Here's another sentence from the Krugman column that Devine called to Pen-l's attention:
> Instead, President Obama’s people failed to appreciate something that is now > common wisdom among economic analysts: severe financial crises inflict > sustained economic damage, and it takes a long time to recover. That appears to me to be the standard Keynsian excuse for why the stimulus hasn't worked as the liberals expected. But I contend that we had, and have, an economic crisis that eventuated in the financial crisis, and that the stimulus cannot deal with that. I support a large stimulus, and let's hope we get one after the election. But it won't solve the economic crisis, welcome as it will be to many, including me. In the book, -- Race Against the Machine, -- the authors (Brynjolfsson and McAfee) pose three explanations to answer the question heading the section on page 4, "Where Did the Jobs Go?" Keynsian, stagnation, and "the end of work". They associate the first with Krugman, the second with Tyler Cowan, and use the title of Rifkin's book to name the third, while associating it with Keynes himself, Peter Drucker, and Wassily Leontief. The authors like the third. I like it myself, having made it awhile back. Gene _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
