Paul Krugman talks about the financial crisis:
I don’t have an opinion here. The consensus seems to be that governments everywhere need to spend a lot of money in some clever way. I respect economists who believe that, especially those like Krugman here who are honest about the effects: It might not work. Nobody really knows how to solve this, in the end it comes down to luck.
I also respect critics like the libertarians at Reason who point out that governments aren’t good at spending huge amounts of money. There’s a certain arrogance among economists about how finally, this time, they understand the economy well enough to know how and where to spend. Spring time for Keynes. I’ll believe that when they have a track record, not just anecdotes from the last crisis.
But maybe a wild and expensive shot with a hope of success is better than the alternatives. I don’t know. I’m not qualified.
Here’s what I believe: If this works, it will encourage people to think “hey, if the government can save the economy from a crisis by bluntly manipulating macroeconomic variables, maybe it’s also qualified to manage it in detail under normal circumstances.” That would be bad. We’re feeding a monster here, in the hope that it will help us, but even if it does we’ll have to wean it off the taste of blood later. (Alarmist metaphor? We’re encouraging politicians to spend huge amounts of money. Think about that for a second.)
Oh, I love this: My Name is Bruce is a low-budget movie starring low-budget superstar Bruce Campbell as Bruce Campbell, a cowardly actor forced by his fans to fight a real demon.
When Edward Bernays wrote Propaganda in 1928, the word already had more negative than positive associations, but Bernays thought he could rescue the original, more neutral meaning: The art of propagating your ideas. Bernays’s vision of propaganda was essentially what we today call public relations, a euphemism he himself popularized.
With short stories it’s a short distance between the fascinating and the simply pointless. With little time to build characters or plots, the focus is often on cleverness, confusion and mood. Something weird and moody happens. Then it gets weirder and moodier. THE END.