Suchergebnisse

The U.S. economy made impressive gains in the 20th century, but this progress makes it easy to forget a harsh reality: Americans were the victims of disastrous government policies that cost trillions of dollars in wasted resources, created mass unemployment, and kept millions of people in poverty who otherwise would have participated in the nation's growing prosperity. A complete dissection of the 10 most egregious economic blunders of the past century, this work provides the key lessons to help in avoiding such policy mistakes in the future. The Terrible 10 notes that, unlike the private sector, when the governance of the federal government fails, the role and scope of government is usually increased and that politicians from both parties tend to favor short-run benefits for friends while imposing costs on current and later generations. With issues and blame divided equally among Democrats and Republicans, this work stands as a highly readable history of how government economic blunders affect everyone.

Jerry Tempelman (Public Choice 132:433-436, 2007) claims that 'advances in macroeconomic theory and in the implementation of monetary policy' make discretionary monetary policy preferable to a rules-based system. His supporting evidence is based on the performance of the Fed during the Volcker-Greenspan regimes. His evidence is inappropriate and his conclusion supporting discretion over rules unwarranted. Adapted from the source document.