One of the coolest parts about getting to write for Learning from Dogs is working with the interesting people that write there. One of those people in particular, Sherry Jarrell, might be of interest to those in the YAL community. Professor Jarrell is Professor of Practice of Finance and Economics in the Calloway School of Business and Accountancy here at Wake Forest University. Using her vast knowledge of economics and finance, she has written some of the best critiques of recent governmental policies that I have seen at her Web site. For example, she recently wrote on Federal Reserve policy, saying:
…the process of tightening the money supply may be just around the corner. And increases in interest rates and the cost of everything purchased on credit – homes, cars, durable goods, and business capital expenditures – are not far behind. Increases in interest rates dampen economic activity, an unfortunate development given the current lethargic state of the U.S. economy. But it has to be done sometime – we cannot sustain such a huge increase in the money supply without paying an even higher price in terms of inflation and a weak dollar.
Not only has she put forth interesting commentary, but Jarrell also signed onto a Cato Institute petition back in early 2009 contesting President Obama’s claim that economists were united in their support of the stimulus.
“I think this is beyond politics,” she said. “This stimulus package flies in the face of basic economic reality. I commented as an economist, not a politician.”
Jarrell believes that even people who wish to remain apolitical need to speak out on this issue.
“All of a sudden, there’s a whole lot of misinformation about the economy, the stimulus package and the banking system being batted about as fact,” she said.
According to Jarrell, basic economic principles need to be recalled when considering an economic plan that involves a lot of government spending, such as the plan Obama signed Feb. 17.
“They cannot forget where a dollar of government spending came from,” she said. “Where would it stay if the government didn’t take it as taxes? The only part of our society that creates wealth is business.”
Read more of Jarrell’s work here.Published in