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in using the word "fraud" and depicting himself as unique and unorthodox. I don't disagree with most of his recommendations, and learned some things about economic history during the 80s.
So Greenspan was appointed CEA chair because of a personal tie with Arthur Burns. OK. And he adopted the party line whenever a new president was elected. That's worthy of criticism, especially because as Fed chair he's supposed to be independent. But to call it "fraud" is a little dramatic -- it applies to about 3/4 of the people in government.
It doesn't bother me that Greenspan believes in "hedonic calculus" -- that's pretty much how most economists view the world, and if it's applied correctly, it helps them anticipate the results of economic policies. (For example, I would argue that one reason Marxist-Leninist economics were such a disaster is that they were completely unable to see the economic incentives they were creating or how individuals would behave in a command-and-control economy.)
What's shocking, though, is that he was not only a disciple of Ayn Rand, but helped her write "Atlas Shrugged." It's a variation of the Nietzschean superman ideal, and makes very bad public policy.
Batra falls into the old Social Security trap of "there's no surplus, the money's already been spent." His explanation of that is simplistic and misguided. I support the SS changes in the early 80s, and I don't think Greenspan's support was mistaken, much less fraudulent.
Batra's recommendations on wages, taxes, and "mass capitalism" I agree with. He believes that if wages rise, monetary or fiscal stimulus is not needed. That's an interesting proposition.
But thanks for the link -- it's definitely worth reading.
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