Mer stimulans? Eller mindre?

Tron på att politiska insatser förmår dämpa krisen tycks fortsatt stark, särskilt bland politiker men även bland allmänheten och en del nationalekonomer. Vissa, som professor Paul Krugman, kräver mer insatser när det blir tydligt att problem kvarstår. Det finns dock nationalekonomer som är skeptiska inför politikens möjligheter att förbättra situationen.

Professor Casey Mulligan är ett exempel:

Some of us thought that the fiscal stimulus would do essentially nothing to improve the economy. But even stimulus advocates admitted that economic improvements coming from the stimulus law — about a half a percentage point (by their estimates) — would be small when compared to the shocks hitting the economy. Based on this comparison, a few economists have suggested that the stimulus bill should have been larger. … This faulty logic comes from ignoring the costs of fiscal stimulus, and failing to ask whether the costs are commensurate with even the most optimistic estimate of the benefits. … [Congress] should consider turning off the first stimulus before more tax dollars are wasted.

Professor Guido Tabellini ett annat (med ett andra inlägg här):

It is widely held that the current situation is mostly the result of economic policy mistakes (in regulation, in supervision and, according to some, monetary policy) made before the outbreak of the crisis. The corollary of this thesis is that it is sufficient to correct these mistakes in order to avoid the next crisis. But the truth is that many serious mistakes have been made during the management of the crisis and have significantly contributed to worsening the situation.

Liksom professor Daron Acemoglu:

[E]conomists justifiably believe that as a process of creative destruction, capitalism requires institutions that allow for innovation and the reallocation of resources toward firms that have successfully innovated. This suggests that we should not condemn wholesale even the financial innovations that played a role in the crisis, which have been remarkably productive and will continue to be, given the right regulations. Nor should economists hesitate to say that political reactions to the crisis that hamper such innovation and reallocation may do far more harm than good.

Den svenska regeringens relativa återhållsamhet med diskretionära stimulansåtgärder och panikartade ingrepp i marknadsekonomin ter sig inte som så dum.