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1、MyRulesofThumbByN.GregoryMankiwPublishedinTheAmericanEconomistMyassignmentistodescribehowIwork.Itakeonthistaskmarketsforunderstandingthebusinesscycle.Thisconvictionwithmixedfeelings.Onecaneasilybecomevainintheprocesseventuallyledtomyinvolvementinalineofresearchnowofpublicintrospection,andvanityisat
2、raitbestleftprivate.ItiscalledNewKeynesianEconomics.notentirelycleartomewhyanyoneshouldcareaboutWhenIenteredMIT'sgraduateprograminthefallof1980,idiosyncrasies--except,perhaps,formycolleagues,students,LarrySummerswasayoungassistantprofessor.Larry'sandfamily,whohavenochoicebuttolivewiththem.enthusias
3、m,breadthofknowledge,andquickmindattractedme,Yetwhenothereconomistswriteessaysofthissort,IenjoyandwespoketogetheratMITduringtheyearandatNBERreadingthem.Iliketothinkthattheseessaysedifymeinsomeduringthefollowingsummer.WhenMartinFeldsteinbroughtway,butattheveryleasttheyappealtothevoyeurinme.So,ILarry
4、toworkattheCouncilofEconomicAdvisersinfigured,othersmaylearnfromabriefessayabouthowIwork.September1982,Larrybroughtmealongwithhim.IwasOr,atleast,theymaybeamusedbyit.fortunatetobeabletoworkcloselywithLarryduringthebriefIhaveorganizedthisessayaroundsixrulesofthumbthatIperiodwhenhewasalreadyagreatecon
5、omistbutnotyetafollowasIgoaboutmyworkinglife.Ihavechosentheserulesfamousone.largelyfortheirpositivevalue--theydescribemybehavior.IdoWhenIreturnedtoMIT,StanleyFischerservedasmynotpretendthatthewayIworknecessarilyholdsanydissertationadviser,ashedidforaremarkablenumberofprescriptivevalueforanyoneelse.
6、Butitmay.Iftheserulesofstudentsinmyclass.Stanwasamodelofprofessorialbalance.thumbringtruetoothersandhelpthemtoruntheirlives,soAsalecturer,hegaveclearandeven-handedpresentationsinamuchthebetter.fieldthatcanbeconfusinganddivisive.Asanadviser,heencouragedstudentstopursuetheirinterestswiththehighestRul
7、eNo.1:LearnfromtheRightMentorsstandardofrigorwithoutimposinghisownintellectualagendaonthem.Mydissertation,likemostinrecentyears,wasaIlearnedhowtopracticemytradefromfourdistinguishedcollectionoflooselyrelate
