Economics: Harvard Grad Taken To School

August 24, 2009

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.

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  1. Rich K says:

    When I wasn’t a student at harvard I read the ‘Wealth of Nations’ and ‘Free to Choose’ by Smith and Freidman and understood exactly where my head should be on economics. Explaining the differences of their thinking and Keynes with a left thinking brain is futile and a waste of my life cycle.

  2. Fred Zeppelin says:

    Saying Keynes is an Econ Powerhouse is like saying Obama is a great quarterback. They might dabble at their chosen hobby, but they’ll never be a Smith or Farbe….
    Keynes problem was he was too stuck on himself, and promoted a like-therory “the way to cure alcoholism is to give a drunk more booze”
    Idealoges, like adolesent teenage boys, should never have the keys to the car, nor access to the credit cards.

  3. Rob Crawford says:

    “I’m not even certain that the private economy is their chief concern anymore, really…”
    I’m not even certain that individual autonomy is on their radar anymore. Have you seen the Guardian story declaring that the age of the individual is over, that we’re all just members of the hive, now?

  4. syn says:

    It requires a Harvard degree to think quadrupling debt is the way to reduce debt while 95% will not receive tax hikes to pay for the quadrupled reduced debt.
    It requires a Harvard degree to think the male and the female are exactly equally the same.
    It requires a Harvard degree to be famous Saturday Night Live Senator joker who poses naked, spread-legged wearing only a giant baby diaper and a pair of black trouser socks.
    It requires a Harvard degree to willfully get on down on the knees to slobber on the smooth-talking slavemaster Chief-of-Serfs

  5. 13yankeebravo says:

    What I found most interesting was the fact that GWB’s ratio of national debt to GDP was lower than Clinton’s as GWB had 2 recessions in his time in office and Clinton had none, but all of our problems acording to the left are because of GWB’s wastful spending.

  6. Son of a Pig and a Monkey says:

    In Toronto, our mayor, who Harvard Law School graduate, was recently out-negotiated and bamboozled by a gang of high-school drop-outs i.e. public sector garbagemens’ union