Mr Clarke deftly describes the twisting contours of Keynes's impact on both economic policy and economic theory.
The suit on Myfortic is a significant expansion of the Anti-Kickback Statute that is inconsistent with law and policy in this area and the theory in this case threatens to undermine pharmaceutical company discounting practices that benefit both consumers and payers, including the government.
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By the late 1980s, though, the balance of his interests had shifted away from theory and towards policy work.
In theory this policy of buying and cancelling some of the debt would reduce Greece's indebtedness, because the market price of its bonds is a fraction of the amount originally borrowed: if the EFSF paid 50m euros for Greek bonds with a face value of 100m euros, and agreed that Greece should have an obligation to replay only the 50m euros, that would reduce Greece's indebtedness by 50m euros.
He has published over 70 theoretical empirical and policy papers on international macroeconomic issues and co-authored the books Political Cycles: Theory and Evidence and Bailouts or Bail-ins?
The initial association of the natural-rate theory and conservative ideas on policy was exaggerated in another way.
Professor Neumark summarized some of their findings in a column published in the Wall Street Journal last summer, and he discusses the basic economic theory (and the evidence) in a short, accessible 2006 Policy Study for the Show-Me Institute.
In theory, a government could use monetary and fiscal policy to hold back inflation.
In addition to the study of terrorism and political violence, his research interests lie at the intersection of international relations, international law, political theory, and ethics, with particular concentrations on the implications for United States foreign policy and African states as well as religion and global politics.
But to the extent that 1990s economic theory takes us back to 1960s antitrust policy, it will do little more than protect inefficient firms and enrich lawyers and consultants at the public's expense.
Even if the theory of global warming is wrong, we will be doing the right thing in terms of economic policy and environmental policy.
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What economic theory tells us is to look at the entire projected path of policy, measure its fiscal gap, and decide on the basis of the size of its fiscal gap whether the policy is sustainable.
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