The Politics of Economics in the Age of Shouting
By BILL KELLER
Published: November 27, 2011
I share a virtual neighborhood with a legion of Times reporters, editors and columnists who know more than I will ever know about business and economics. (Look! Right over there: a Nobel-prize-winning economist!) In this humbling company, on this intimidating matter, who am I to tell anyone what to think? And so my plan was, frankly, to avoid the subject.
There really is a textbook way to fix our current mess. […] the basic formula is not only common sense, it is mainstream economic science, tested many times in the real world.
So what’s the problem? Why is our system so fundamentally stuck? Partly it’s a colossal, bipartisan lack of the political courage required to tell people what they sort of know but don’t want to hear. Partly it’s a Republican Party that, for its own cynical reasons, wants no deal with this president. Partly it’s moneyed, focused lobbies that swarm in defense of specific advantages written into the law; there is no comparable lobby for compromise, let alone sacrifice.
But also, I’ve come to think something is rotten in the state of economics.
Read the full story here: The New York Times