Sunday, April 19, 2009

Harvard Econ Prof branches out into comedy

I could spend all day ridiculing It May Be Time for the Fed to Go Negative by N. Gregory Mankiw, a former economic advisor to GW Bush (I would think he'd be laying low), but I'm just trying to survive in the economy he's helped to create. Instead, I'll just point out that the entire joke leaves out what all such sick jokes leave out, which is that money-pumping and consumer demand don't magically create a sound macro-economy, such as aqueducts, nuclear power plants, and maglev rail systems. That requires society acting to intelligently select the best economic policies, or at least demand that our government take the advice of those proven to be most capable of doing so, namely LaRouche.