The author is a former assistant US Treasury Secretary in the Clinton administration and is a professor of economics at the University of California at Berkeley. Copyright: Project Syndicate,2009. www.project-syndicate.org TO WIT:
"When you have only two tools left,neither of which is perfect for the job, the rational thing is to try both- credit policy and fiscal policy."
In 1970s,I compared notes apropos of fiscal policy and monetary policy with the late Arthur Burns,former Chairman of the Board of Governors at Federal Reserve Board,former professor of economics at Columbia University in reaching our mutual agreement as follows:
Monetary and fiscal policies cannot operate in a vacuum,Manpower Policy is needed to train and retrain workers to have marketable skills. "Keys for Economic Understanding" is dedicated for such objective. Cf.www.Amazon.com online book catalog. Such reference is useful in the 20th century and would be more relevant in the 21st century to recover US economy in the years to come re training and retraining workers to supply the changing demand of the American society for OBAMA administration.
Francis Shieh a.k.a. Xie Shihao on February 6,2009 at 11.38 a.m.