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WRITING. Read the dialogue and write its short summary
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Read the dialogue and write its short summary. Give a comparison of macroeconomic performance of the early 1960s in the USA with that of your country’s today. Use the verbs of reporting (believe, claim, argue, mention, emphasize, point out…).
Games Tobin has had a long and distinguishing career in macroeconomics, extending the model suggested by Keynes, paying special attention to the demand for money consumption and savings, fiscal and monetary policy, and economic growth. Games Tobin received the Nobel prize in economic science in 1981. Michael Parkin spoke with Professor Tobin about the challenges that face the economy.
| M.P. G.T. M.P. G.T. M.P. G.T. M.P. G.T. M.P. G.T. M.P. G.T. | Professor Tobin, you were a young boy during the Great Depression. Not of personal hardship, although my grandfather lost his job and his entire fortune when the bank of which he was a president went under. When did you first study economics? As a Harward sophomore in 1936. We met weekly with a tutor and discussed what we were reading and writing. My tutor had just come back from England where he had heard a lot about a new book by John Maynard Keynes. He suggested that we read it. I was too green to understand that it was absurd for a sophomore to tackle The General Theory of Employment, Interest and Money. So I plunged into it and got very excited about the book and about economics. People usually refer to you as a Keynesian macroeconomist. Do you agree with that term? I don't like labeling. I tried to contribute to economics, especially to macroeconomics. In 1950s and 1960s we hoped that the Keynesian-Neoclassical controversy would soon be behind us. Unfortunately, the old debates have been revived and magnified over the past two decades. Today, if I have to be labeled - and considering the alternatives – I'm proud to be a Keynesian. How would you characterize the controversy in macroeconomics? Has it stayed the same over the years, or is it different today? The original controversy in the 1930s and 1940s was whether a capitalist market economy possesses reliable automatic mechanisms of adjustment, which would restore equilibrium. Orthodox economists, Keynes called them classical – said yes. Keynes said no. Today's New Classical macroeconomists assert that the economy is always in full employment equilibrium. Keynesians believe the economy can fall out of equilibrium and that government interventions can speed up recoveries. Many economists regard the macroeconomic performance of the early 1960s in the USA as a very successful period of moderate inflation, low unemployment, and strong growth in real output. Was that the high point of macroeconomic management of that time? Yes. I suppose I have a vested interest in believing that to be true – I helped to inaugurate the policy in 1961. And it was a pleasant period, when economists and policymakers were not as divided and combative as they are now. What economic principles would you share with students? First, opportunity cost is a simple, fruitful concept. Students can learn it, most people innocent of economics, don't understand it. Second – fungibility – "money mingles", a friend of mine liked to say. You can give people money, for your own purpose, but the recipients will generally find a way to accommodate their own priorities. Third, economics students who understand the macro identities – for example, Y = C + I + G + NX1– know more than most politicians and journalists. |
Note:
1. Y(GDP) = Consumption+Investment+Government Purchases+Net Exports.
Дата публикования: 2014-10-25; Прочитано: 703 | Нарушение авторского права страницы | Мы поможем в написании вашей работы!
