Harvard Professor Greg Mankiw appeared on CNBC yesterday and was pretty good explaining why his taxes should not be raised, but then he mumbled favorable comments for carbon and other taxes. From there, he went and discussed, get this, Keynesian "animal spirits". He then said he wasn't a fan of Bernanke's, but then said Bernanke has been doing a good job.
He closed by saying that he was concerned about deflation and that Bernanke's QE2 may not print enough money---and that's the absurd word from the author of the most popular college economic textbooks.
For the record, contra Mankiw, given what is going on in the commodities market, I believe we are on the edge of significant inflation and if Bernanke prints as much as he is indicating he will we will be very near hyper-inflation. Blame Mankiw and his textbooks for the fact that most students won't understand this.
How many of Greg Mankiw's students can watch that clip and successfully pick out all the many instances of him denying the basic economic principles he put forth in their assigned textbook?
ReplyDeleteMy guess is very few, unfortunately. Greg Mankiw is an intellectual and moral coward. What a disgrace of a man.
This guy is outstanding example of why I hate 'modern economists'.
ReplyDeleteHe had an article sometime ago about how wonderful it would be if us peons could withdraw our money from an ATM and have it lose value if we did not spend it within the master's set amount of time.
Another cheesy spokesman for the elite. When the SHTF I hope people like him are the first to stop wasting air.