For more than a century, the school has prided itself on personifying the dream of the Rev.
Martin Luther King Jr., one of the school's most notable alums, by producing "Morehouse Men" - intelligent and successful black leaders."Because I'm one of the only white students, it's easy to call me 'the white boy,' I'm naturally going to stand out," says Packwood.
Ricardian equivalence doesn't hold for, at least, two reasons: 1) the future is irreducibly uncertain, and 2) most people outside of finance and economics recognize this basic fact and thus heavily weight the present observable economic activity from employment-producing fiscal stimulus and assign very little weight to the distribution of possible future tax rates.
If you believe that people use future tax rates in their present consumption calculus, please provide me the probability distribution and parameters that they are using for their calculations.
Hopefully you will all have fun meeting singles and try out this online dating thing...
Technically, Keynes posited that inflation stimulates the economy by increasing people's expectations of the marginal efficiency of capital (i.e., the return on invested capital).
When capital is plentiful the marginal efficiency is low and people are not motivated to invest it in new capital projects that employ people and resources. People compare the marginal efficiency of capital to the schedule of interest rates when they decide to invest (notice that marginal efficiency of capital is not always equal to the interest rate as Classical, Neo-Classical, Monetarists, Neo-Classical Keynesian Synthesis [in the long run] schools all assume).
This weekend he'll be the first white valedictorian to graduate from the historically black, all male Morehouse College in the school's 141-year history.
Morehouse, in Atlanta, Georgia, is one the nation's most prestigious universities of its kind.