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View Diary: The Great Depression Pt. IV (187 comments)

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  •  That is an AWESOME idea (3+ / 0-)
    Recommended by:
    mkor7, fernan47, NCrissieB

    But I don't know that it needs to be one position.

    It's too easy for someone to be compromised by taking money from any entity unless they have total freedom and can't be fired.

    We need a SC of economists to explain things and provide advice to the govt. A small group, tenured for life, paid a decent salary, who spend their time examining economic policies, possible outcomes, financial regulations, etc., and who give regular updates to the public and the President/Congress.

    Then they could be objective, and since they would be there until they died or resigned, you'd eventually get a variety of views, just like on the SC.

    •  Many economics professors (4+ / 0-)

      have tenure.

      Many also have stupid ideas.

      Economics is a system that should function to provide human wants and desires.

      One needs to analyse why the system isn't working very well now.

      This includes dishonesty in financial markets, too much/too little labor union power, lack of price display in the medical industry, excessive/insufficient regulation, lack of licensing categories, lack of skills, excessive patent categories, currency manipulation, lack of balanced trade internationally, unilaterally modifiable "con"tracts too dangerous to enter into, unemployment insurance deficiencies (a 50%+ disapproval rate means unsecured lending can be too dangerous for banks+), high health insurance costs, unknown future health care cost allocation which make it impossible to predict the future profits of a potential new business, etc.

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