Eichengreen, Economists, Remove Your Blinders

Read the Article by Barry Eichengreen, "Economists, Remove Your Blinders" (accessible via the Articles tab on the Blackboard menu).

Respond to the following questions in the Discussion Forum, Writing/Discussion Assignment #1 -- Economists' Blinders:

a) Summarize your understanding of Eichengreen's argument.

b) What is the "intellectual confusion" he refers to?

c) What Principles of Economics are being called into question?

d) How is the author's distinction between "theoretical" economics and "historical" economics related to "positive" economics and "normative" economics?

e) How does the author distinguish between "policy advice" and "regulatory integrity"?

f) Is the author recommending different economic models, or a different approach to policy advice and regulation, or both?

g) Can you make any relevant connections between what Eichengreen is arguing and the various policy "prescriptions" advocated by the current U.S. presidential administration and Congress?

Frame your analysis in terms of the discussion in the Mankiw text, Chapters 1 and 2, specifically regarding: scientific method, the role of assumptions, economists as policy advisors, and why economists disagree.

After posting your initial entry, comment substantively on at least two(2) other participants' entries.

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Please refer to the Discussion Guidelines and Criteria provided in Announcements in preparing your submissions.