According to a post by Mankiw, 5 to 10 percent of his class walked out. Mankiw also wrote that at the same time, some previous Econ 10 students came in to sit in the lecture as count-protesters.
Mankiw also discussed the walkout on National Public Radio and admitted that the gap between rich and poor has been growing for four decades, but, elitist apologist to the end, he dismissed the idea that government was responsible for the gap. He blamed, get this, technology.
He also managed to thrown in a call for an "activist Fed" and said he supported the actions that Ben Bernanke has taken.
Below is the Mankiw interview, which also includes a clip from an OWS protester, who clearly does not appear to have any clue as to what is at the core of the problem.
Love the subtitle. There is a ton of truth there that probably slipped right past Mankiw. The students have it right that mainstream economics taught at Harvard, and really in most econ depts, is an ideology and not a science. A science is concerned with understanding truths while an ideology is about engineering society.
ReplyDeleteMankiw has it half right. Technology may be playing a role in widening the gap ie GOVERNMENT monopolizing and using certain technological advances to plunder the masses for the chosen few.
ReplyDeleteMy original assessment was correct: Mankiw is an idiot who deserves all of the heat he receives (even if it's from even more idiotic students who have absolutely no concept of reality). He supports an active Fed and Bernanke. Muddled thinking from a boot licker of the left.
ReplyDeleteTechnology is certainly involved in the mess, but lax oversight is at the heart of the matter.
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