Can someone explain to me why Jared Bernstein is referred to as an “economist’? My understanding is that his undergraduate degree is in music and his graduate degrees in social work. I’ve never looked at his transcripts but it’s quite possible he’s never taken a course in economics.
BTW that’s my main argument against technocracy. Just because you’re an expert on something does not mean you’re an expert on everything. Indeed, my experience is that it’s almost the opposite of that. The more focused you are on a single subject the less you tend to know about other subjects. There aren’t a lot of true generalists out there.
I am totally sympathetic to your query. But to take it further, where are all the doom goons dealing in anti-Trump porn about the current economics? Things are fine. OTB is a prime example.
This is just one narrow observation. Tariffs were going to be “inflationary” but have not been. But in econospeak, inflation is a monetary phenomenon. See Biden, J. And his spending and Powells monetization. That’s inflation.
Perhaps steel or copper prices may rise. But that means $ is not available for other goods. That’s not inflation.
Last point- surely you remember Bernsteins embarrassing gaffe just about a year ago. Why pay attention to Democrats. Partisans.
Just for the record, Keynes disagreed completely with Ricardo’s comparative advantage hypothesis, the foundation of neoliberal theories of trade.
I know. And I will say, it was you – this blog – who caused me to reconsider “free trade.” Friedmanite that I am.
Comparative advantage is an academic construction in the face of subsidy, or formally, mercantilist, policy.
But isn’t this really the Trump view? If you are mercantilists, so shall we.
With actual free trade, all the trading parties have a balanced trade account. A country may have a trade deficit with one country but a surplus with another, but overall, each country’s trade account should balanced.
@Drew
Pre-Trump, I noticed a subtle change. I have altered my opinions because of this blog and the commenters, as well. It has also forced me to strengthen my arguments.
Drew,
“Tariffs were going to be “inflationary” but have not been. But in econospeak, inflation is a monetary phenomenon. See Biden, J. And his spending and Powells monetization. That’s inflation. ”
The big Covid spending (much of which was on Trump’s watch), took a while to take effect. Inflation didn’t really begin until well over a year after the CARES act ($2.2 trillion) was enacted.
And the BBB, with its huge increase in deficit spending, will likely be inflationary too, but not immediately.
Since we haven’t had a tariff regime like the experiment Trump is running, I’m skeptical that anyone knows for sure what the real effects will be.
I was looking for someplace to add this: Why Recessions Are Not about Declining GDP. The same applies for tariffs.
Most people confuse inflation and price increases on specific products.
Without an increase in the money supply, price increases mean lowering demand for some goods. Importers cannot just pass along the costs and continue business as usual, or they can increase the price and decrease sales.
Tastey.
Re altered your views. I think that’s why we come here. No ?
You must know I am highly critical of OTB. Zi t could be a good blog. It was. I go back to blog talk days. It’s a total mess now. I go there just to see what the loonies are thinking.
I feel sorry for James. Taylor, well, Taylor….
Most people confuse inflation and price increases on specific products.
Tuner words were never spoken.
@Drew
Same.
The good doctor has lost his mind. James Joyce is a Never-Trumper, but he is still sane. Professor Taylor has become a complete buffoon.
We haven’t heard much from the Modern Monetary Theorists (MMT) for a while—not since the inflation rate rose so fast under Biden.
However, my routine response to them is exactly what happened. When the federal government issues itself credit (borrows) beyond the increase in aggregate product, it inevitably produces inflation. Our fundamental problems are that we’re not producing enough and we’re consuming too much.
In full disclosure I should also mention that I have opposed every tax cut over the period of the last 30 years. See above. We’re borrowing too much and not producing enough. If economic growth increases faster than it has recently, say, 4% per year or higher, we should be okay. Otherwise…
Andy
I think it’s pretty clear that the Fed monetized Bidens spending spree. But I’m not that interested in the blame game. Real wages and fixed income people got fucked.
On your last paragraph on not yet knowing, I couldn’t agree more. But I think, and have posted, that by Q3 its on Trump, whatever the result,
I posted something at OTB the other day. Those folks are so depressed. :Live life, people. Have some fun. I used to do politics of dancing. Try this:
You may not like rock and roll, but if you do, this is it. Raw, powerful, it’s the defining genre.
https://www.youtube.com/watch?v=fpigDGf6vXM
Sorry, Dave. But appreciate the tolerance. Here is a different, but another R&R version to die for. You may not like the genre, but what they do is awesome.
https://www.youtube.com/watch?v=84PETdu743A
Re. Complete buffoon.
I like his photos. He can make some thoughtful comments. But his TDS is just bizarre. Every day. Every thing. Zthis is academy today. And he is juvenile; no tolerance for alternative opinions. Too long lording over compliant students? I don’t know.
Whatever. Better to focus on my new stereo setup and beautiful music. Thank you Sonus Faber and Dan Dagostino.
I dont think it’s actually all that unusual for someone to work in economics and to be called an economist without a degree in economics, though they have usually taken some course work. A number of research groups and the Fed for that matter sometimes hire people with degrees in math or math heavy majors like physics of comp science to do econ work. One of my favorite economist, he was hired and made chief economist for someplace in the VA system, has a PhD in electrical engineering, Austin Frakt.
I dont think we yet know the outcome from tariffs as they keep getting pushed off. I dont read many economists claiming it will cause inflation, a few do, but rather that it will slow growth. Most imports actually go into inputs for US manufacturing and if they have to pay more for those stuff will cost more and slow growth. It’s the increased debt from the budget creating inflation worries though the debt grows every year and who knows when it hits.
Steve
That’s diametrically opposed to the very concept of technocracy. He should be referred to as a “policy expert” not an economist.
I don’t actually know that much about Bernstein but I do about Frakt. He holds the job that an economist held before him. He does the work of an economist. He writes papers that get published in high end econ journals. You may not want to call him an economist, and I understand that but what title do you want to give him? Expert on economics? If all he did was write papers I guess I could see that but AFAICT he is functionally doing everything an economist would do ie he is actually in practice if you let me use that term.
Steve
https://www.youtube.com/watch?v=_PVjcIO4MT4
The virtuoso.
Steve
YMMV
The most over rated guitarist ever. Give me Jeff Beck.
Austin Frakt? He’s a blogger.
Dave Schuler: Can someone explain to me why Jared Bernstein is referred to as an “economist’?
What is a scientist? A scientist is someone who does science.
More particularly, an economist is someone who studies and publishes research in economics, just as a biologist is someone who studies and publishes research in biology, and a historian is someone who studies and publishes research in history. Getting a PhD generally requires having studied and published research in a field, so a PhD means that the person is a scholar in that field. But anyone can be a scholar in a field by studying and publishing in that field, as Bernstein as done in economics.
Tyler Cowen is also a blogger. Most people would also consider this an economist. Frat’s full time job has a number of titles including his VA title where they call him a Health economist.
Steve
Both Beck and Hendrix almost always made the top 10 lists in Guitar Player and Guitar World and both were awesome so they deserve it. So it’s a matter of taste though I would note that by report Page and Beck said they thought Hendrix was the best ever. To be fair, Hendrix had such a short career vs the other all time greats it makes it harder to judge.
Steve
That’s not a good comparison, Steve. Tyler has a PhD in economics and has been a professor of economics at George Mason University for quite a while.
Meh. Frakt has held his position for more than 10 years. I am not totally unsympathetic with your argument what what would you call him? I admit I am leery when some think tank or special interest calls someone an economist when they dont have a degree or any experience in the area but if someplace like the VA hires someone and they capably perform the work of an economist and do have pertinent education what do you call them. (I hadn’t looked in a long time so I did. He has a degree from the EE department but it was in math and statistics. Not sure how that works to be honest but it does mean he has a lot fo the analytical skills needed independent of any other course work.)
Steve
Dave Schuler: Austin Frakt? He’s a blogger.
Frakt has published research on health economics in a multitude of peer journals, including JAMA Network. He is a research economist on health care management at Harvard.
And today on guitar virtuoso….
Steve
I think Hendricks benefitted from, in business speak, first mover status.
Beck was IMHO, the best. Such technique. Page was just on the ragged edge all the time. He defined Zeppelin. Raw. Powerful.
Drew: I think Hendricks benefitted from, in business speak, first mover status.
Anyone can play like Beethoven—after Beethoven.
Z: Anyone can play like Beethoven—after Beethoven.
Sure. “Roll Over Beethoven“!
While everyone may have their own subjective opinion of art, there are actually objective measures—influence on the culture and influence on other artists. By this measure, Hendrix is among the greatest guitarists of his time.
First mover, yes. He was innovative at the right time, but his playing was also superb. His chording was amazing. There is probably a reason so many guitarists rate him the best. As a technician Beck was probably better (Holdsworth too) but as the total package is where Hendrix shines. Anyway, both were awesome and its splitting hairs.
Steve
Yes, Steve, I think there is some hairsplitting. If you like the loose and ragged edge style, Jimmy Page is your guy. A more elegant style? Beck. Stevie Ray Vaughn was extraordinary. I think much of the commentary on Hendricks is just obligatory. Some great licks, but some really rancid dreck. First mover.
I don’t buy Zacks comment for a second. It’s dumb. My god, all of the great guitarists will talk about Big Bill Broonzy, Eddie Cochran, Chuck Berry…………and of course the foundational Robert Johnson, who really had the essence. Hendricks didn’t change anything. He was just a fleeting talent.
Jordan or Bird. Jordan or Robertson. Jordan or Bryant.
Jordan, of course. Bird #2.
Drew: Hendricks didn’t change anything.
Drew, you are writing as a fan. As a former guitar player, granted mediocre at best, if you read other guitar players you find that they think he is way more than a first mover. Tastes do change and some guys hung around a lot longer than other. For example I think it was Guitar World that chose Brian May as the best ever rock guitar player.
I think Johnson is a good example of how guitar players see things. In polls of all time greats, not limited to rock, you get names like Johnson, Charlie Christian, Chet Atkins, Les Paul. People few know about anymore. The thing is that there are now a ton of people now who can play what those guys did note for note but they arent making all time great lists. Innovation counts for a lot and there is something, I think, to the feel that the all time greats create that isn’t totally captured just by the right notes at the right time.
Jordan #1. If you are from Indiana then either Bird or Big O #2. If you are not and you think you play to win then go with Russell. 11 championships in 13 years.
Steve