As Congress mulls over an economic stimulus package, its members have to decide whether they believe government spending always reduces private-sector spending or if there are times when the government can actually boost private spending. Many conservative politicians and economists…
Will crisis spur leap in economics theory?
Ongoing economic problems promise that 2009 will be a tense year for the global economy, and the lives of billions of people will depend on how the year’s events play out. It thus will be a crucial period for economists,…
Rebalancing economy takes time
As a new year dawns, let’s hope that in 2010 our economy returns to ‘internal and external balance.’ Yes, I know that it is 2009, not 2010. But there is no hope that ongoing economic turmoil will end this year.…
Be realistic about tracking bailout money
Hardly anything is more fungible than money. Keep that in mind when you hear expressions of outrage about banks’ inability or unwillingness to explain what they did with the money received through the Treasury and Federal Reserve’s frantic bailout of…