“But if the watchman see the sword come, and blow not the trumpet, and the people be not warned;

if the sword come, and take any person from among them, he is taken away in his iniquity;

but his blood will I require at the watchman's hand."

Ezekiel 33:6


"A righteous man falling down before the wicked is as a troubled fountain, and a corrupt spring."

Proverbs 25:26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If You Like Obama’s Economic Team, You’ll Love Romney’s…



Just when you thought Keynesian economics was finally dead among Republicans, Mitt Romneyannounces two prominent New Keynesian academics, Greg Mankiw and Glenn Hubbard, as the heart of his economic team.  So if you loved how Obama has managed to continue the flawed economics of the Bush administration*, you’ll feel pretty safe with Romney. 
Sadly the real problem goes beyond Romney and Obama.  The financial crisis and the government’s response to it illustrate the failure of much of mainstream macroeconomics.  Yes, the Romney team would have had its stimulus proposal tilted more toward temporary tax cuts, but it still would have made efforts at government fine-tuning of the economy.  In the grand scheme of things, there is not a dime’s worth of difference between Mankiw, Bernanke, and Romer.
Romney’s announcement does, however, give the other Republican candidates an opportunity to appoint someone outside the failed New Keynesian consensus that rules macroeconomics.
*In the interest of full disclosure: I spent 11 months with the Bush administration, leaving once I figured how there was no real commitment to free markets.



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