Hon. Paul Craig Roberts is the John M. Olin Fellow at the Institute for Political Economy, Senior Research Fellow at the Hoover Institution, Stanford University, and Research Fellow at the Independent Institute. A former editor and columnist for The Wall Street Journal and columnist for Business Week and the Scripps Howard News Service, he is a nationally syndicated columnist for Creators Syndicate in Los Angeles and a columnist for Investor’s Business Daily. In 1992 he received the Warren Brookes Award for Excellence in Journalism. In 1993 the Forbes Media Guide ranked him as one of the top seven journalists.
He was Distinguished Fellow at the Cato Institute from 1993 to 1996. From 1982 through 1993, he held the William E. Simon Chair in Political Economy at the Center for Strategic and International Studies. During 1981-82 he served as Assistant Secretary of the Treasury for Economic Policy. President Reagan and Treasury Secretary Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department’s Meritorious Service Award for "his outstanding contributions to the formulation of United States economic policy." From 1975 to 1978, Dr. Roberts served on the congressional staff where he drafted the Kemp-Roth bill and played a leading role in developing bipartisan support for a supply-side economic policy.
In 1987 the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism" and inducted him into the Legion of Honor.
Dr. Roberts’ latest books are The Tyranny of Good Intentions, co-authored with IPE Fellow Lawrence Stratton, and published by Prima Publishing in May 2000, and Chile: Two Visions—The Allende-Pinochet Era, co-authored with IPE Fellow Karen Araujo, and published in Spanish by Universidad Nacional Andres Bello in Santiago, Chile, in November 2000. The Capitalist Revolution in Latin America, co-authored with IPE Fellow Karen LaFollette Araujo, was published by Oxford University Press in 1997. A Spanish language edition was published by Oxford in 1999. The New Colorline: How Quotas and Privilege Destroy Democracy, co-authored with Lawrence Stratton, was published by Regnery in 1995. A paperback edition was published in 1997. Meltdown: Inside the Soviet Economy, co-authored with Karen LaFollette, was published by the Cato Institute in 1990. Harvard University Press published his book, The Supply-Side Revolution, in 1984. Widely reviewed and favorably received, the book was praised by Forbes as "a timely masterpiece that will have real impact on economic thinking in the years ahead." Dr. Roberts is the author of Alienation and the Soviet Economy, published in 1971 and republished in 1990. He is the author of Marx’s Theory of Exchange, Alienation and Crisis, published in 1973 and republished in 1983. A Spanish language edition was published in 1974.
Dr. Roberts has held numerous academic appointments. He has contributed chapters to numerous books and has published many articles in journals of scholarship, including the Journal of Political Economy, Oxford Economic Papers, Journal of Law and Economics, Studies in Banking and Finance, Journal of Monetary Economics, Public Finance Quarterly, Public Choice, Classica et Mediaevalia, Ethics, Slavic Review, Soviet Studies, Rivista de Political Economica, and Zeitschrift fur Wirtschafspolitik. He has entries in the McGraw-Hill Encyclopedia of Economics and the New Palgrave Dictionary of Money and Finance. He has contributed to Commentary, The Public Interest, The National Interest, Harper’s, the New York Times, The Washington Post, The Los Angeles Times, Fortune, London Times, The Financial Times, TLS, The Spectator, Il Sole 24 Ore, Le Figaro, Liberation, and the Nihon Keizai Shimbun. He has testified before committees of Congress on 30 occasions.
Dr. Roberts was educated at the Georgia Institute of Technology (B.S.), the University of Virginia (Ph.D.), the University of California at Berkeley and Oxford University where he was a member of Merton College.
He is listed in Who’s Who in America, Who’s Who in the World, The Dictionary of International Biography, Outstanding People of the Twentieth Century, and 1000 Leaders of World Influence.
You're a genius, read it and get back to me.
You mean he paid the $500 bucks when he got the letter in the mail congratulating him for being named to the list?
What comment did I make that irritated you so much? I really hope you'll point it out to me. (I'm the first response on the thread)
I couldn't care less what Roberts' background is, but he commits Paul Krugman-like distortions. Don't join that quagmire.
Roberts' primary fallacy is he compares the ACTUAL job gains in manufacturing that have already occurred (in November 2005, in this case) to ANNOUNCED job cuts that HAVE YET TO OCCUR). It is flawed reasoning to equate those two.
Plus, not all of the job cuts planned by these manufacturers will occur in manufacturing.
His basic complaint about the manufacturing numbers has no foundation.
Now, let's look at the government jobs. Roberts and others here whine about the 21k or whatever the number was of government jobs. That number is only meaningful when compared to other numbers.
So over the 12 months that ended in November 2005, here are some FACTS about the job market, rather than the Bush-bashing, Buchanan Kool Aid that Roberts and others love to indulge in.
Again, over the most recent 12 month period:
-- Non-farm payroll numbers (the number that equates to the 215,000 new jobs headline number from the recent report)
+2 million jobs
+1.5 percent
--Number of employed residents (The household survey)
+2.3 million jobs
+1.6 %
--Private sector employment (from payroll survey)
+1.8 million jobs
+ 1.7 %
--Government jobs (payroll survey)
+166,000 jobs
+0.8 percent.
As you can see, over time, the household survey continues to out-perform the payroll survey.
That refutes the complainers who say we have given up on looking at the household survey just because it had one bad month.
The data also refutes whiners who say we are hiring too many government employees.
To be sure, philosophically speaking we still might be hiring too many govt. workers. But we are hiring them at less than half the pace we are adding private sector jobs.
Bottom line: Roberts, as usual, is full of it. Don't board that RMS Titanic.
-George
If Paul Craig Roberts is such a renowned economist, then he ought to tell us how he'd like to see these 194,000 new private-sector jobs broken down among these different sectors -- and then tell us all when the U.S. ever had an employment profile like that in its history.
I was fortunate to have Dr. Graue as my student advisor. He took great interest in his students, even those who weren't shining stars (like myself, although I was a pretty good student, making Dean's List 2 out of 4 years). It was at his insistance and cajoling for 18 months that I changed my major from management to public accounting. Throughout my military and civilian career, my accounting degree has served me well (I've been a CPA for close to 15 years).
I have many fond memories of those Tuesday and Thursday micro- and macro-economics classes with Dr. Graue. You had to come to class fully prepared: classes ran from 7-9 AM, and each class had, at most, a half-dozen students. My experience with Dr. Graue is just another aspect of what made my four years at Gonzaga special.
Out of the 200+ universities that I was eligible to attend on a 4-year ROTC scholarship, I thank God that I chose Gonzaga. Not only was the college experience and education priceless, but the friendships made there endure to this day.
Born in Germany in 1895, Erwin Graue attended high school in Bremerhaven, Germany and emigrated to the United States in 1918. After finishing his bachelor’s degree in economics from Cornell University in 1923, he accepted a position as an industrial statistician in New York City, where he worked until 1925. While working in New York, he continued his studies at the New School of Social Research while collaborating with economists at the University of Chicago. Graue returned to Cornell to complete his doctorate in economics in 1928, and then began work as an assistant professor of economics in the School of Business at the University of Idaho. He married Mount Holyoke graduate Sarah Louise Baker in 1929.
Dr. Graue spent a year lecturing in economics at the University of Ankara, Turkey, as a Fulbright Fellow in 1951. From 1954 to 1965, he directed the Public Utilities Executives’ Course, conducted each summer at the University of Idaho. During his 37-year career at the University of Idaho, Graue received teaching honors and wrote numerous articles in several scholarly journals. Many of his students went on to hold top positions in businesses and corporations in Idaho and elsewhere. Graue specialized in economic statistics, business, and agricultural economics.
Upon his retirement from the University of Idaho in 1965, Graue accepted a teaching position in Gonzaga University’s economics department, where he taught until 1986. At both the University of Idaho and Gonzaga University, Graue earned a reputation as an outstanding teacher and faculty member. He continued to correspond with former students long after they left his classroom. Graue’s letters to his students serving in the armed forces during World War II offered them cheer and news of the University of Idaho, to which they eagerly responded. Erwin Graue died on April 21, 1994, at the age of ninety-nine.
While in the service, I also earned a Master's Degree in Management. Personally, I never saw it as that big a deal, just another challenge to conquer.
Maybe the reason all of you try to attack the writer rather than refute his article (or any part thereof) is because all of you are ignorant high-school dropouts, simply spouting a few economics buzz-words you heard from a talk show or movie.
OK, genius, what are your credentials? Your attitude is giving Idaho conservatives a bad name. Disagreeing with PC Roberts on economics is like disagreeing with Bill Parcells on football. I know they know more than I do about there professions, they know they know more than I do about there professions. So what? That's what I love about FreeRepublic--it's a great place for discussion and an exchange of ideas.
thanks for the bio, very impressive.
BS Business, minor economics, MS Management, over 44 years in military and civilian business. Owned and flipped small business after retirement. And what else do you want to know?