Our whole conference has been about anomalies. Some of those anomalies are pretty fundamental. Why has G.D.P. growth been slow? Why has the labor force participation rate come down so much? Why haven’t we hit 2 percent inflation more quickly? Those are all really interesting questions for an academic. For a policy maker you actually have to make a determination with imperfect information about what the answers to those questions are. So an academic gets to work on exciting ideas and there’s not much cost to being wrong. Anybody who’s in a policy-making role knows there is cost and so that makes it more challenging.
Blogs I Follow
- I get it and I don’t get it…. mocking earnestness and mocking people are not the same thing
- Excession, by Iain Banks
- I listened. The Republicans are not saying much. Rep. Sensenbrenner (R,WI) offers an oped in the New York Times
- Greatest song ever recorded, for its voice, and lilting but complex melody: Myan Myan by Coupé Cloué
- “Sevastopol” by Emilio Fraia in The New Yorker
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