Freshwater Vs Saltwater Economists

http://www.nytimes.com/1988/07/23/business/fresh-water-economists-gain.html

While reading this article , I was remembering the East Coast–West Coast hip hop rivalry which resonated at some level with the cotemporary different schools of thoughts of Economists pointed out in this article.

By far the biggest difference between the 2 school of thoughts is the explanation of recessions and associated issues like persistence of recessions.

The equilibrium model from the freshwater economists advocate that economy is self stabilizing and will return to equilibrium in its due course and that there is inherently no need of any policy interventions to achieve full employment
The general malaise around economic conditions cannot be quantified by the hypothesis of equilibrium model and we have to be mindful that any economic model needs calibration and fine tuning

Fighting inflation

Fighting inflation requires government to take unpopular actions like reducing spending or raising taxes, while traditional fiscal policy solutions to fighting unemployment tend to be more popular since they require increasing spending or cutting taxes.
We have seen that unemployment can be kick started by increased spending.
Increased spending by government can be done by starting big projects.
There is no way any govt can force private sector to hire more people , Unemployment has to be dealt with fiscal policies now in the present political conditions of gridlocks and filibusters its going to be really tough to implement.
We should have the unemployment crisis taken care by government first and then the private sector can take it forward.

So finally Its Congress

I was following the Elections 2009 closely and was expecting to see some change this time specially wanted to see some change in the people getting elected but was sad to see the same old gang getting elected in center and the states, So what happened to all the Jago Vote karro campaign . Well its all done and the People of India have given thier choice this time almost unanimoulsy . I am not a Congressman well to think of it i am not a BJP fan too but I am a proliterate who wants India to achieve its stature in the International community, so who ever it is whatever party is elected I am an Indian who wants to see India powerful and responsible . There were many parallel things going around while the elections going on , First was Sri Lanka issue . then it was the emergence of Fundamentalist rising in Pakistan , then it was Indo American alliance .I wanted to see the GenX politicos the Deora,Pilot,Ghandi, future genrations comming in lime light take charge and handle some important portfolios . Why cannot Congress give these newbies some cabinet berths and see how they handle them thus empowering the youth and the oldies standing by them with full support, Its just the first round of swearing in happening so we can speculate for sometime till Sonia Mam decides and let the motely crew bring some changes in this country, what will happen they will fail the first time so did the last Home Minister after spending his entire life time in Poliitcs .
One good outcome from this election is the demise of "Politics of Region " and "Politics of Caste" and finally comming to 2 Party system .
Its a wait and watch for next 5 years .........