A modest project for Pen-l: We should each go to the NYTimes article that Proyect posted this morning and click on the button to send it to Krugman.
Tom Walker has been trying to educate Krugman for a couple of years. If Krugman gets a hundred or more copies perhaps it won't take him a decade to wake up to the idea that the stimulus won't solve this problem. It won't, not in a decade or two. Oh, you think maybe "in the long run" the stimulus will restore full employment? Gene On Oct 24, 2012, at 7:16 AM, Louis Proyect wrote: > From the article: > > One of the more striking recent developments in economics has been > economists’ growing acceptance of the idea that globalization has held > down pay for a large swath of workers. The public has long accepted the > idea, but economists resisted it, pointing to the long-term benefits of > trade. “That is starting to change only in the face of very strong > evidence over the past decade,” said Edward Alden of the Council on > Foreign Relations. > > --- > > NY Times October 23, 2012 > Standard of Living Is in the Shadows as Election Issue > By DAVID LEONHARDT > > WASHINGTON — Taxes and government spending. Health care. Immigration. > Financial regulation. > > They are the issues that have dominated the political debate in recent > years and have played a prominent role in this presidential campaign. > But in many ways they have obscured what is arguably the nation’s > biggest challenge: breaking out of a decade of income stagnation that > has afflicted the middle class and the poor and exacerbated inequality. > > Many of the bedrock assumptions of American culture — about work, > progress, fairness and optimism — are being shaken as successive > generations worry about the prospect of declining living standards. No > question, perhaps, is more central to the country’s global standing than > whether the economy will perform better on that score in the future than > it has in the recent past. snip _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
