Financial Crisis Double Feature
Like most everyone else, the Law School faculty are talking about the current financial crisis and governments' attempts to resolve it. So we've combined last week's scheduled Faculty Podcast with this week's scheduled Open Minds podcast to bring you two recent faculty panels about the bailout plan. The first, recorded on October 9th and sponsored by the Federalist Society, featured Douglas Baird, Anupam Chander, Rosalind Dixon, and M. Todd Henderson. The second, recorded on October 15th, was sponsored by the Law School Democrats and Law School Republicans and included Randy Picker, Douglas Baird, M. Todd Henderson, and the GSB's John Cochrane (you can also read a summary of the panel here).
Two important points lost in the economic discussion currently are (1) that among the major macro economic adjustments the economy is forcing upon us is lower wages and salaries to make us more competitive internationally, and (2) that the bailout and some other programs do more to temporarily impede this macro adjustment than aid it, thereby necessitating further adjustments and more delay in reaching the new macro equilibrium. In truth, increased and effective educational reform and greater participation, in lieu of many of these finance programs, would be more effective in the long run in putting us on our feet and in better stead, economically.
Posted by: Kimball Corson | October 25, 2008 at 02:27 PM