Monday, October 22, 2012

Reinhart-Rogoff abused by Romneyites

My former economics professor at the policy school, Carmen Reinhart, is upset that the Romney campaign has misused and abused economic theory on recessions, the correct view of which she feels is given in her recent book (co-written with Ken Rogoff) This Time is Different.

The title is meant to be ironic (about how recessions follow predictable pathways but policy makers always think "this time is different"), but the Romney campaign team may have missed this, and are stressing difference.

Perhaps they don't do irony.

Krugman blogged about it this morning. Carmen and Ken attempted to set the record straight via the Bloomberg editorial page last week.

This is a nice Teachable Moment on recoveries, and leads into our new topic of inflation calculation, so we'll study this today in Ec & Quant.

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