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Thursday, November 12, 2009

Barro on the Great Depression and the impact of fiscal policy.

I invited Robert Barro to be a participant in my second book on the economics of the Great Depression along with Ben Bernanke, Lee Ohanian, Peter Temin and others. He never answered my letter. Such is life on the D list for both me and Kathy Griffin (although I have yet to have plastic surgery). Here Barro talks about lessons of the Great Depression and makes no mention of the gold standard. How odd? Then he goes on to explain what we know about the impact of government spending and how it is measured. This is where we really should pay attention.


ArmChairEconomist said...

D-List? Sure - Barro is good, but i've seen the interviewees in your books, many of them speak much louder than Barro.

Hey Doc, I feel that the various economic schools of thought are not emphasized at all in academia. And most people are unaware of their differences. If you don't mind - which school do you feel is most closely aligned with your views/positions and why. I'm gonna guess Monetarism.

Randall Parker said...

Armie: The short answer is mostly Libertarian, although a large part says not. No gold standard for me, no legal drugs etc.

I don't really fit into any one "school". I believe the Fed's only long-run responsibility is to maintain price stability. I'm for economic growth over redistribution. I like flexible exchange rates and think fixed rate regimes are dangerous. I believe in school choice and think the public school monopoly is a disaster. Monetarism really has morphed into price stability thinking so I guess that makes me a morphed monetarist.