'The Puzzle of the Republican Economists'
… The puzzle of the Republican economists who are plausible candidates for the
highest federal office–the Hubbards, the Mankiws, the Rosens, the Taylors, the
Feldsteins, the Lazears, and the others–is that the whole point of attaining
high federal office is so that one can then make the world a better place. The
hours are long. The hours are long. The pay is not that great. The chance of
getting slimed and smashed by the political process is high. The food in the
White House Mess is not that good. If you sacrifice all of your policy knowledge
and commitments so that you can play the Inside Game then you might as well have
never been born. Better to stick to your policy guns and if that means that you
have to play the Outside Game only, well then, so be it–better to be a
knowledgeable choice than an ignorant echo.
As Kurt Vonnegut wrote in his Mother Night: We are who we pretend to
be, so we need to be damned careful who we pretend to be.
It is interesting to note that the behavior of the serious Republican economists
here–that none of them has been willing to stand up and public and say that the
11-1 vote of the FOMC is even a defensible judgment call–is very similar to the
behavior of the moderate Republican senators since… 1993, unwilling to stand up
for their policy preferences and make a difference but instead insisting on
being echoes of their leadership, and ciphers who might as well not have been
there.
I can think of a lot of examples where Paul Krugman and others on the left have been pretty tough on
Obama. But I can’t think of similar examples on the right, instances where
economists like those named above have staked out positions that are highly critical of
their party’s policies. Can you?
2012-09-16 16:24:49
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