William Kristol candidly admits that he has no idea what to do about the financial crisis, but that doesn’t stop him from telling the incoming Obama administration that what they think they know is wrong.
I trust they’ll remember that successful economic policies in the past have pulled together elements from unlikely sources, and that they’re as likely to find wisdom from reading political economists like Friedrich Hayek or Joseph Schumpeter, or Keynes himself, as from poring over the latest academic paper in a peer-refereed economics journal.
I’ve worked in government. It’s hard to do much thinking there at all, let alone thinking anew. But Obama and his team will have to think anew, and those on the outside who wish to help will have to think anew too, if we’re to have a chance of rising to this daunting occasion.
I suppose this is his way of saying, “Hey, I’m with you all the way until it looks like I can score a few points by sniping at you.”