Mark-My-Beliefs-to-Market
Pretty excellent post by Brad Delong on the things he’s gotten wrong in his career (he calls it “mark-my-beliefs-to-market” time). Some good ones in there, including: “My belief that economists as a group understood as much about the causes of recessions and depressions as John Stuart Mill understood in 1829: that a downturn is a shortfall of planned spending at full employment below income caused by an excess demand for financial assets, and it is cured by either (a) having the government do the spending-in-excess-of-income that the private sector will not, or (b) having the government flood the zone with financial assets so that there is no longer an economy-wide excess demand for them.”
I’d love to see this from lots of folks … Maybe I’ll try to work on mine for the end of the year. Seems like a worthy pursuit.