I am an opponent of neo-Keynesianism but cognizant of the fact that Larry Summers is the most capable and credible advocate for that school of thought there is. One thing that strikes me having spent the last 45 minutes in a closed room conversation with him is this (okay, more than one thing): (1) Every Keynesian I know starts with a political outlook and backs that into an economic outlook; not Larry; (2) His commitment to the idea [flawed as I believe it to be] that fiscal stimulus is the solution to all that ails us is matched only by his commitment to the idea [accurate as can be] that monetary policy is now ineffective; (3) Did I mention how ridiculous what Harvard did to him was?
Posted on: Thu, 15 May 2014 22:36:50 +0000
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