On Keynes

["RICHARD P.F. HOLT" <holtri@xxxxxxxxxxxxx>]

Herb Gintis stated in his last post,
"The main priorities are sustainable, egalitarian growth in living
standards. Short-term fluctuations are a secondary issue and policies
for short-run stabilization shouldn't compromise the long-term goals."
I think this puts very well a distinction I'm starting to see between
the thinking of some new and young macroeconomists and some of the old
guard. Among some young economists the issue of certain supply-side
constraints like the environment and population growth and the effects
that's having on income distribution and long-run sustainable growth
is more important than short-run fluctuation problems. I appreciate
the data that Paul presented of Irma's work ( who I studied under
at Berkeley) and the argument that if you don't concern yourself
with short-term problems, well, you might not have a long-run. But I
do find my thoughts focusing more on long-run sustainable growth
problems than with short-run fluctuation issues.
-Ric Holt
e-mail holtri@xxxxxxxxxxxxx