Will Wilkinson writes:
Crowding Out: If you think markets tend to work better than government in giving people what they want and need, then you’ll worry about government spending crowding out private spending. If you think government works better than markets in giving people what they want and need, then you’ll want government spending to crowd out private spending. I agree with Arnold Kling that maybe this helps explain why positions on the stimulus debate break so cleanly (and damningly for the scientific pretensions of macroeconomics) along partisan lines. Here’s Arnold:
On the stimulus proposal, the division is almost entirely left-right. I cannot think of a single economist on the Left who is skeptical, and I cannot think of a single economist on the Right who is a supporter...
What is Martin Feldstein? Chopped liver?