The Big Problem With Economics Is Macroeconomics
The article discusses the criticisms of macroeconomics and its impact on the economy. It references the late economist Edmund Phelps, who argued that lower taxes could incentivize individuals to work more. The piece highlights the ongoing debate about the role of economists in shaping economic policy.
- ▪Warren Brookes humorously suggested that economists might be unwelcome upon returning to the U.S.
- ▪Edmund Phelps, who recently passed away, advocated for the benefits of lower taxes on individual work incentives.
- ▪The article reflects on the broader implications of macroeconomic theories on economic policy.
Opening excerpt (first ~120 words) tap to expand
The great Warren Brookes (1928-1991) joked in The Economy In Mind about the return of an economist from overseas, and a quip from a U.S. Passport official about perhaps not letting him back into the United States. Something about the damage done by economists. Edmund Phelps, who died two weeks ago, would have likely passed muster with Brookes. Among other things, Phelps had long ago made a case for the correlation between individuals working more the less they were taxed. Read Full Article »
Excerpt limited to ~120 words for fair-use compliance. The full article is at RealClear Markets.
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