This is the last lecture I am giving you. From next class on, I will only respond to your questions. This course has plenty of readings. If you don't have questions, it is either because you have not done your reading, or you are too stupid to be in this course.
SG: But there is debate about whether there should be fiscal stimulus, whether tax cuts work or not. There is all of this academic debate among economists. What do you think? Is that the right way to go with stimulus and tax cuts?
WB: The answer is nobody knows. The economists don’t know. All you know is you throw everything at it and whether it’s more effective if you’re fighting a fire to be concentrating the water flow on this part or that part. You’re going to use every weapon you have in fighting it. And people, they do not know exactly what the effects are. Economists like to talk about it, but in the end they’ve been very, very wrong and most of them in recent years on this. We don’t know the perfect answers on it. What we do know is to stand by and do nothing is a terrible mistake or to follow Hoover-like policies would be a mistake and we don’t know how effective in the short run we don’t know how effective this will be and how quickly things will right themselves. We do know over time the American machine works wonderfully and it will work wonderfully again.
When we first meet Walter Vale (Richard Jenkins), he is in a state of emotional inertia that clinicians might identify as depression. He does not seem acutely unhappy, but then again, he doesn’t seem to feel much at all, locking whatever inner life he might have behind an aloof, unfailingly polite demeanor and keeping a glass of red wine handy in case further anesthesia should prove necessary.
A professor of economics at Connecticut College and a widower, Walter plods through an existence that looks comfortable and easy enough, but also profoundly tedious. He recycles old syllabuses and lecture notes for his classes, and suffers through piano lessons in a half-hearted effort to sustain some kind of connection to his wife, who was a classical concert pianist.
