Casey Mulligan’s work offers a micro-economic approach to begin to quantify these unintended consequences but I’m confused about how we calculate the aggregate effects of such policy induced distortions.
We know that we seek 4% GNP growth but we know that we do not know how to achieve this. In such cases, we are supposed to experiment. In this age of the field experiment perhaps John List should move away from schools and car dealers and start to experiment with our macro economy. How would he figure out causal effects of various policies and use these estimates to make the jump from partial equilibrium findings to general equilibrium conclusions?
I’m asking for a lot from the University of Chicago but it has a lot of talent.
2012-11-08 11:01:01
Source: http://greeneconomics.blogspot.com/2012/11/the-university-of-chicagos-economists.html
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,708,352,662 |
| Stories: | 8,450,207 |
Whistler Blowers, Insiders
