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Greg Mankiw is stupid

author: www-data

Greg Mankiw is a guru of economics. Yet, I think, he is as stupid as most economists, because he fails to understand basics of human psyche. From paedogical psychology, it is known since the 70s that external motivators diminish productivity, creativity, curiosity, cooperation and long-term interest (and some day I give you the references for that claim -- let me just state that this is well-established). Yet when comparing wage and productivity, what does our genius Mr. Mankiw have to say about the shaky correlation? It is because of different wage models, pricing index, heterogenity of workers and capital as a productive factor. In short, for this man, anything might explain the low correlation between wage and productivity, but not the obvious one: There is no correlation. (Hello Occam's razor!)

2009-01-26 22:25 | www-datarootshell.ro | [/digest/economy] | permanent link