Friday, November 27, 2009

Prescott and Mulligan: Same Song, Different Verse

I just found this interesting July 2009 presentation by Professor Edward Prescott. He says that the anticipation of future taxes/bad incentives is depressing the economy. I say that the bad incentives are already here.

Now is not the time to quibble: what we both say is vastly different from the conventional wisdom, and we both recommend that government refrain from making it worse.

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