Robert Solow (in this week's New York Review of Books) offers up a critique of Richard Posner's new book on the meltdown, in which Solow outs the champ libertarian as a new-minted dirigiste. Solow quotes Posner: "we need a more active and intelligent government to keep our model of a capitalist economy from running off the rails." And Solow adds, drily "If I had written that, it would not be news."
Lesser lights among the law will snigger with renewed ardor when they learn from Nobelist Solow that "in some respects, [Posner's] grasp of economic ideas is precarious." But while combing the review for chapter and verse on "precarious," they might do well to notice what may be most noteworthy bout the review: as a whole, it's about the best essay-length non-technical summary of the current uproar as it is posssible to imagine. Read it, and I dare you to find that he has missed anything important.
HT: Mark Thoma.
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