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On Getting More Economics into Economic Policy Alan S. Blinder ...

Source: www2.gsb.columbia.edu
Topic: Economic Policy

Sort Desciption: I conclude that if economists want to have an impact on economic policy we will ... economists have so little influence on economic policy. ...

Content Inside: 1 On Getting More Economics into Economic Policy Alan S. Blinder Princeton University The subject of this session evokes the church of the later-day Stiglitz--the post-1993 Joe who emerged from the academy and leaped into the strange new world of real-life public policy. It was a gutsy move for a purely academic superstar for the world Joe entered in 1993 places no value on the ability to distinguish pooling from separating equilibria nor even on the ability to optimize functions. While it does place some small value on the ability to add subtract multiply and divide I have never observed that Joe has any special talents in that domain. Nonetheless he made quite a splash in the public policy world. Laura Tyson Joe and I comprised President Clintons first Council of Economic Advisers (CEA). I left after a year and a half for the more-academic sanctuary of the Federal Reserve Board but Joe stayed on and eventually became chairman of the CEA. Those who understand how the CEA functions know that the shift from member to chairman is a big step away from the technocratic analytical world and toward the world of politics and message. Following that experience Joe became the outspoken Chief Economist of the World Bank and from there went on to become a true public person by writing popular books like Globalization and Its Discontents (2002) and most recently The Roaring Nineties (2003). Joes behavior in each of these positions might perhaps be considered a bit quixotic. But lest that sound like a criticism remember that we all admire Don Quixotes idealism. I can recall several fine examples from our time together on the CEA. There was the time 2 we Clintonites debated the principles that should guide the new administrations trade policy. Joe had a few good ideas but the winning side decided we should have no principles at all. 1 Then there was the losing battle we waged against Treasury over whether emerging-market economies like South Korea should be pres ...

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