Should-Read: Ben Friedman: Has Economics Failed Us?: The Search for New Assumptions

Should-Read: This by he wise Ben Friedman seems to me to be partly wrong. It was a failure of politics, but a failure of politics enabled by what Paul Romer calls post-real-macroeconomics:

Ben Friedman: HAS ECONOMICS FAILED US?: The Search for New Assumptions: “Democracy doesn’t always deliver what the technical experts recommend…

…and the package that became law was presumably the best on which Congress and the President could agree. And if it wasn’t, the failing was a matter of politics, not economics…


Brad DeLong
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