Greg Mankiw on Gasoline Taxes, Keynes and Macroeconomics

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4.7 • 4.3K Ratings

🗓️ 22 January 2007

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Greg Mankiw of Harvard University and Greg Mankiw's Blog talks about the state of modern macroeconomics and Keynes vs. the Chicago School. He defends his proposal to raise gasoline taxes and discusses the politics of tax policy.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:13.6	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:18.3	Institution.
0:19.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:26.9	find links and other information related to today's conversation.
0:31.0	Our email address is mailaddycontalk.org, we'd love to hear from you.
0:39.0	My guest today is Greg Mancue, the Robert M. Barron Professor of Economics at Harvard University.
0:44.6	Greg is the author of a series of best-selling economics textbooks, the former chairman
0:49.0	of the President's Council of Economic Advisors, he's a first-rate academic scholar, and
0:54.0	a phenomenal blogger at Greg Mancue's blog.
0:57.0	Greg, welcome to Econ Talk.
0:58.0	Thank you.
0:59.0	It's nice to be here.
1:00.0	Greg, when I was an undergraduate back in the 70s, which was a tough time for macro,
1:06.5	we learned what's called ISLM analysis, a version of Keynesian Economics.
1:11.2	And in that model, the economy is like an engine.
1:15.0	You want it to go faster, you give it more gas, you push down the pedal.
1:18.8	So if you wanted to stimulate the economy, if it wasn't where you thought it should be,
1:22.6	you could choose fiscal policy or monetary policy, and as students, we were always shifting
1:27.2	curves and finding out where the economy was going to get to after we implemented these
1:31.7	policy changes.
1:32.7	I don't want to have to graduate school, and I never saw that again.
	...

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