Amar Bhide Monday
By Arnold Kling
In the Wall Street Journal, he writes,
The depressions and panics of the 19th century ended without any fiscal stimulus to speak of, as did the gloom that followed the stock-market crash of 1987. Countercyclical fiscal policy may or may not have shortened other recessions; there are too few data points and too much difference in other conditions to really know.
Read the whole thing. And listen to this week’s podcast in which Russ Roberts talks with Professor Bhide. It is interesting throughout, but my favorite part is where Bhide challenges the “heroic entrepreneur” model and instead argues that the innovation process is more democratic and is based on diffuse actions and ideas.