Is Kudlow Willing To Tear Up The Old Economic Models? Let's Hope So.
April 16, 2018
By Todd Hitt
Larry Kudlow took his place as the president’s top economic advisor this week. Before he was even named National Economic Council director, Vanity Fair attacked. Apparently Kudlow failed to predict the 2008 economic crisis.
If that’s the worst charge against him, it’s one that applies to nearly every economist. What’s really underlying Vanity Fair’s sneer is the fact that Kudlow isn’t a PhD economist. He’s an economist by trade—meaning he has a firm foundation in the real world.
Today’s academic economists are paid to be wrong. Ruchir Sharma, Morgan Stanley chief global strategist, recently asked how often the ivory tower is incorrect. His answer? Always.