I think that it was not all uncommon during the Depression. I was once on a department of agriculture taskforce. There was a marked difference in attitudes between those who experienced the Depression and those who didn't.
Michael Perelman Economics Department California State University michael dot perelman at gmail.com Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Doug Henwood Sent: Friday, June 28, 2013 1:48 PM To: Progressive Economics Subject: Re: [Pen-l] query On Jun 28, 2013, at 4:34 PM, Marv Gandall <[email protected]> wrote: > On 2013-06-28, at 3:38 PM, Jim Devine wrote: > >> does anyone know the name of a famous economist who has argued that >> the U.S. economy is currently at full employment? one I can think of >> (but can't remember the name of) used to be associated with the >> Federal Reserve of Minneapolis and has an Asian Indian name. > > Really? Kocherlakota has been arguing for months now that the Fed target of a > 6.5% unemployment rate is too high. He wants the rate to drop to 5.5% before > the Fed tightens, and was among those who felt Bernanke's recent "tapering" > comments, which provoked an abrupt rise in interest rates, were premature. Kocherlakota had a rare and amazing change of heart sometime last year. He dropped the job skills mismatch theory of unemployment and did a 180. How often does that happen? Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
