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The 2008 meltdown and the discrediting of the Chicago school

 
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mac



Joined: 07 Mar 1999
Posts: 4956

PostPosted: Mon Jul 21, 2014 2:11 pm    Post subject: The 2008 meltdown and the discrediting of the Chicago school Reply with quote

There is a fascinating article in the July 21 New Yorker about Janet Yellen and the revitalization of Keynesian economics. http://www.newyorker.com/magazine/2014/07/21/the-hand-on-the-lever

To be sure, people can hold different, and well reasoned, positions on the role of government in intervention in financial markets. But as the article notes, "When the crisis made it obvious that finance has been severaly underregulated, it was the anti-Keynesians who were discredited. The Keynesians were accidental beneficiaries."

The most delicious lines in the article, to me, are these:

Quote:
In 2003, Akerlof gave an interview to Der Spiegel, in which he said of the Bush Administration, I think this is the worst government the U.S. has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy. This is not normal government policy. Now is the time for people to engage in civil disobedience. (Bush had cut taxes and created big government deficits, an unpardonable sin to a Keynesian, because those are powerful tools that need to be kept honed and ready for use during recessions, to stimulate demand.)


Akerlof is Yellen's husband, and a well-known economics professor at Berkeley. I agree with him on those points. The worst.
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