Wednesday, October 13, 2004


Will Bush point to new Nobel laureate in 3rd debate?

Well, we have two new nobel laureates in economics. I must say that I am rather impressed with this year's selection...much more so than in the last few years. And the winners? Prescott and Kydland. Some Real Business Cycle theorists. They made a lot of contributions, though I have to admit that I had to go back and look for some stuff on Kydland...Prescott was more memorable as he came up during my Advanced macroeconomics Theory class several times.

The timing couldn't have been better for Bush I might add. I believe that he will invoke Prescott's name during the third debate since not only has Prescott stated that the Bush tax cuts weren't big enough (here) but his work on the Real Business Cycle can be pointed to as evidence that Bush shouldn't be blamed for the recession. As I have often stated, the nineties had an unsustainably low amount of unemployment because unsound business models continued to receive investment in the stock market thus funding failure and believe it or not bad employment (yes I do believe there is such a thing).

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