Sunday, July 24, 2011

More on the debt-ceiling limit by Jamie Galbraith

A longish, but incredibly good, interview by Doug Henwood of the Left Business Observer with Jamie Galbraith.  Not only a very clear discussion on the debt-ceiling, including why part of the  Democrats have accepted the grand bargain on raising the debt-ceiling by cutting spending in entitlement programs, but also an illuminating discussion about the problems with the profession.  Jamie notes that his father believed that economists had to engage with the broader public, something that has not happened in the last decades. Bob Heilbronner referred to that as the end of the worldly philosophy.

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