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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (103647)	2/9/2009 6:45:39 PM
From: JohnM	Read Replies (3) of 542005

Give me some time here as I am not well versed in the substance of the arguments themselves---I do think somewhere in there Barro contended Krugman's research was in area that didn't qualify him to be making the arguments he was making about monetary (stimulus) policy. I don't think he said that or, if he did, certainly shouldn't have. It is true that Krugman's Nobel is not in macro stuff but rather trade stuff but he's certainly written about macro stuff. A great deal. It's hardly the case that because someone is super qualified in one area (a Nobel prize), he's thus dumb in others. In fact, I suspect it's smarts in one area contribute to smarts in another. In any event our debate here is, I think, about how much money we can afford to spend to do the job (of job creation) and have reasonable chance to pay it back without forever mortgaging our future. That's certainly in the general ballpark of what Steve and I have been discussing. Though the frame Steve and I place on the discussion is different. He uses yours. Mine is the deficit grows much worse if we do nothing. We're better off if we spend too much and solve the problem than if we spend too little and it goes on and on and on.

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