Re: Re: FYI

[Jim Devine <jdevine@xxxxxxxxxxxxxxx>]

It's a matter of emphasis, it's true. Actually, now that I think of it,
what I objected to was your article's seemingly total allegiance to the
natural rate of unemployment hypothesis. That theory, of course, is looking
really bad these days.

 BTW, I didn't really mean to send it to all of pen-l.

At 04:42 PM 12/10/1999 -0800, you wrote:
> >The following may be of interest:
> >
> >. Instead
> >of answering that they had a bad theory and lacked political will, as he
> >does, it would be more reasonable to argue that a broad constellation of
> >political forces opposed such policies.
>
> Looks interesting.
>
> I'm not sure I would disagree. "Lacked political will" seems to me to be
> very close to having "a broad constellation of political forces opposed
> [to] such policies." Volcker acquired a political mandate to fight
> inflation first (although few realized what the cost would be). Burns did
> not believe he had such a mandate...
>
> Brad DeLong

Jim Devine jdevine@xxxxxxxxxxxxxxx &
http://clawww.lmu.edu/Faculty/JDevine/JDevine.html