Reflections on Stanford Institute for Economic Policy and Research

I cannot teach that the only alternative for students is to save, when inflation and dollar-debt alone will be larger than the payoff of interest on their savings.  The narrative from the Stanford Institute for Economic Policy and Research was a two-fold message for teachers. First, that we continue to teach students the same economic lessons that the American Free Enterprise System reigns supreme, it is successful, the problems are complicated and others are working hard to solve them.   This was the underlying message that I heard, from the first presentation by Economist Ran Abramitzky about why some countries are rich, others are poor, and we simply don’t know what to do about it, to the guest of honor, John Taylor (almost Federal Reserve Chairman before Bernanke).  Taylor gave us this lesson about the debate over whether current economic theory is flawed, and, true Randian, he asserted that the economics is right, the policy is wrong.  Teachers, he said, keep teaching the way you teach.   
 
That is exactly what I don’t want to do.  In fact, I even to teach a new look at The Fountainhead. 
Back to it.