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  1. #1
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    Bush's Team under fire.

    http://story.news.yahoo.com/news?tmp...d=694&ncid=716

    White House officials already were reeling from the assertion of N. Gregory Mankiw, chairman of the president's Council of Economic Advisers, that "outsourcing" American jobs overseas was good for the U.S. economy in the long run. Mankiw later apologized and said he had been misunderstood.
    Holy Shiza, this guy is huge! He wrote my second year econ textbook. He knows his shit.

    No matter that many mainstream economists agree with Mankiw
    No doubt they do.

  2. #2
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    I wonder if the next headline is Bush's team is fired...

  3. #3
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    It's Bush that'll get fired. Silly monkey running around in a person custom...slightly less clever than a not-so-clever poohbear running around in a rabbit costume.

  4. #4
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    Want ten different opinions? Ask ten different economists.

    It's all guesswork when all is said and done.

  5. #5
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    I would depend on the issue. In this case, I would find it hard to come up with ten different opionions (that were not slight variations of two central beliefs) but in some cases, yes. Macroeconomics is a young science. Whether economists could accurately predict and then prevent another depression is a central issue.

    "Perhaps the only clear conclusion is that there is no simple and compelling case for any particular view of macroeconomic policy. In the end, you must weigh the various arguments, both economic and political, and decide for yourself what kind of role the government should play in trying to stablize the economy."

    -Macroeconomics
    Dr. Mankiv (Harvard) and Dr. Scarth (McMaster)

  6. #6
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    @Cobra,

    I'm a little confused by your posts here. You say that the individual making the comments about outsourcing being good knows his stuff, then say that Bush will be out of office. Do you believe this individual, but think the majority of America "doesn't get it"? If Bush is so daft, why has he hired folks like this guy that you respect?

    Anyway, I would comment that economists are powerless to significantly influence the economy. The economy largely rests in the hands of consumers who alternately act like sheep, wolves, etc., and are largely driven in a particular direction by the media. If enough people in the press proclaim that the sky is falling, the economy will probably head for the toilet. It's a simplified view to be sure, but there's truth to it.

  7. #7
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    I'm a little confused by your posts here. You say that the individual making the comments about outsourcing being good knows his stuff, then say that Bush will be out of office. Do you believe this individual, but think the majority of America "doesn't get it"? If Bush is so daft, why has he hired folks like this guy that you respect?
    I, like most Canadians, would like to see Bush out of office. And according to a CNN poll, he will be. So no, I do think the majority of Americans may get it.

    Why did Bush hire a very well respected economist how has written university textbooks? I don't know. He'd have to be a genious to do that

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