Sunday, March 25, 2012

Todd G. Buchholz

This is what Wikipedia has to say about the guy:

Todd G. Buchholz is an economist and has served as a White House director of economic policy and a managing director of the Tiger hedge fund. He was awarded the Allyn Young Teaching Prize by the Harvard University Department of Economics and was named “One of the Top 21 Speakers of the 21st Century” by Successful Meetings magazine. Businessweek and Bloomberg have reported that Buchholz is on the short-list for a White House appointment to the Federal Reserve Board.[1]

He says this in his celebrated book New Ideas From Dead Economists:

"Economists cannot hide in pure theory, but must look at the world and try to improve it with the tools they develop."

This is what is considered Keynesian economics in a nutshell, the antithesis of Austrian thought. He is putting economics in the same realm as engineering, where design and materials research enable the construction of long span bridges or medicine, where doctors conduct trials on medication. Rather than discover and describe the actions of voluntary participants in a free market, it is incumbent upon economists to "develop tools", eg. come up with coercive policies to improve "the world", that is follow some kind of Benthamite formula for maximizing benefits for a number of people at the expense of others. This guy has made a lot of money producing this crap.

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