Word: economisters
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Policymakers have been warning about confusing economic activity with wellbeing ever since the economist Simon Kuznets devised a way to measure that activity at the end of the Great Depression. Kuznets himself warned that "the welfare of a nation can ... scarcely be inferred from a measure of national income." Seventy-five years on, GDP feels like an idea whose time has finally passed. "GDP measures, in a certain sense, how much stuff we can produce that we can drop on an enemy," Alan Krueger - now a top-ranked economist in the Obama Administration - said at the Organization for Economic Cooperation...
Joseph Stiglitz, the Nobel Prize-winning economist, argues that a single-minded fixation on growth masked the warning signs of the financial crisis. Temporary profits in the financial industry, increasing debt loads, and the real estate bubble all contributed to a false rise in our economic measurements. (See how Nobel winners spend their prize money...
...next counter came in a memo to House Republicans from economist and former John McCain adviser Douglas Holtz-Eakin, who wrote, "Jobs keep disappearing ... and the Obama Administration's only apparent plan is to double down on a failed strategy for economic stimulus." The next day, the White House went on offense, hailing a preliminary report on stimulus job creation (30,000 jobs directly created or saved by the first $16 billion in spending). House minority leader John Boehner retorted that such exulting was "beyond the pale" because "3 million private-sector jobs have been lost since it became...
...think it’s fair to say I’m more liberal than most of my colleagues,” says Marglin, whose most recent book was titled: “The Dismal Science: How Thinking Like an Economist Undermines Community.” A tenured professor at Harvard since 1968, he says he is aware of the uniqueness of his outlook within the Littauer building, home of the Economics Department. “I don’t think there is anybody who shares my views,” he says...
...striking thing is how similar the two texts are,” he says. “Despite the fact that Mankiw was known as a conservative economist...