Weekend Reading: Discussion of J. Bradford DeLong and Lawrence H. Summers: "Fiscal Policy in a Depressed Economy

It is tremendously disturbing that so many of today' Republican office holders and ideologues have no sense of when markets do and do not work, or how to structure markets so that they can work:

Jerry Taylor: One (and Only One) Cheer for the Republican “Innovation” Answer to Climate Change: "Restless Republicans are (rightly) uncomfortable about allowing the planet to burn while their party doggedly maintains that nothing is happening. Alas, they’re also uncomfortable about imposing discernible economic costs on anyone, so... subsidies for... low-carbon... and increases in federal energy R&D... not, in and of itself, a serious policy proposal.... Republican... need to... act even more aggressively... deploy zero-carbon energy technology right now.... Simon’s narrative about resource renewal only plays out when we’re dealing with tradable commodities in a free market economy where price signals are accurate and can do their job. And we don’t have those conditions when it comes to the atmosphere...


#noted

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