Posted on 10/10/2011 9:50:25 AM PDT by maggief
No matter how skeptical one is of the authority of “experts,” it’s hard to avoid paying at least some attention to the people who award the Nobel prize — especially when they give one to someone who tends to support some things one tended to believe already.
So it is in the case of Thomas Sargent, the New York University professor who was announced Monday as a winner of the Nobel in economics. An interview of Professor Sargent by the Minneapolis Fed in August 2010 summed up some of his contributions succinctly: “policymakers can’t manipulate the economy by systematically ‘tricking’ people with policy surprises. Central banks, for example, can’t permanently lower unemployment by easing monetary policy, as Sargent demonstrated with Neil Wallace, because people will (rationally) anticipate higher future inflation and will (strategically) insist on higher wages for their labor and higher interest rates for their capital.”
That interview is also notable for Professor Sargent’s icy dismissal of another Nobel laureate in Economics, Paul Krugman of Princeton University and the New York Times opinion page:
(Excerpt) Read more at nysun.com ...
There is nothing in his ‘jobs bill’ that has anything to do with creating jobs.
It is a $500billion slush fund to Unions so they can funnel $1 billion to his campaign.
There is nothing surprising about a naive proposal from Obama. It’s well thought out legislation from that druggie that would shock the world.
AND, it is a $ 447,000,000,000.00 Obama 2012 Campaign Slush Fund to provide free government jobs that will end right after Obama is re-elected.
It shouldn’t be “Surprisingly Naïve” to anyone. This is what he wants. The destruction of America as we know it and to put America on the same level as third world countries. When will people wake up to this fact? Little does he know, we won’t allow him to do that.
It’s only naive if one believes that what hussein did was an honest attempt at helping this country.
This guy is a nightmare for Obama. Below are a few of the more interesting quotes. For once an economist with common sense.
“The calculations that I have seen supporting the stimulus package are back-of-the-envelope ones that ignore what we have learned in the last 60 years of macroeconomic research.”
“I recall President Obama as having said that while there was ample disagreement among economists about the appropriate monetary policy and regulatory responses to the financial crisis, there was widespread agreement in favor of a big fiscal stimulus among the vast majority of informed economists. His advisers surely knew that was not an accurate description of the full range of professional opinion. President Obama should have been told that there are respectable reasons for doubting that fiscal stimulus packages promote prosperity, and that there are serious economic researchers who remain unconvinced.”
“….if, in the United States, we create a system where unemployment and disability benefits are permanently extended in their generosity and their duration, we will inadvertently put ourselves into the situation that much of Europe has suffered for three decades.”
Thanks for posting this, I will share with my liberal co-workers that worship the political hack Kreugman because he won a nobel peace prize.
Thanks for posting this, I will share with my liberal co-workers that worship the political hack Kreugman because he won a nobel peace prize.
IIRC, most of what Krugman opines about in newspapers has nothing to do with what he won his Nobel for.
The name Thomas Sargent should be on the lips of every Republican candidate or elected official.
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