Economic Models from Left to Right

Newsweek brought in an interesting graph of economists from the left and right.  I’ll just repeat it below.  From the top, it starts from left to right:

Karl Marx (1818-1883): Believed in total government control of the economy rather than a free-market system.

John Maynard Keynes (1883-1946): Argued for regulated finance and government spending to bring economies out of recession.

Joseph Stiglitz (b. 1943): Thinks markets often need governmental support.  Critical of Obama for doing to little to reform Wall Street.

Paul Krugman (b. 1953): Believes stimulus is too small, regulations too Wall-Street friendly.  Thinks worst banks should be nationalized.

Peter Orzag (b. 1968): Obama budget guru, ex-Stiglitz protégé.  Wants governments to play a key role in private industries like health care.

Christina Romer (b. 1958): Chair of Obama’s Coucil of Economic Advisers, has had to rethink her anti-Keynesian theories on deficit spending.

Paul Volcker (b. 1927): Former Fed chair slayed ’70’s “inflation dragon,” now wants to ban government-backed banks from risky bets.

Larry Summers (b. 1954): Formerly backed deregulation (with caveats), now wants new regulatory regime.  Critics say it doesn’t go far enough.

Ben Bernanke (b. 1953): Pre-crisis, Fed chair was seen as conservative Friedmanite; $2 trillion in loans later, he’s been cast as a neo-Keynesian.

Adam Smith (1723-1790): Founder of free-trade economics, held that self-interested creates prosperity for all as if by an “invisible hand.”

Alan Greenspan (b. 1926): Maestro of the ’90’s boom but also a libertarian, now seen as major culprit for consistently vetoing regulation.

Milton Friedman (1912-2006): Laissez-faire leader of Chicago School, said government’s only task was to oversee money supply.  The anti-Keynesian.

About shaunmiller

I have just completed a visiting position as an assistant professor at Dalhousie University. My ideas are not associated with my employer; they are expressions of my own thoughts and ideas. Some of them are just musings while others could be serious discussions that could turn into a bigger project. Besides philosophy, I enjoy martial arts (Kuk Sool Won), playing my violin, enjoying coffee around town, and experimenting with new food.
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