Books: Inside the Economist's Mind (I.T.E.M.) and Getting It Wrong

This Blog hosts discussion of issues relevant to the book, Inside the Economist's Mind, coedited by Nobel Laureate Paul A. Samuelson and William A. Barnett, published by Wiley/Blackwell, and the newer book by William A. Barnett, Getting It Wrong, published by MIT Press.

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William A. Barnett is Oswald Distinguished Professor of Macroeconomics at the University of Kansas and Director of the Center for Financial Stability in New York City. He was previously Research Economist at the Board of Governors of the Federal Reserve System in Washington, DC; Stuart Centennial Professor of Economics at the University of Texas at Austin; and Professor of Economics at Washington University in St. Louis. William Barnett has been a leading researcher in macroeconomics and econometrics. He is one of the pioneers in the study of chaos and nonlinearity in socioeconomic contexts, as well as a major figure in the study of the aggregation problem. He is Editor of the Emerald Press monograph series International Symposia in Economic Theory and Econometrics, and Editor of the journal Macroeconomic Dynamics, published by Cambridge University Press. He received his B.S. degree from M.I.T., his M.B.A. from the University of California at Berkeley, and his M.A. and Ph.D. from Carnegie Mellon University. He has published 20 books (as either author or editor) and over 140 articles in professional journals. His research has been published in 7 languages.


The book, Inside the Economist's Mind, is coedited by Paul A. Samuelson and William A. Barnett. Although this Blog is hosted solely by the latter coeditor, the following is the information in the book's front matter about Paul Samuelson:

Paul A. Samuelson was the first American to win the Nobel Prize in Economics. He is Professor Emeritus of Economics and Institute Professor at the Massachusetts Institute of Technology. Institute Professor is the highest rank awarded by MIT. His landmark 1947 book, Foundations of Economic Analysis, based upon his Ph.D. dissertation at Harvard University, established him as "the economists' economist" by raising the standards of the entire profession. Paul Samuelson's classic textbook, Economics, first published in 1948, is among the most successful textbooks ever published in the field. The book's 16 editions have sold over four million copies and have been translated into 41 languages. He received his B.A. degree from the University of Chicago and his M.A. and Ph.D. from Harvard University. As one of the profession's most productive scholars for over a half-century, he remains an intellectual force of towering stature.

Tuesday, January 02, 2007

Brad DeLong's Blog

The following interesting post appeared (December 31, 2006) in Brad DeLong's influential Semi-Daily Journal blog and in Econbrowser by James Hamilton and Menzie Chin (posted by James Hamilton on December 29, 2006). The quotation from the ITEM was subsequently repeated and characterized as a "smoking gun" in Kling and Caplan's EconLog on January 9, 2007:

  • "When Nixon himself became president in 1968 and had the opportunity to appoint a new Chair for the Federal Reserve in 1970, the man he turned to was the same Arthur Burns who had advised him to ease up on monetary policy prior to the 1960 election. Milton Friedman offered these impressions in a 2000 interview that is included in the book Inside the Economist's Mind:

From the moment Burns got into the Fed, I think politics played a great role in what happened. So far as Nixon was concerned, there is no doubt, as I know from personal experience. I had a session with Nixon sometime in 1970-- I think it was 1970, might have been 1971-- in which he wanted me to urge Arthur to increase the money supply more rapidly [laughter] and I said to the President, 'Do you really want to do that? The only effect of that will be to leave you with a larger inflation if you do get reelected.' And he said, 'Well, we'll worry about that after we get reelected.' [page 116]."


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