Occupation: Economist Birth: February 28, 1953
I think Stockman is an interesting sort of amalgam..
The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers..
So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor dema….
The important thing to understand is that the case for pollution control isn't based on some kind of aesthetic distaste for industrial society. Pollu….
Rising inequality isn’t about who has the knowledge; it’s about who has the power..
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth..
Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the gre….
Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action..
Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is..
Debt is one person's liability, but another person's asset..
In our country, learned ignorance is on the rise..
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed..
In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the i….
But where will the Fed find another bubble?.
There's one thing that the Fed has been really good at cracking down on, and that's inflation..
On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn….
The goal in the end is not to win elections. The goal is to change society..
I believe in a relatively equal society, supported by institutions that limit extremes of wealth and poverty. I believe in democracy, civil liberties….
Default is not in our stars, but in ourselves..
Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influence….
Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are go….