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Oh Snap, Mankiw

Newsweek has a decent story with which I only partly agree, but the best parts are bits like this one:

Let's say you're a tenured professor of economics at Harvard. You have—and have earned—a great deal of stability and security. Your job is guaranteed, at pretty much the same salary, until retirement. Your employer, which has been around for more than 350 years, isn't going anywhere.

[...]

If you believe the typical American worker would respond to tax cuts the way a typical tenured Harvard economist would, then it makes all the sense in the world to focus on tax cuts to the exclusion of other types of stimulus. But if you believe the typical American worker might respond to tax cuts the way, say, a typical Cambridge-area worker would, you might be less sure.

I've always been skeptical of economists with tenure telling me how I should think about globalization, for instance. Of course, Dr. Mankiw turned off comments at his blog some time ago, so he'll never get any feedback with which he's uncomfortable - one more way in which he's more like those he served at the Bush administration than he would like you to believe.

This entry was posted in the following categories: Economics , Politics (Outside Austin)

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Comments

So you're a commie when it comes to free trade. Interesting.

The H1-B situation isn't anything like free trade; it's indentured servitude of foreigners in order to avoid having to pay market rate for that labor.

As for globalization in general, I'd not write laws against it, but I will point out that it's lying to claim that high tech workers can just "move higher up the value chain" as many say the industry ought to do. You can't be a senior programmer or an architect or "do design work" (my role, in a sense) without first having spent years as a junior programmer; and if all the junior programmer jobs go to India, [...]

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