James Galbraith, University of Texas at Austin---------
Barack Obama’s presidency began in hope and goodwill, but its test will be its success or failure on the economics.
Did the president and his team correctly diagnose the problem? Did they act with sufficient imagination and force?
And did they prevail against the political obstacles—and not only that, but also against the procedures and the habits of thought to which official Washington is addicted?
Unfinished job, James! It should read: "—and not only that, but also against the procedures and the habits of thought..." .....to which the economists are addicted. And, sure, we could also call them the official economists.
Why does nobody get it but myself? Economists have their little tropes they are educated in. Economics is not that hard. In one sense it is very complicated, yes but people figure out all kinds of complicated things. I have known these people. You might find them shopping at Home Depot. They build sailing ships in bottles. Economics can be figured out, too. We are just too afraid of the witch doctors.
There are good economists out there, several of them. But why is it so hard for them to feel the pervasive rot out there in their field, the field of economics?