Open Thread: Two Anti-Keynesian Economists Awarded Nobel Prize
The Nobel Prize for Economics was just awarded to two American economists who have separately researched the flaws in government stimulus spending, a blow to the Keynesian policies of Obamanomics.
Do you think this is a temporary bout of sanity? Or do you think it's a sign of something larger, given the collapse of statism in Greece and the United Kingdom, for example? Let us know your thoughts in the comments.
In only his first year in office, President Obama was awarded a Nobel Peace Prize, an honor that continued a trend of liberal winners, having previously been awarded to Al Gore and former President Jimmy Carter.
The awarding of the Nobel Prize for Economics to two anti-Keynesian economists could signal a shift, though. New York Univesity's Thomas Sargent and Princeton's Christopher Sims, the winners of the prize, have both done extensive work in macroeconomics that has been of huge help to central bankers and economic policymakers.
The two economists have both looked specifically at the failure of government stimulus packages. As explained by Investor's Business Daily:
Sargent's discoveries in particular echo the rationale Republican leaders in Congress have presented in opposing the massive Democratic stimulus spending during the first two years of the Obama administration — that such spending seeks to give the economy nothing more than what House Budget Chairman Rep. Paul Ryan over the weekend aptly called a "sugar high."
Sargent has previously directly criticized Obama's policies, calling his economic advisers, "surprisingly naive for 2009" and "not informed by what we learned after 1945."
While Sims might not be quite as outspoken a critic of Obamanomics as Sargent, at a 2004 Federal Reserve Bank of Boston conference, he selectively criticized Alan Blinder, economic adviser to Bill Clinton, Al Gore and John Kerry. On using stimulus spending to counteract economic downturns Sims said Blinder overlooks the debt-driven "inter-generationally unfair crowding out" that a massive stimulus can cause.
What are your thoughts?
- NB Staff's blog
- Login to post comments
Comments
On first glance, GREAT!
Submitted by Blonde on Tue, 10/11/2011 - 9:52am.
However, I have not read any of these two gentlemens' writings, so I can't be more specific than that.
Sims said Blinder overlooks the debt-driven "inter-generationally unfair crowding out" that a massive stimulus can cause.
THAT is spot on.
And of course, to the larger context of the award to two non-Keynsians....I'm not going to jump for joy yet, but perhaps this will give us a bit more play when that idiot Krugman gets up on his soap box.
As to the unasked question....ANSWER: The media won't cover it at all. Black out. (Can I say that, is it racist?).
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
I think historically the
Submitted by Ken Shepherd on Tue, 10/11/2011 - 9:59am.
I think historically the Nobel Econ prize has a better track record than the Nobel Peace Prize in terms of wise and worthy recipients. Friedman won in 1976, for example. Of course, there have been duds, like Paul Krugman in 2008.
Just an anomaly. They
Submitted by Beukeboom on Tue, 10/11/2011 - 10:16am.
Just an anomaly. They promised Obama that it won't happen again.
This is not a surprise at all as economists are a harder pill
Submitted by gmaniac1 on Tue, 10/11/2011 - 10:24am.
to swallow comes to politics. In fact, they hate it as most non-Keynesian economists will attest to that much, essentially.
I just finished my class on economics involving nonmarket issues and wow, that author was very liberal. I retorted about everything he wrote in my assessments and case studies. My final project was more corporate research so not so much.
Another modern day economist that went to my alma mater, University of Maryland, with aspects of pure unadulterated, non-partisan economics is Professor Peter Morici. You may have seen him on FNC, FBN, and other media outlets.
Did You know?
Submitted by Retired Geek on Tue, 10/11/2011 - 10:28am.
Barack Obama filed a 29-page complaint with the United Nations Human Rights Council against the United States in August 2010.
The Report describes how the United States discriminates against the disabled, homosexuals, women, Native Americans, blacks, Hispanics and those who don’t speak English.
The report is based on about a dozen conferences held across the United States between January and April 2010 by a Presidential Commission that looks like the Who's Who of Radicalism in the United States.
You will NOT believe who managed and administrated the report.
http://thpatriots.blogspot.com/2010/09/barack-obama-administration-files...
at least Japan refused
Submitted by Agnostic on Tue, 10/11/2011 - 3:37pm.
in his world apology tour - at least Japan wouldn't allow President Obama to go their and apologize for the dropping of the bombs to end WWII.
I doubt his complaint to the UN will have any more effect than his apologies. They show him as weak and America as temporarily insane for electing him.
Are these economists among
Submitted by ThisnThat on Tue, 10/11/2011 - 10:40am.
Are these economists among the "use my independent economists to score the GOP budget approach" that o'bama has selected as justification for his "jobs®" bill? I don't think so. Wonder how he left them out, hmmmm?
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
Esquire names Rihanna sexist woman alive
Submitted by shawn. on Tue, 10/11/2011 - 11:12am.
She is a very beautiful woman
http://content.usatoday.com/communities/entertainment/post/2011/10/esqui...
What is she wearing? A pureed and pressed vegan out fit?
Submitted by upcountrywater on Tue, 10/11/2011 - 5:08pm.
Shun the carbon user.
You Didn't Build That.
Let me translate that
Submitted by Unsane on Tue, 10/11/2011 - 7:22pm.
Translation: "Esquire has no taste in women."
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Does the Esquire staff even like women?
Submitted by drsamherman on Tue, 10/11/2011 - 7:25pm.
I have always wondered.
I think she is
Submitted by shawn. on Tue, 10/11/2011 - 8:15pm.
Gorgeous
No
Submitted by Unsane on Tue, 10/11/2011 - 11:50pm.
I don't. For one thing, if she was really gorgeous, she would have to dress (and be) trashy to get attention for her performances.
I EAGERLY await being called your ultimate put-down: "prude".
You want gorgeous? Try Simone Simons, Sharon den Adel, Marcela Bovio or Cristina Scabbia. And all those women have something Rihanna lacks: talent.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
It's all subjective
Submitted by shawn. on Wed, 10/12/2011 - 12:39am.
I believe she is gorgeous regardless if she is wearing a summer dress or a bikini. I like the clothes she decides to wear. I respect your opinion women should be more modest and I am not going to call you a prude.
Fortunately for me folks like you have no affect on what she chooses to wears or how many millions of songs she sells :-)
Modesty; talent vs popularity
Submitted by Unsane on Thu, 10/13/2011 - 4:42pm.
...and I have no desire to effect any of that. But my thoughts are that if Rihanna was all that, she wouldn't HAVE to go to the lengths she does to flaunt it. Not prudishness or modesty. (Really, ME, wanting modesty from women? As if I would ignore a woman in a short skirt....thing is, though, that most women I see who wear short skirts, for instance, don't HAVE to at all because they are hot anyway.)
And she can sell trillions of songs, and that's great. But as usual, you confuse popularity with talent.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Nope
Submitted by shawn. on Fri, 10/14/2011 - 1:31am.
I told you I respect you and anybody that find women wearing less revealing clothes are more attractive
I am simply saying I enjoy the fact that millions of people enjoy Rihannas music and records. That more people that buy her records, the harder it is for people to dictate to others what people should and should not wear.
I realize you say Mr Bozell cannot force people to have more modesty. I totally agree. A few decades ago a person like him would have a lot more influence on how people dress or what can be shown on tv.
Unfortunately he is powerless to stop things like The MTV music awards.
For our permanent adolescent
Submitted by Unsane on Fri, 10/14/2011 - 7:00am.
Nothing more deeply irritates you than the fact that there are some people out there like me who, though we are more than happy for you that you enjoy trashy, shallow entertainment, we simply don't wish to go along with it ourselves.
PLEASE point out for me where I, or Mr. Bozell, have shown that I, or he, are out to dictate what other people do for entertainment. Yes, I realize that you look at the First Amendment selectively - Mr. Bozell (or anyone who doesn't like what you like and talks about why this is so), in your world, simply have zero right to say anything at all, whereas the artists have absolute limitless freedom to do what they want. And even if there is no audience for it, people must be subjected to it.
So you love Rihanna, and you love he MTV Music Awards. Great! I know that you like entertainment that's trashy - the trashier, the better - and that you are only in to the most basic, shallow sorts of things. Fine and dandy. I'm not and never will be.
On the other hand, I expect and demand more out of life.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Unsane
Submitted by shawn. on Fri, 10/14/2011 - 8:19am.
I think you totally misunderstood me. I told you in the last post that I respect your opinion.
I also respect Mr Bozells opinion. I am simply pointing out that while he has major influence in pointing out liberal bias and helping the conservative movement, his other mission of trying to get folks to boycott shows he does not like is a major fail
I'm not saying he does have the right to try to put shows he objects to out of business, I am saying that I am glad people like him have little influence in pop culture, otherwise we would have far less choice.
Good morning Captain
Submitted by cocodrie on Fri, 10/14/2011 - 8:31am.
You're correct, there are lots of choices out there. The decision to make some of those choices has led many to ruin, Some to prison and far too many to a very early grave.
Jesus Loves You so much He died for you
Good morning to you too captain
Submitted by shawn. on Fri, 10/14/2011 - 8:37am.
As usual, a vague post and less on details. What choices would that be? Wearing a sexy outfit?
As usual
Submitted by cocodrie on Fri, 10/14/2011 - 8:52am.
You are being intentionally dense and asking inane questions.
Jesus Loves You so much He died for you
Umm lets see cocodrie
Submitted by shawn. on Fri, 10/14/2011 - 9:01am.
I said I enjoy what Rihana and many others wear and I like the fact they have choices. You said those choices have lead to ruin and early death. I am asking for specifics and as usual will not give specifics. NPR would be proud to have you :-)
Playing the dumb card again Shawn?
Submitted by cocodrie on Fri, 10/14/2011 - 9:04am.
You know good and well what I meant but you want to play your juvenile little games.
Jesus Loves You so much He died for you
Actually I don't
Submitted by shawn. on Tue, 10/25/2011 - 9:16pm.
For once it would be nice for you to give specifics and not be like a typical lib and get flustered when I ask for for clarification
I said choices on what to wear correct?
Try again
Submitted by Unsane on Fri, 10/14/2011 - 9:09pm.
"his other mission of trying to get folks to boycott shows he does not like it a major fail"
So?
As for your whine about "choice"...one day you are going to accept that you don't have as much as you think either, ESPECIALLY as you are such a slave to pop culture. One day the sponges will all tire of Rihanna, and her CDs will be found in the bottom of the $1.99 basket at various music stores...I suspect you are going to cry and howl, then, about how she has some sort of right to be heard...which does not exist, by the way.
I still firmly reject pop culture, and I don't need Mr. Bozell to tell me to. Where he performs a great service is telling people how much it sucks. And for some reason, it deeply irritates you. But unfortunately for you, free speech does in fact apply to critics.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
I have no idea what you are arguing about
Submitted by shawn. on Fri, 10/14/2011 - 10:54pm.
All I said is I respect your opinion and I am glad Mr Bozell has limited influence on pop culture
Then why continue to respond?
Submitted by Unsane on Fri, 10/14/2011 - 11:06pm.
Pat yourself on the back for being a good little sponge.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Pop stars...here's some REAL talent!
Submitted by Unsane on Mon, 10/24/2011 - 7:06am.
Here is yet another vocalist who is infinitely more talented than Rihanna, or many other pop stars out there (that you probably worship), for that matter.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Again
Submitted by shawn. on Mon, 10/24/2011 - 9:40am.
Musical taste is subjective. I enjoy the fact that for now in this country, artist have the freedom to express themselves how they want
Again
Submitted by Unsane on Mon, 10/24/2011 - 10:54pm.
Um, it hasn't changed. and I realize you have a habit of selectively applying the First Amendment. Unfortunately for you, you can't have it both ways. You can't demand both absolute freedom of expression and the permanent silence of critics.
And I also realize you have zero sense of humor.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Umm actually
Submitted by shawn. on Mon, 10/24/2011 - 11:36pm.
I have a great sense of humor. I am simply pointing out I never once said on this thread or any other thread Mr Bozell should be silenced. I totally support his right to free speech
Also I enjoy listing to Rihanna. I also believe she is a beautiful woman. However it will not bother me when she is no longer popular because someone hotter will take her place
So both your talking points are moot. I even gave you the last word, but for some reason you decided to again accuse me of worshipping Rihanna.
Lighten up
Submitted by Unsane on Tue, 10/25/2011 - 8:57pm.
If you had a great sense of humor, you wouldn't be so very very upset as you are over me having some fun here. My friends make fun of the music I listen to, calling Meshuggah the favorite band of The Cookie Monster. Do I get all upset as you do whenever anyone has a critical thing to say about your love, Rihanna? No. Frigging lighten up.
Also I enjoy listing to Rihanna. I also believe she is a beautiful woman. However it will not bother me when she is no longer popular because someone hotter will take her place Spoken like a true sponge, one who is abhorrent at substance, who is only after the absolute most basic, shallow sorts of things. Knock yourself out, guy. Just quit throwing a fit because not everybody wishes to join you.
And surely you must worship Rihanna or else you wouldn't come to her defense so passionately.
But, above all, lighten up.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
Who's mad? :-)
Submitted by shawn. on Tue, 10/25/2011 - 9:21pm.
If you look over our whole exchange all I did was tell you I respect your opinion, I respect Mr Bozells right to free speech and I am glad he has little influence over pop culture
I politely let you know that your accusation of me wanting to silence Mr Bozell is false. Sorry if you think that comes off as angry.
Influence?
Submitted by Unsane on Tue, 10/25/2011 - 10:43pm.
Who has influence over pop culture? I'd submit very few do.
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
I don't disagree. All I am
Submitted by shawn. on Wed, 10/26/2011 - 1:20am.
I don't disagree. All I am saying is if Mr Bozell had his way of boycotting companies that advertise on tv shows he objects to would catch on.
I do not believe he does not have he right to do this, I am simply saying that he is not very sucessful at it.
If he was sucessful at it, many of my favorite shows like Dexter or Friends would either not be on the air or toned down because the PTC objects to it.
Silliness
Submitted by Unsane on Wed, 10/26/2011 - 12:37pm.
Silliness. Too much is going on in life for me to sit and watch TV all day and night.
At least you acknowledge Mr. Bozell has the right to do what he does, and that none of your beloved programming has the right to be seen/heard. (Freedom of speech is not the same thing. Just because you speak or make a song/show does not mean anyone has to listen/watch.)
"CONSUMED DEMOCRACY RETURNS A SOCIALIST REGIME" - Slayer, "Fictional Reality", from Divine Intervention (1994)
My new favorite song
Submitted by Radical1979 on Tue, 10/11/2011 - 11:30am.
I'm not a country music fan, but this is my new favorite song.
http://townhall.com/tipsheet/katiepavlich/2011/10/11/hank_williams_jr_ge...
Give it a listen.
TELL IT
Submitted by ricklail on Tue, 10/11/2011 - 3:22pm.
TELL IT BOCEPHUS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A COUNTRY BOY CAN SURVIVE
When the FBI arrests an
Submitted by Jack Bauer on Tue, 10/11/2011 - 2:19pm.
When the FBI arrests an Islamo-terrorist plotting to bomb the Israeli and Saudi embassies in DC, wouldn't you expect the announcement would be made at the J.Edgar Hoover Building by the director of the FBI?
So why is ERIC HOLDER "hosting" the press conference at the DOJ?
Surely he knows less about this than he does about supplying guns to Mexican drug cartels?
All of the above Mr Obama? --- How about ALL OF THE BELOW, instead.
I wonder how soon Holder will
Submitted by Beukeboom on Tue, 10/11/2011 - 3:21pm.
I wonder how soon Holder will resign.
In 12'
Submitted by Boudin on Tue, 10/11/2011 - 7:56pm.
Like Obama
Shell shocked republican governor endorses another RINO.
Submitted by upcountrywater on Tue, 10/11/2011 - 2:30pm.
Chris Christie to Endorse Mitt Romney Today
Just go away and play with your windmills. Keep compromising with them democrats, by supporting the author of Romneycare ...screw that.
My Vote is for Cain.
The RNC establishment will sponsor Romney....You watch....
You Didn't Build That.
ucw
Submitted by Radical1979 on Tue, 10/11/2011 - 2:33pm.
As someone here clued me into, Christie isn't as conservative as you might think. He was great with the unions, but if you look into his 2nd amendment positions and global warming views, he leaves something to be desired.
Cain all the way.
Christy is only conservative by comparison
Submitted by c5then on Tue, 10/11/2011 - 3:07pm.
compared to the previous governor of NJ, he almost looks like Reagan. But it is relative. He is probably not as conservative even as Romney says he is now.
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Hmmmm. I wonder about the terror plot announcement
Submitted by c5then on Tue, 10/11/2011 - 3:32pm.
Why now? One of the accused has been in jail only since 9/23 and the other is still at large.
This seems to have been released rather Fast and Holder seemed to be rather Furious.
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Holder should give them civilian trials in NYC
Submitted by lsudolemite on Tue, 10/11/2011 - 6:33pm.
right in the middle of the Occupy Wall Street morons. They can even let their "General Assembly" hand out the sentence.
I'm part of the 50%, the ones who pay taxes.
DEBATE CHAT
Submitted by Blonde on Tue, 10/11/2011 - 7:13pm.
I've created a chat room....here, for tonight's debate.
We always welcome everyone, but if you are going to lurk, or troll, be prepared to leave....I've got the mod hat tonight.
Deddy, this means YOU!
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Where is the debate tonight?
Submitted by Boudin on Tue, 10/11/2011 - 8:24pm.
I cant seem to find it on my dial?
Hmmm this thread jumped the shark just a bit;)
Submitted by gmaniac1 on Wed, 10/12/2011 - 6:10am.
*