I haven't been able to dig up the quote, but somewhere along the line Ed Prescott declared that his students wondered who Keynes was, because he was never mentioned in their courses.

And those trained according to this dogma were and are utterly ignorant of what Keynes, or modern Keynesians, have to say. They know that Keynesianism is stupid nonsense, because that's what they remember having been told. But they don't actually know why they're supposed to believe that; the serious debates the profession had in the 70s about the microfoundations of inflation and unemployment theory are lost in the mist.

And as a result we have the spectacle of well-known economists offering what they think are profound arguments, but are actually long-refuted fallacies. Most important is the "Treasury view" that government spending can't affect demand.

[. . .]

And the sad thing is that all of this matters. Our ability as a nation to respond to the current economic crisis is being seriously hampered by the gratuitous ignorance of many of our economists. [Emphasis mine.]

I have followed this blog since the election but this is the first time I am posting.

With the buildup, the 2008 death toll of Afghan civilians is 60 killed by the Taliban -- but 100 killed by the U.S.

In a mountainous region famed for Munster-Gerome cheeses and good quality white wines, Westphal is working on a grand scale.

His built-in panels form one of the largest integrated installations of photovoltaic systems -- which generate electricity direct from solar power -- yet built.

The 20 million euro ($26 million) investment means constructing five enormous sheds covered by 36,000 square meters of solar panels with a capacity to generate 4.5 megawatts (MW) of electricity, enough to power 4,000 homes.

link

President Obama's budget director said the White House would consider using a Senate procedural tactic so that only 50 votes would be rquired to pass major healthcare and energy reforms.

Peter Orszag, the director of the Office of Management and Budget, said the administration would prefer not to use the budget reconciliation process to push through its package.
But he added: "We have to keep everything on the table. We want to get these.... important things done this year." Orszag called healthcare in particular "the key to our fiscal future."

Orszag made the comments on ABC's "This Week with George Stephanopoulos."

Because they can not be filibustered, budget reconciliations only require 50 votes to pass the Senate. Democrats hold strong majorities in Congress, but still come up short of the 60 votes necessary in the Senate to end debate, which makes it easier for Republicans to block legislation. House rules in comparison make it harder for the minority party to stop bills.

Still, using budget reconciliation to pass policy proposals is controversial, even among some Democrats who believe doing so strains Senate rules and tradition.

The Obama blueprint calls for major changes in both energy and healthcare policies that is likely to engender significant opposition from Republicans and business lobbies. The reforms are expect to win widespread support from Democrats and more left-leaning constituencies.

Then I had the sad realization - not in school anymore.  Had to get up and go to work.

Floria Tosca - Zinka Milanov
Mario Cavaradossi - Jussi Bjorling
Scarpia - Leonard Warren
Cesare Angelotti - Leonardo Monreale
Sacristan - Fernando Corena
Spoletta - Mario Carlin
Sciarrone - Nestore Catalani
Jailer - Vincenzo Preziosa

Rome Opera House Orchestra
Erich Leinsdorf, cond.
RCA 63305