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James Galbraith Smacks Down the Faux-Liberal Economists In Analysis of Sanders
I was highly interested to see your letter of yesterday's date to Senator Sanders and Professor Gerald
Friedman. I respond here as a former Executive Director of the Joint Economic Committee – the
congressional counterpart to the CEA.
You write that you have applied rigor to your analyses of economic proposals by Democrats and Republicans. On reading this sentence I looked to the bottom of the page, to find a reference or link to your rigorous review of Professor Friedman's study. I found nothing there.
Friedman. I respond here as a former Executive Director of the Joint Economic Committee – the
congressional counterpart to the CEA.
You write that you have applied rigor to your analyses of economic proposals by Democrats and Republicans. On reading this sentence I looked to the bottom of the page, to find a reference or link to your rigorous review of Professor Friedman's study. I found nothing there.
<SNIP>
It is not fair or honest to claim that Professor Friedman's methods are extreme. On the contrary, with
respect to forecasting method, they are largely mainstream. Nor is it fair or honest to imply that you have given Professor Friedman's paper a rigorous review. You have not.
What you have done, is to light a fire under Paul Krugman, who is now using his high perch to airily dismiss the Friedman paper as “nonsense.” Paul is an immensely powerful figure, and many people rely on him for careful assessments. It seems clear that he has made no such assessment in this case. Instead, Paul relies on you to impugn an economist with far less reach, whose work is far more careful, in point of fact, than your casual dismissal of it. He and you also imply that Professor Friedman did his
work for an unprofessional motive. But let me point out, in case you missed it, that Professor Friedman is a political supporter of Secretary Clinton. His motives are, on the face of it, not political.
For the record, in case you're curious, I'm not tied to Professor Friedman in any way. But the powerful – such as Paul and yourselves – should be careful where you step.
respect to forecasting method, they are largely mainstream. Nor is it fair or honest to imply that you have given Professor Friedman's paper a rigorous review. You have not.
What you have done, is to light a fire under Paul Krugman, who is now using his high perch to airily dismiss the Friedman paper as “nonsense.” Paul is an immensely powerful figure, and many people rely on him for careful assessments. It seems clear that he has made no such assessment in this case. Instead, Paul relies on you to impugn an economist with far less reach, whose work is far more careful, in point of fact, than your casual dismissal of it. He and you also imply that Professor Friedman did his
work for an unprofessional motive. But let me point out, in case you missed it, that Professor Friedman is a political supporter of Secretary Clinton. His motives are, on the face of it, not political.
For the record, in case you're curious, I'm not tied to Professor Friedman in any way. But the powerful – such as Paul and yourselves – should be careful where you step.
<SNIP>
When you dare to do big things, big results should be expected. The Sanders program is big, and when you run it through a standard model, you get a big result.
That, by the way, is the lesson of the Reagan era – like it or not. It is a lesson that, among today's political leaders, only Senator Sanders has learned.
That, by the way, is the lesson of the Reagan era – like it or not. It is a lesson that, among today's political leaders, only Senator Sanders has learned.
Read whole letter here: http://big.assets.huffingtonpost.com/ResponsetoCEA.pdf
James Galbraith: American economist who writes frequently for the popular press on economic topics. He is currently a professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin. He is also a Senior Scholar with the Levy Economics Institute of Bard College and part of the executive committee of the World Economics Association, created in 2011. Son of John Galbraith
38 replies
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Giant, Well Deserved Smackdown!
I love how even in the debates, Bernie turns every available opportunity to spread message. Oh yeah, this feels that way. It starts out with Krugman scaring me before noon, with his thumbs down on Bernie's plan, and a week later it's bouncing back in his face, with Bernie (now dressed as Shaft) walks up the stairs to Fox Brown's place. What were we talking about again...
They throw a kitchen sink at Bernie, and he remodels the kitchen with it.
Thank you, Mr. Galbraith! 
I eagerly await his response
Great letter - an utter smackdown
