QE and the art of debate

There's a piece in today's Wall Street Journal called "The Fed's Needless Flirtation With Danger" in which Martin Feldstein writes that to stimulate demand, "Well-designed tax rules are a safe and effective alternative to quantitative easing".  

Dr. Feldstein argues that we'd have been better served by tax policies that induce businesses to make new investments and help consumers consume, instead of unleashing so much QE, but some of his contemporaries would challenge that assertion.  Major economists in the media often disagree in practice and do so with the type of certainty reserved for hard science. 

I once saw an Economist on Squawk Box who insisted that professional economists collectively agree on nearly all major policy prescriptions.  I

Nassim Taleb, Wikipedia

wish I could recall his name.  His remarks still strike me as wishful.  It sounded as though he wanted viewers to believe that the discipline of economics routinely breeds the kind of metaphysical certainty found in the natural sciences. There's a reason that the name for the field of study has long been referred to as "Political Economy". 

To help settle the issue or at least test it, a long form Krugman-Feldstein debate or a Taleb-Krugman debate would be an interesting spectacle, like the sort we could watch years ago.

Paul Krugman, Wikipedia

I'm referring to the old TV debates on public television that featured thought leaders from opposite ends of a policy spectrum who respectfully but forcefully hashed out their differences on politics and economics.  My favorite debater remains the late William F. Buckley.  Though not a PhD economist, he did hold an undergraduate degree in economics from Yale. Amazon Prime members can access some of WFB's old "Firing Line" debates for free.

WFB, Wikipedia

R.I.P. WFB

Yesterday at the age of 82, while working in his study, we lost William F. Buckley. Mr. Buckley captivated millions of us with his columns, speeches, debates, appearances on TV talk shows, authoring of 50+ books, harpsichord-playing, creation of National Review and a seminal television program for serious discourse called, "Firing Line."

WFB, Wikipedia

In my twenties, I'd watch television debates with awe and amusement as Mr. Buckley gracefully routed his opponents. He had no equal then and I'm not sure he has one today.  

Many Americans, I'm guessing under the age of 35, have little awareness of this man's enormous gifts and contributions to contemporary conservative thought. He was simply America's most charming intellectual with a legendary command of language, politics, economics, history and music.

He advocated for free markets and limited government before it was widely embraced.  He warned about secularism before it reached current proportions. 

Sometimes subtle characteristics endure. I'll not forget that sparkle in his eyes flashing as his expansive smile emerged. Mr. Buckley's radiant face revealed something more than the intellectual gifts for which he is often parodied. 

WFB with Ronald Reagan, Wikipedia

Those signature facial expressions revealed an abundant joyfulness and love of life beaming straight through the camera lens and into American homes.