Econ 101, As Told by the Bush Administration (NOT Sarcasm)

Here’s a thoughtful analysis by one of Greg Mankiw’s friends in the White House about the virtues of the first stimulus package versus the possibility of a second. The great thing about this note is that it is filled with economic principles put to use in the real world.

Note the interesting co-operation between sound economics and politics. No matter what, politics comes into play. This is what happens when folks who know nothing about economics insert themselves into a purely economic scenario.

It’s kind of like people, other than your doctor, telling you how to treat your heart condition — people like those employed by insurance companies. That’s stupid, too, and we would NOT dare allow that! (Now that’s sarcasm!)

Greg Mankiw’s Blog: The View from the White House


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