Heterodox
Alan Blinder wrote a few days ago in the Wall Street Journal that economic theory has been often abused by politicians. He refers to what he calls the Lamppost Theory of Economic Policy, the notion that: "Politicians use economics the way a drunk uses a lamppost—for support, not illumination." His concerns are fairly conventional. He says: By 2020, higher spending and tax cuts will push the federal budget deficit above 6% of gross domestic product—higher than it ever was in the...
Read More »The uses and abuses of economics
