Ramesh, John – our friend Steve Hayward joins the fracas. I particular like the end:
And that’s just the warm up act. I’ll add that it is some of Solow’s core ideas about economic growth that are now under suspicion by a number of economists, as noted in my post here just the other day. I’ll confine myself to just one observation about the churlishness of Solow’s piece, which comes with this statement: “There is not much guidance here for a member of the Interstate Commerce Commission who has to worry about the regulation of imperfectly competitive railroad and trucking industries.” Wait a minute—would this be the same Interstate Commerce Commission that was abolished 25 years ago primarily as a result of the critiques of people like Friedman that ICC regulation actually stifled competition and harmed the consumer? Perhaps no one has told Solow. . .