Economics: Harvard Grad Taken To School
Reader YB13 suggested taking a look at this via American Thinker. It conveys some worthwhile information, highlights the basic differences between Left and Right on economics, and also suggests Harvard is more a training ground for liberals, than it is a purely educational institution these days. While perhaps not surprising, it never hurts to be reminded of any of that so clearly.
The core issue from a conservative perspective is that liberals continue to rely on a theory of economics History has disproved. While I accept that, it's also pertinent to remember Rahm's comment, no crisis should be wasted, or something to that effect. As a politico and not an economist, that's the central issue for me.
While massive government spending in the face of a recession may not help, it also grows government control and influence significantly. Consequently, there's no real incentive for the Left to abandon Keynes. In fact, the further Left they go – and they're well past half way to Marxism already – the stronger their arguments for Keynes become. I'm not even certain that the private economy is their chief concern anymore, really. Why would a socialist care about that?
You know you are in for a treat when you read a letter to the editor and its first sentence includes the words "when I was a student at Harvard." Such was the case with Scott Richard Evans' letter to the Financial Times of August 13.
Mr. Evans criticized a previously published article written by Professor Niall Ferguson. The issue was the recession and President Obama's cure by massive government spending.