Re: [Pen-l] On Furman into Obama's economic team

["Max B. Sawicky" <sawicky@xxxxxxxxxxx>]

Good or bad aside, I think that's a misclassification.

The best analog to adviser Goolsbee is Steve Freakonomics Levitt (as it 
happens, his very close friend).
They are not too wrapped up in n-c theory, IMO.  They are empirical and 
ad hoc.  Of course, not especially
liberal, but not right of center either.  N.B., Goolsbee is the the U of 
Cgo school of business, not the econ dept.

On fiscal policy, Goolsbee and Furman are in the deficit reduction camp 
of Rubin, though the Rubin
combine is in a different place than in 1992, at least by their 
statements.  They are more indulgent of
public domestic spending, less urgency on deficit reduction, more 
willing to acknowledge losers from
"free trade."  Furman was instrumental in knocking down Bush's 
privatization plan.  Goolsbee threw
in a good brickbat as well, doing a study on how rich the Wall Street 
brokers would become from
managing Bush's private accounts.

When I think Chicago School I think of Friedman's monetary theory, which 
these guys have nothing to
do with (what Goolsbee described to me as "old macro"), or 
fundamentalist micro a la Gary Becker,
which is not an accurate description either.

The best hint as to policy direction for the BHO administration is in 
the new book "Nudge" by Thaler
(a 'new behavioral economist') and law prof Cass Sunstein.  It's 
innovative but weak tea, as far as
progressive proposals go.

Alternatively, the worst case scenario, aside from a McCain victory, is 
a reversion to Clintonism
once the election is won.  A few people may have forgotten that Clinton 
ran well to the left of
where he governed.




Paul Zarembka wrote:
> On Furman into Obama's economic team:
>
> www.truthout.org/article/obamas-selection-jason-furman-economic-advisor-is-criticized 
>
>
> Obama's economics seems pretty Chicago School.
>
> Paul Zarembka
>
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