Economics: Presidential Candidates Slip on Econ 101
gimmesometruth27
St. Fuckin Louis Posts: 23,303
interesting read here. apparently everyone running for president would fail econ 101...
Economics: Presidential Candidates Slip on Econ 101
http://finance.yahoo.com/banking-budget ... 1-cnnmoney
Every 2012 contender attended college. They all graduated. They went to schools like the University of Pennsylvania, Columbia, Texas A&M, Morehouse, Penn State and Emory.
But decades have passed since these Presidential candidates first stepped onto campus as freshmen. Is it time for an Econ 101 refresher course?
America's Econ 101 professors say yes. In their view, the candidates continue to offer ideas and policies that wouldn't pass muster in their classes -- populated by 18 year-old college students.
"There are so many economic 'misstatements' being made," said Jonathan Lanning, a professor at Bryn Mawr who is teaching two introductory economics classes this semester. "And it isn't confined to any one candidate."
Michele Bachmann promised to bring back $2 gas. Tim Pawlenty suggested sustained 5% GDP growth was a realistic target. Rick Perry would balance the budget with lower tax revenues.
No dice, say the professors.
Stephen Golub, who is teaching Econ 101 at Swarthmore College this semester, said some of the ideas floated by Presidential candidates would earn a failing grade in his class.
"I think it's grossly irresponsible what they are saying," Golub said. "It's not about economics. It's about getting elected. They are promising things that are impossible to deliver or make little sense."
The rhetoric sounds good on the campaign trail. Not in the classroom.
The simple laws of supply and demand render Bachmann's $2 gas promise void, said Erik Nelson, an Econ 101 professor at Bowdoin College.
Rick Perry labeling Federal Reserve Chairman Ben Bernanke as treasonous? "Really over the top," said Golub.
Another professor who teaches at the University of North Carolina at Chapel Hill, Michael Salemi, was able to identify statements from six candidates that "would earn failing grades in my Econ 101 class."
Salemi called Ron Paul's rationale for returning to the gold standard "one of the most dangerous ideas put forward by a politician in recent years."
And the idea of waging a trade war with China that was bandied about by Rick Santorum and Mitt Romney at a recent debate?
"If we learned anything from the Great Depression it was that starting a trade war by passing new tariffs leads to reprisals," Salemi said. "In the end there are no winners, only losers."
Nelson said the tax plans floated by Cain and Perry are prime examples of policy proposals that are designed to appeal to primary voters.
"If either of these men are the Republican nominee for president, I suspect their flat tax proposals will go the way of all other short-lived flat tax proposals," Nelson said.
Bernard Salanie, an economics professor at Columbia University, said Perry's simplified tax form just won't cut it.
"It is a bit depressing to again hear the argument that we will be well on the road to recovery once our tax returns fit on a postcard," Salanie said.
And it's not just Republicans -- the Democratic candidate is slipping too.
Neither "side" has a "truly comprehensive understanding of even basic economics," Lanning said.
Nelson pointed to President Obama's green jobs initiative, which he said is an attempt to wed job creation and energy production in a way that is unlikely to produce real results.
"They should either concentrate on a policy that aids job creation or a policy that creates more green energy; attempts to do both with one policy means they do well on neither goal," Nelson said.
Lanning couldn't be sure any of the candidates would fail his Econ 101 class, but he did say they wouldn't survive moving up to 200-level classes next semester.
"I can say that none of the rationales for various policies that I have heard display a basic 200-level understanding of key economic concepts," he said.
Economics: Presidential Candidates Slip on Econ 101
http://finance.yahoo.com/banking-budget ... 1-cnnmoney
Every 2012 contender attended college. They all graduated. They went to schools like the University of Pennsylvania, Columbia, Texas A&M, Morehouse, Penn State and Emory.
But decades have passed since these Presidential candidates first stepped onto campus as freshmen. Is it time for an Econ 101 refresher course?
America's Econ 101 professors say yes. In their view, the candidates continue to offer ideas and policies that wouldn't pass muster in their classes -- populated by 18 year-old college students.
"There are so many economic 'misstatements' being made," said Jonathan Lanning, a professor at Bryn Mawr who is teaching two introductory economics classes this semester. "And it isn't confined to any one candidate."
Michele Bachmann promised to bring back $2 gas. Tim Pawlenty suggested sustained 5% GDP growth was a realistic target. Rick Perry would balance the budget with lower tax revenues.
No dice, say the professors.
Stephen Golub, who is teaching Econ 101 at Swarthmore College this semester, said some of the ideas floated by Presidential candidates would earn a failing grade in his class.
"I think it's grossly irresponsible what they are saying," Golub said. "It's not about economics. It's about getting elected. They are promising things that are impossible to deliver or make little sense."
The rhetoric sounds good on the campaign trail. Not in the classroom.
The simple laws of supply and demand render Bachmann's $2 gas promise void, said Erik Nelson, an Econ 101 professor at Bowdoin College.
Rick Perry labeling Federal Reserve Chairman Ben Bernanke as treasonous? "Really over the top," said Golub.
Another professor who teaches at the University of North Carolina at Chapel Hill, Michael Salemi, was able to identify statements from six candidates that "would earn failing grades in my Econ 101 class."
Salemi called Ron Paul's rationale for returning to the gold standard "one of the most dangerous ideas put forward by a politician in recent years."
And the idea of waging a trade war with China that was bandied about by Rick Santorum and Mitt Romney at a recent debate?
"If we learned anything from the Great Depression it was that starting a trade war by passing new tariffs leads to reprisals," Salemi said. "In the end there are no winners, only losers."
Nelson said the tax plans floated by Cain and Perry are prime examples of policy proposals that are designed to appeal to primary voters.
"If either of these men are the Republican nominee for president, I suspect their flat tax proposals will go the way of all other short-lived flat tax proposals," Nelson said.
Bernard Salanie, an economics professor at Columbia University, said Perry's simplified tax form just won't cut it.
"It is a bit depressing to again hear the argument that we will be well on the road to recovery once our tax returns fit on a postcard," Salanie said.
And it's not just Republicans -- the Democratic candidate is slipping too.
Neither "side" has a "truly comprehensive understanding of even basic economics," Lanning said.
Nelson pointed to President Obama's green jobs initiative, which he said is an attempt to wed job creation and energy production in a way that is unlikely to produce real results.
"They should either concentrate on a policy that aids job creation or a policy that creates more green energy; attempts to do both with one policy means they do well on neither goal," Nelson said.
Lanning couldn't be sure any of the candidates would fail his Econ 101 class, but he did say they wouldn't survive moving up to 200-level classes next semester.
"I can say that none of the rationales for various policies that I have heard display a basic 200-level understanding of key economic concepts," he said.
"You can tell the greatness of a man by what makes him angry." - Lincoln
"Well, you tell him that I don't talk to suckas."
"Well, you tell him that I don't talk to suckas."
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Damn.
My head is spinning.
I wish you could have been my teacher from 1st thru 12th grades, I would be a genius by now!
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"Well, you tell him that I don't talk to suckas."
Must've skipped over that part while reading through... regardless, they all should brush up on econ. Couldn't hurt. Even if they took different sides of the economic debate, at least they'd be better versed.
It was a good article, but I disagree with the one economist's take on the Gold Standard. And I think any non-Keynesian economist would too.
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republicans...need to clean their house.
if both parties continue to worry about the cleanliness of the others house....no change will occur.
-Eddie Vedder, "Smile"
No. They shouldn't. This thread is about economics... Econ 101,... they don't need to read a book by an author who has no background whatsoever in economics.
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-Eddie Vedder, "Smile"
No, nor do I care to. What I do know: he has a background in journalism, not economics. Hence, it makes little sense to bring him up as a "must read" in a thread about politicians learning basic economics.
I do know why you did though. You enjoy discussing environmental issues at any chance you get. I was trying to tell you, just read the thread title next time. Key words: Econ 101.
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They are professors.
They don't DO anything.
Except profess.
So your telling me they dont know the answer either?
Nope... why?
<object height="81" width="100%"> <param name="movie" value="https://player.soundcloud.com/player.swf?url=http://api.soundcloud.com/tracks/28998869"></param> <param name="allowscriptaccess" value="always"></param> <embed allowscriptaccess="always" height="81" src="https://player.soundcloud.com/player.swf?url=http://api.soundcloud.com/tracks/28998869" type="application/x-shockwave-flash" width="100%"></embed> </object> <span><a href=" - In the Fire (demo)</a> by <a href="
I'll dispense with the argumentative and address the issue:
Friends, I really do sincerely believe Bill McKibben's book, Deep Economy would be useful for all presidential candidates to read. His approach to many subjects is an integrated one. He sees the usefulness in finding solutions to some of today's challenges by studying the interrelationship of various causal influences. Economy, social issues, environment, politics, even many aspects of culture- all produce valuable facets in looking at separate and various issues. Just as with human health, a holistic approach can provide useful, viable ideas and answers. If you do not think this approach is useful, then I would suggest you may not appreciate McKibben's work and you might want to ignore my suggestion (or at least take a friendly approach in disagreeing with me.) But if you do appreciate an integrated approach, I think you would find his work both enjoyable and useful, including in regards to the subject of basic economics
-Eddie Vedder, "Smile"