Saturday, September 3, 2011

A Little More Brad DeLong

I missed this but thought you, my faithful reader(s??) would appreciate it.
I remember being told that in January 2001 Larry Lindsey had showed up at the Council of Economic Advisers' office in the Eisenhower Executive Office Building and said "Well, the people who understand economics are back in charge!", and at the time I thought that Larry's belief that George W. Bush and his administration in any sense "understood" economics was the most pathetic and self-delusional thing that I had heard. But now I think of my confidence in December 2008 and January 2009 that the Obama administration understood that you needed not economic policies that sounded good and polled good but economic policies that actually worked, and I wince.

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