Robert Lucas

Until last September, when the banking industry came crashing down and depression loomed for the first time in my lifetime, I had never thought to read The General Theory of Employment, Interest, and Money, despite my interest in economics. I knew that John Maynard Keynes was widely considered the greatest economist of the twentieth century, and I knew of his book's extraordinary reputation. But it was a work of macroeconomics--the study of economy-wide phenomena such as inflation, the business cycle, and economic growth.

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Bernanke joins the "recession is over" crowd. Fed unlikely to cut back on mortgage purchases. Does Krugman's target Robert Lucas actually agree with Krugman? John Cochrane and Luigi Zingales say gov't indecision created post-Lehman crisis. Fed study: 33% of companies issuing short-term debt experienced runs on it beginning in Aug '07. Noam looks at how China keeps tabs on its biggest investment: the U.S.

Worth Reading

Philly public library system on the brink of closure. John Cochrane responds to Krugman, who fires back. David Warsh: "On the evidence so far, it is Robert Lucas, not Paul Krugman, who has been more nearly correct." How Glenn Beck betrays conservatives by attacking Cass Sunstein.  Only 25% of economists say employers should provide health insurance for full-time workers. Intrade odds for health plan passage in '09 are falling. Delinquencies on securities tied to commercial real estate are ratcheting up.    

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