At 16:20 11/10/2011, REH wrote:
From the article.
"Like most mainstream economists, Alpert, Hockett and Roubini roll their
eyes at the calls for immediate government deficit reduction, which led to
the creation of the supercommittee. Reducing government spending in the
short term will only make things worse."
Except on this list
(KH) Which I suppose means me among one or two others. On the
contrary, Prof Thomas Sargent of New York University, whose work has
been tried and tested for over 60 years and was given the Nobel Prize
for it only a few days ago has said this:
"I had [recently] read an Obama administration's Council of Economic
Advisers document e-mailed to me by my friend John Taylor. I agreed
with John that the CEA calculations were surprisingly naive for 2009.
They were not informed by what we learned after 1945. . . .In early
2009, President Obama's economic advisers seem to have understated
the substantial professional uncertainty and disagreement about the
wisdom of implementing a large fiscal stimulus. In early 2009, I
recall President Obama as having said that while there was ample
disagreement among economists about the appropriate monetary policy
and regulatory responses to the financial crisis, there was
widespread agreement in favor of a big fiscal stimulus among the vast
majority of informed economists. His advisers surely knew that was
not an accurate description of the full range of professional
opinion. President Obama should have been told that there are
respectable reasons for doubting that fiscal stimulus packages
promote prosperity, and that there are serious economic researchers
who remain unconvinced."
KSH
Keith Hudson, Saltford, England http://allisstatus.wordpress.com/2011/10/
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