Friday, April 1, 2011

The [Andrew] Mellon Doctrine

On March 31, 2011 Paul Krugman compared current American economic policy to the advice Andrew Mellon gave to Herbert Hoover for how to respond to the Great Depression.  Paul Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics. On October 13, 2008, it was announced that Krugman would receive the Nobel Prize in Economics.

"But never mind the lessons of history, or events unfolding across the Atlantic: Republicans are now fully committed to the doctrine that we must destroy employment in order to save it.

So that’s the state of policy debate in the world’s greatest nation: one party has embraced 80-year-old economic fallacies, while the other has lost the will to fight. And American families will pay the price"

Read "The Mellon Doctrine" here: