But Where Will People Find Opportunities To Throw Their Wealth Away

08Dec08

I saw this humorous comment Brad Delong’s blog earlier today

Stupidest Man Alive Contestant: Neo-Hooverite Greg Mankiw
For his suggestion on Squawk Box that we shouldn’t have the government spend too much money now b/c it will “crowd out” private investment! As though there is private investment left to crowd out!
Somebody, revoke this guy’s tenure. Take away his textbook empire. Reverse his prelim result. Take back his bachelor’s degree. Let him go on the job market as a college dropout.

Posted by: Thorstein Veblen | December 05, 2008 at 11:03 AM

Certainly makes you wonder. I had always taken it for granted that Gregory Mankiw was, as widely reported, a smart person. Not only does that comment read like he hasn’t been reading the newspaper, it has the feel someone just grasping at rationalizations for their preferred policy. Sometimes people get out of their fields and say ignorant things, but he’s a top conservative economist.

I guess it’s just another illustration of the bankruptcy of conservative public policy, where even the basic contours of the situation are disregarded if they undermine your dogma.

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Tags: Economy, Gregory Mankiw, Stock Market