Wow, I no more than write my first blog post in more than 2 years, and two of the economists I follow most closely, Professors Nouriel Roubini of NYU and Paul Krugman of Princeton, write opinion pieces supporting my views!! Just kidding, but their articles are worth reading. Roubini discussing the recovery and possibility of a double-dip recession in the FT (Financial Times), and Krugman reviewing the inadequacies of Reaganomics including growth in inequality over the past 3 decades in the NYT (New York Times).
Beyond the fact that both are brilliant (in their own ways), they were also two of the few economists who were warning years ago that our economic path was unsustainable (excessive household debt, housing price bubble, flat real (inflation adjusted) wages for the majority of people, etc.). Even though they based their arguments on clear facts, the mainstream (Washington, Wall Street, the media and most academic economists) simply dismissed their arguments without ever addressing the facts. "Out in left field", "kookie", etc. What's worse (as Krugman mentions), is that the same failed thinking that got us into the mess in the first place, "the market knows best, so don't rock the boat", is pretty much back on the front burner.
Man o man, what's an aging pragmatic liberal to do? Get my thesis done would be a good start!!!
BTW, Krugman mentions Emmanuel Saez's (a professor at UC Berkely) work on inequality. Here a link to his research. Quite interesting and the guy was just named the best economist under 40.
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