I guess I will have to go first.
- Which approach (http://en.wikipedia.org/wiki/Macroeconomics#Macroeconomic_schools_of_thought) (New Classical, New Keynesian, Austrian, etc.) do you agree with? New Keynesian, and I also like Modern Monetary Theory (which is part of the Post-Keynesian school)
- What do you think of a gold standard (http://en.wikipedia.org/wiki/Gold_standard) vs. fiat money (http://en.wikipedia.org/wiki/Fiat_currency)? Fiat money with a floating exchange rate is much better than a gold standard or anything similar. Having the option to devalue the currency instead of suffering a depression is good.
- Which should be the higher priority — low unemployment or low inflation? Low unemployment
- What do you think is the best explanation for the Great Depression (http://en.wikipedia.org/wiki/Causes_of_the_Great_Depression)? It's complex. What started it isn't as important as what made it last so long and why it wasn't self-correcting. The most important factor is a loss of appetite for risk-taking, so everyone is saving money and waiting for things to get better, instead of spending (which is necessary for things to get better).
- Do you think the current economic slump is more a problem of supply-side factors (e.g., businesses need more money to invest) or demand-side factors (e.g., not enough sales to justify expanding businesses)? Demand-side factors
- Do you think a government budget deficit is always bad, or can it be a good thing in some circumstances? A deficit can be a good thing. It can buffer the economy at times when the private sector has contracted. If the deficit is sufficiently large and money given to those who will spend it, it can lead the way to recovery.
- Do you think that great inequality within a society is a problem? Yes. Those who are on the low end suffer, obviously. Also, an economy depends on mass consumption, which is dampened when a small percent own most wealth and don't spend it while millions do without.
- Do you think that the average worker in developed countries is overpaid? No. As productivity increases, so should workers' pay.
- Do you think that government should play an active role in keeping a country's economy on track, or should government mostly just stay out of the way of the private sector? Economies can go very wrong without government playing an active support role. Markets and the private sector are important, but left completely to themselves create instability and great inequalities that cause real human suffering.
- How do your views on economics inform your political opinions? What makes for a good economy and what is socially just have a great deal of overlap. I reject the view that anything done by the private sector must, by definition, be the best possible result. Regulation, social welfare, infrastructure, and public goods all require a government that has an understanding of the details of what is happening and actively works to achieve both prosperity and stability.
