Daily Archives: May 2, 2014


Elizabeth Warren Mentions My Advice In Her Book

I am reading Elizabeth Warren’s book A Fighting Chance. I was thrilled to see that she remembered the advice that I gave her in the campaign for the Senate.

Excerpt from A Fighting Chance

To see which part was my advice, refer back to my March 3, 2012 post How Will The Warren Campaign Compete With Scott Brown’s Money?

Here is the relevant section of that post.

Do’s

  • Improve efforts to raise the connection in voters’ minds between the name Elizabeth Warren, her photograph, and the office she is seeking.
    • Change the logo on all bumper stickers, web sites, social media sites, and printed material to say “Elizabeth Warren for U.S. Senator” instead of saying “Elizabeth Warren for Massachusetts”
    • Use every opportunity to put her name next to her photo and the office she is seeking.

I think I may have first mentioned the change of bumper sticker to Elizabeth Warren at her early campaign stop in in Ware, Massachusetts.

Not only did I make up the signature gathering sign shown above, but I also made my own bumper sticker.  The one below, I felt was easier to read, but it still didn’t make it clear what she was running for.

bumper sticker

The one I eventually used on my car made it clearer what she was running for.

Senator For Massachusetts Bumper Sticker

I am not sure about this, but the campaign may have eventually come out with new bumper stickers. I continued to use my own throughout the campaign.


Randy Wray on Krugman and the Frustration of the Heterodox

Depending on where you start the process of getting to the podcast below, the headline is either Randy Wray on Krugman and the Frustration of the Heterodox or Stephanie Ketlon Talks with Randy Wray.

A broad-ranging discussion of conventional economics and the heterodox alternatives to IS/LM, Ricardian equivalence, etc.



Most economists who have finally come back to the real world after the 2008/2009 economic crash think that we need more government stimulus.   The people who are proponents of Modern Monetary Theory have known this for several decades before the current crisis.  The Neo-Keynesians like Krugman and Summers seem to have come to the realization more recently and perhaps for the wrong reasons.

This podcast explains why it is necessary to understand the correct reasons for why there is agreement on what the short term policy needs to be.  If you get to the right short-term policy by way of the wrong reasons, then you will get the long-term policy all wrong.

One of the things that the MIT philosophy taught me is that it is not enough to come up with the right answer, you need to come up with the right answer for the right reasons.  As I said above, if you come up with the right answer for the wrong reasons, you are very likely to come up with the wrong answer the next time you apply the wrong reasons to solving a problem.

By the way, the Google definition of heterodox is – not conforming with accepted or orthodox standards or beliefs.  It is silly to lump all heterodox economists in one category.  Perhaps there are only a few ways to define what orthodox economists think, but heterodoxy is just everything else.

You can well imagine that heterodoxy can range from the sublime to the ridiculous.