Posted on 09/07/2011 7:53:13 PM PDT by FreeKeys
Just when you thought Keynesian economics was finally dead among Republicans, Mitt Romney announces 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.
in case you’d like to comment...
Buttt..... RINO Romney annouced with extreme conviction that Keynes economics is dead?
Then, they will insist on having Romney on the ticket as a compromise to unify the party going into the election. Conservatives won't even get a Dick Cheney as a consolation prize because so many conservatives are all ready to drink the Perry Kool-Aid.
Let me make it clear that I don't hate either Mitt or Rick. Either would be a vast improvement over ObaMao. But neither is a conservative. Switch their constituencies and you'd switch their records. Don't be so afraid of Mitt that you drink the Perry Kool-Aid.
I won't. Anyone who mandates that all little girls have to receive a certain medication by force of law doe NOT -- repeat, NOT -- have anything close to a fundamental passion for individualism and liberty.
Glenn Hubbard? The U of Tenn Knoxville prof that started a blog way back when the internet was just taking off?
I didn’t know he was a Keyensian.
Yes, I would. Forget Keynes. Nobody - but nobody - is a Keynesian because they believe in Keynes. They are Keynesians because they believe in big government and hate freedom. Keynes provides the mask that disguises their true motives.
Excellent post.
Glenn Hubbard is NOT Glenn Reynolds.
Glenn Hubbard alone is not a horrible decision, pairing him with Mankiw means Romney and his existing team are dead set on “priming the pump” through QE and inflation, Romney has signaled his objective economic policies will include stealing as much purchasing power from the elderly and pensioners as possible, as fast as possible, so that Romney’s largest contributors can force up consumption levels to return to “economic growth” as measured by Romney’s closet contributors’ quarterly reports.
Out of the several hundred economists/financial analysts/etc that Romney could have tapped, he chose two men on the spectrum that believe in the most obtrusive all encompassing centralized government possible.
Not pretty.
Whoa, let’s not concede that it’s a Romney/Perry race! Mitt must have spent a lot of cash to be called the frontrunner by the press, but that was before any actual polling took place.
I’m afraid that “Switch their constituencies and you’d switch their records” is true, but let’s not be so desperate that we have to accept either candidate. Perry has the Gardasil thing to explain, and he’s an open-borders guy, too. Perry’s problems are not a reason to vote for Mitt. Perry’s “electability” is not a reason to vote for Perry, either; Reagan was “not electable.” Frankly, the only candidate I like so far is Herman Cain.
Bottom line: if Perry wins, I’ll vote for him. I don’t have to worry about Romney winning, and I won’t call either one conservative.
Yes! Excellent! THAT is so well said and important that I'm going to repeat it:
Forget Keynes. Nobody - but nobody - is a Keynesian because they believe in Keynes. They are Keynesians because they believe in big government and hate freedom. Keynes provides the mask that disguises their true motives. -- John Locke
Keynsianism is two things -
one, it’s simply a front for the advancement of communism and the destruction of capitalism,
and two, it’s the “broken windows fallacy” writ large.
I get the part about Keynesian economics being about the advancement of communism, but what is the broken windows fallacy.
I am just learning about Keynes and Harry Dexter White and their role in the IMF and World Trade Association. I’m stunned that the information is not posted every time that Keynesian economics and free trade is mentioned.
I wonder how many people actually realize that White, the founder of the IMF was a communist agent.
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Great quote. Thanks for the ping.
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