The President Must Remember Businessmen Are Not Economists

Paul Krugman

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Matt Yglesias is mildly upset over a report that Obama is turning to Warren Buffet and Alan Mulally for economic advice. It’s not clear how much to make of the report. But it’s always good to remember that businessmen — even great businessmen — don’t necessarily know much about how to make the macroeconomy work.How can that be? Don’t they know all about creating jobs? No, they don’t. They know all about expanding individual businesses — often, indeed usually, at the expense of other individual businesses. That’s an important and very lucrative skill, but it has very little to with the problem of expanding a whole economy, whose main customer is … itself.

Read the rest of this article at The New York Times.