So, in response to Paul Krugman’s post about the days of cronyism being over, Mankiw pulls out a large chart which purports to rank economists based upon their “academic accomplishments,” and wouldn’t you know it — plenty of folks from both Obama and Bush’s teams are on the chart.  Thus, Mankiw deftly proves that everything Bush ever did (cough *tap Mankiw* cough) is just as good as anything Obama will do:

Judging by this objective criterion, it looks like the two adminstrations are drawing economists from roughly the same talent pool.

Of course, the bulk of Obama’s team earned their chops by presiding over the largest and longest economic expansion in American history (Clinton Admin.); and Mankiw and his buddies get to stake their claim in the worst economic collapse since the Great Depression.

BUT THEY’RE ALL ON THE SAME CHART!

There is also some irony in the fact that Mankiw vaguely implies Krugman is a “hack” while referencing a chart which conveniently ranks Krugman ahead of Mankiw:

15.  Paul Krugman
21. Greg Mankiw

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The Washington Post reports:

“Facing an increasingly ominous economic outlook, President-elect Barack Obama and other Democrats are rapidly ratcheting up plans for a massive fiscal stimulus program that could total as much as $700 billion over the next two years….Obama has set a goal of creating or preserving 2.5 million jobs by 2011.“

Dividing one number by the other, that works out to $280,000 per job.  What is going on here?

Oh, those silly liberals and their horribly wasteful government spending.  Mankiw is suggesting a consumer approach to job creation, thinking that, somehow, the government will literally be spending x amount of dollars on “creating” a job.

The stimulus plan in question, of course, is about promoting economic health — not the mere hiring of 2.5 million people by the government.

Is Mankiw deliberately ignoring the other possible roles that government may take in affecting the economy because conservative economists don’t believe the government may play that role? Is he pretending to be stupid in order to create a stimulus straw-man?

After the last eight years, does anything Mankiw thinks the government should do matter?

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