Cato scholar and Forbes writer Timothy B. Lee is hardly what you'd call a liberal. Nevertheless, he's written a scathing column on conservatives' "Reality Problem". He mentions Nate Silver denialism, climate change denialism, and evolution denialism, but this part especially caught my eye:
On macroeconomics, a broad spectrum of economists, ranging from John Maynard Keynes to Milton Friedman, supports the basic premise that recessions are caused by shortfalls in aggregate demand. Economists across the political spectrum agree that the government ought to take action counteract major aggregate demand shortfalls. There is, of course, a lot of disagreement about the details. Friedman argued that the Fed should be responsible for macroeconomic stabilization, while Keynes emphasized deficit spending.But rather than engaging this debate, a growing number of conservatives have rejected the mainstream economic framework altogether, arguing—against the views of libertarian economists like Friedman and F.A. Hayek—that neither Congress nor the Fed has a responsibility to counteract sharp falls in nominal incomes.
Saturday, November 17, 2012
We know, we know...but credit that someone in the crazy-talk terrain of Cato & Forbes is pushing back against the nutcases
Glimmers of sanity where one least expects it, via Noahpinion: