Credible commitment is a huge problem, credibility is very hard to regain once lost.
The best thing I an think of is some kind of poison pill, whereby policy makers suffer some personal loss for bailing out firms. You'd have to write it into the Constitution, and I can't imagine a scenario whereby it could garner the support of the politicians it seeks to constrain.
The main reason the 20th Century was so bloody is that there was so much blood sloshing around to be spilled. I've read that the 30 Years War was far worse than either of the World Wars once you adjust for population size.
The problem with Leonhardt's proposal is that economic growth is very poorly understood. There's simply no known policy to increase economic growth. Besides which, at the rate the US is spending (and at the rate the rate of spending is increasing), nothing short of the Singularity would be enough to save you.
After reading this article I'm really quite glad an economics education gets bundled with a lot of math. I have skills you can't bullshit through, and that definitely includes my Master's dissertation.
On “So What Should Be Done?”
Credible commitment is a huge problem, credibility is very hard to regain once lost.
The best thing I an think of is some kind of poison pill, whereby policy makers suffer some personal loss for bailing out firms. You'd have to write it into the Constitution, and I can't imagine a scenario whereby it could garner the support of the politicians it seeks to constrain.
On “Whose Warmest Heart Recoiled at War”
The main reason the 20th Century was so bloody is that there was so much blood sloshing around to be spilled. I've read that the 30 Years War was far worse than either of the World Wars once you adjust for population size.
On “Playing games with the deficit”
The problem with Leonhardt's proposal is that economic growth is very poorly understood. There's simply no known policy to increase economic growth. Besides which, at the rate the US is spending (and at the rate the rate of spending is increasing), nothing short of the Singularity would be enough to save you.
On “Did the Stimulus Fail?”
This could be the beginning of a beautiful friendship :)
On “An Education”
After reading this article I'm really quite glad an economics education gets bundled with a lot of math. I have skills you can't bullshit through, and that definitely includes my Master's dissertation.
On “Did the Stimulus Fail?”
I'm a libertarian technocrat.
*Comment archive for non-registered commenters assembled by email address as provided.