Monday, January 3, 2011

Time Horizons

A few people, dave.s., Mrs. P, and The Ancient, have asked whether FLG saw Greg Mankiw's NYTimes article because he's stealing FLG's schtick:
FOCUS ON THE LONG RUN Charles L. Schultze, chief economist for former President Jimmy Carter, once proposed a simple test for telling a conservative economist from a liberal one. Ask each to fill in the blanks in this sentence with the words “long” and “short”: “Take care of the ____ run and the ____ run will take care of itself.”

FLG saw it; however, what struck FLG most is how Mankiw's other advice (think at the margin, stop trying to spread the wealth, spread opportunity, and don't make the opposition your enemy) are all associated with long-term strategies. Yet, he never tied that thread together.

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