Paul Krugman on economics supply and demand. Who gets cited by, say, Republican governors seeking authority for their tax cuts, or published on a regular basis on conservative opinion pages? I’d say Stephen Moore and Arthur Laffer. No point in looking them up on Google Scholar, although Laffer does show up, marginally, for a 1971 paper co-authored with Eugene Fama. And it’s not as if Moore and Laffer are guys who may lack academic cred but have proved themselves as working analysts. On the contrary, they’re guys who can’t even cook numbers without screwing up, who have spent years telling us to get ready for soaring interest and inflation rates. But it doesn’t matter; being right is not what they’re paid for. So in trying to understand where the Milton Friedmans of yore have gone, you want to look at the demand side. The right lacks heavyweight economists with independent reputations partly because they are hard to find, but also because it doesn’t want them. Only hacks need apply.
Posted on: Sat, 10 Jan 2015 21:23:33 +0000
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