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"Hoover Institute Recommends Hooverite Policies"

Tuesday, December 06, 2011
“Hoover Institute Recommends Hooverite Policies”

When I saw the group of people invited to make presentations at this conference at the Hoover Institution, there was no doubt about the conclusions they’d draw, and which way their advice would lean. It turns out that not everyone spouted the party line exactly, but that’s hard to discern from the reports about the conference:

Hoover Institute recommends Hooverite policies, by Noah Smith:
Via John Taylor, today’s “dog bites man” story:

Why has the recovery been so slow? What can we do about it? Alan Greenspan, George Shultz, Ed Prescott, Steve Davis, Nick Bloom, John Cochrane, Bob Hall, Lee Ohanian, John Cogan and I recently met at the Hoover Institution at Stanford to present papers and discuss the issue with other economists and policy makers including Myron Scholes, Michael Boskin, Ron McKinnon and many others…In sum there was considerable agreement that (1) policy uncertainty was a major problem in the slow recovery, (2) short run stimulus packages were not the answer going forward, and (3) policy reforms that would normally be considered helpful in the long run would actually be very helpful right now in the short run.

Wow, shocking. The recession is Obama’s fault for being a crypto-socialist, stimulus doesn’t work, and the rich should get tax cuts. Who would have ever guessed that this team of mavericks would reach such a startling conclusion?

But I kid. Actually, the … Hoover conference … seems to have been pretty evenly split between people who simply re-asserted the standard conservative line, and people who supported either Keynesian solutions or an end to Republican obstructionism, but whose conclusions were spun in the writeup to fit the conference’s (or Taylor’s) preferred conservative policy line. So let’s look at the specifics of what was said, as reported by Taylor.

http://economistsview.typepad.com/economistsview/2011/12/hoover-institute-recommends-
hooverite-policies.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%
3A+EconomistsView+%28Economist%27s+View+%28EconomistsView%29%29

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