Thursday, June 07, 2012
The Economy Is Slowly Getting Better
When economists become celibrities this is often for the wrong reasons - politicians leaning on economists' credibility to justify the unjustifiable.
Economics is certainly political. A classic case was monetarism as espoused by a University of Chicago economist http://en.wikipedia.org/wiki/Milton_Friedman . His ideas ultimately led to lower taxes for the rich and low spending on health and employment (permitting higher unemployment of the poor) .
What made hime more political was winning the Noble Prize for Economics and overt adoption of his economic theories by Reagan and Thatcher of Britain.
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