In 1980, I had the privilege of advising Prime Minister Margaret Thatcher to ignore the demands of 360 British economists who made the outrageous claim that Britain would never (yes, never) recover from her decision to reduce government spending during … read more
President Obama mentioned jobs saved by the stimulus bill. But one can search economic textbooks forever without finding a concept called “jobs saved.” It doesn’t exist for good reason: how can anyone know that his or her job has been saved?
Many people, especially Federal Reserve people, tell all of us not to be concerned about inflation. The history of the 1960s and 1970s makes me skeptical. During the 1970s, members of the Fed’s open market committee promised themselves and each … read more
How many more times must Paul Krugman tell us that we have to worry about deflation? (See an earlier exchange on this topic here.) Most others who shared his concern in December or January have learned that they were wrong. … read more
After I published a piece in the New York Times op-ed page warning of future inflation (see: “Inflation Nation“), Paul Krugman claimed to offer me a “history lesson” on his Times blog (see his post: “A History Lesson for Alan … read more