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Thursday, May 10, 2012

Intellectuals Are the Shoeshine Boys of the Ruling Elite

“Why do so many intellectuals lean politically to the left?" CEI President Fred Smith has written extensively on that question. In today’s Wall Street Journal, Harvard economics professor Robert Barro makes a contribution to this conversation. Focusing on the ongoing austerity vs. stimulus debate, he remarks upon the persistence of Keynesian policy prescriptions, despite their sorry history. "Despite the lack of evidence, it is remarkable how much allegiance the Keynesian approach receives from policy makers and economists. I think it’s because the Keynesian model addresses important macroeconomic policy issues and is pedagogically beautiful, no doubt reflecting the genius of Keynes. The basic model — government steps in to spend when others won’t — can be presented readily to one’s mother, who is then likely to buy the conclusions."
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Judy Morris,
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