Mankiw's Pithiest... Post... Ever.
I like to see myself as an equal-opportunity offender, but I can’t measure up to Mankiw’s latest:
Consider a person who
A. takes an important truth developed by others,
B. exaggerates it for dramatic effect,
C. as a result, draws public attention to this important truth, and
D. also brings acclaim to himself as a profound, far-sighted, truth-telling guru.
Who do I have in mind?
Maybe you think it’s Al Gore, and if so, you are correct. But I also have in mind the supply-side economists of the 1980s. The more I think about it, the more similar Al Gore and the supply-siders appear.
The conclusion is so good it hurts:
Herb Stein once said, “There is nothing wrong with supply-side economics that division by ten wouldn’t fix.” I thought of this quotation when I saw Al Gore’s movie. The more I think about it, the more I realize how parallel these two efforts of public education, or perhaps political propaganda, really are.