Monday, October 27, 2008

Summers on the crisis

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1 comment:

Raja said...

I dont want to nitpick, but is this statement:

"Economists do not understand what drives productivity growth very well."

Consistent with this a few lines down?

"We need to identify those investments that stimulate demand in the short run and have a positive impact on productivity. These include renewable energy technologies..."

On another note, I dont understand what it is about the summers, stiglitzes, sachs, rogoffs (are there any others) who seem to emerge from their stints in Washington needing to absolve themselve. Why didnt they use their brilliance in the first place and not get sucked in?