10 May 2012

How Would Economic Policy Change Under a President Romney? The Second in a Series of Columns Analyzing What Mitt Romney Would Do As President

Justia columnist, George Washington law professor, and economist Neil Buchanan continues his series of columns commenting on what a Mitt Romney presidency would look like from an economic point of view. In this column, the second in the series, Buchanan considers what the roles of the House and Senate would be in setting economic policy in a possible Romney presidency; describes the role that House Budget Committee Chair Paul Ryan, of Wisconsin, would be likely to play; and postulates that, in a Romney presidency, America would see the imposition of austerity measures similar to those that we are now seeing in Europe, as well as the diminution of much of the federal government, with potentially disastrous consequences. Overall, Buchanan argues that a Romney presidency would only make America’s current economic predicament much, much worse. Continue reading →

Posted In: Politics, Tax and Economics

More Analysis and Commentary by Neil H. Buchanan

26 Apr 2012 Neil H. Buchanan

What Would Life Be Like Under a President Romney? The First in a Series of Columns Analyzing What Mitt Romney Would Do As President

Justia columnist, George Washington law professor, and economist Neil Buchanan looks at past and current evidence to predict what might happen during a possible Romney presidency. First, Buchanan covers Romney’s botched attempt to court female voters by claiming erroneously that President Obama was to blame for layoffs affecting women, and traces the real responsibility for women’s layoffs to schoolteacher firings, which Romney has supported. Buchanan also argues that it will be difficult for voters to isolate a clear set of beliefs that Romney has consistently held dear, which is troubling. Buchanan asks who the “True Romney” really is, and warns that it may not be the moderate Romney who governed Massachusetts. Instead, he contends, today’s Romney will stay conservative in order to gain a second term as president. Finally, Buchanan contends that, even if Romney did remain moderate while in the White House, Republican extremists at every level of government would still push him toward extremism at every juncture. Continue reading →

Posted In: Politics

5 Apr 2012 Neil H. Buchanan

‘The One Percent’ and the Rewards of Education: Collecting the Revenue Necessary to Send More Americans to College Is Vital

Justia columnist, George Washington law professor, and economist Neil Buchanan takes strong issue with several arguments that have often been made by Republicans in the run-up to this year’s presidential election. Specifically, Buchanan counters arguments that taxpayers should not help pay for others’ college educations—and perhaps not their K-12 educations, either. He also takes on the two mutually contradictory arguments that (1) college is a waste of time and money, and (2) college education is the only force driving economic inequality. As to the first argument, Buchanan points out that education is a key indicator of economic progress, and that as we stagnate in our population’s educational achievement, other countries eagerly seek out more college education for their own people. As to the second argument, Buchanan argues that it can be rebutted by basic statistics, and that, even if it were true, the logical response would be to broaden American educational attainment. Continue reading →

Posted In: Education, Politics, Tax and Economics

29 Mar 2012 Neil H. Buchanan

An Educated Population Is Essential to a Nation’s Prosperity, yet Some Politicians Are Demonizing Our Educational System for Political Advantage

Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the recent Republican attack on American education. Buchanan begins by emphasizing the copious evidence showing that education leads to national prosperity. In addition, he contends that it only makes sense for everyone who benefits from our educational system—meaning all Americans—to together pay for that system, including via student loans. Citing recent comments by candidates Mitt Romney and Rick Santorum, Buchanan critiques and opposes their, and other Republicans’, seeming disdain for education. Buchanan argues that if you focus on the facts, education has been proven, over and over, to be well worth its cost. Other countries clearly know this, Buchanan points out, citing notable examples, and if we forget this truth, he says, we will surely fall behind as a nation. Continue reading →

Posted In: Education, Politics

22 Mar 2012 Neil H. Buchanan

Morgan Lane Photography/Shutterstock.com

Why Do We Simply Accept on Faith That Taxes Are Always Harmful? Economists Begin to Acknowledge the Weak Empirical Case for Tax Cuts, but We Should Say More About the Real Costs of Cutting Taxes

Justia columnist, George Washington law professor, and economist Neil Buchanan contends that a current assumption that lies beneath many Republican (and sometimes also Democratic) speeches and positions—the assumption that tax cuts are always good—lacks compelling empirical support. Buchanan focuses on the costs of cutting taxes, and takes economists, as a group, to task for not conveying more persuasively to the public that these costs do exist. While politicians tout tax-cut benefits, Buchanan argues, economists ought to underline tax-cut losses, too—such as the losses of essential government programs that, due to tax cuts, are closed or underfunded. He also points to recent commentary, based on empirical studies, from prominent economists Christina Romer, Uwe Reinhardt, and Paul Krugman, pointing out how surprisingly little taxes affect the economy. Continue reading →

Posted In: Tax and Economics

1 Mar 2012 Neil H. Buchanan

Understanding the Misunderstandings on Both Sides of the U.S.-Chinese Financial Relationship: Who Is Taking Advantage of Whom?

George Washington law professor and economist Neil Buchanan comments on the financial relationship between U.S. and China—which he argues is far from as problematic as some claim. Buchanan covers the issues that have been raised regarding China’s holding U.S. debt; argues that the mutual China/U.S. dependence is ultimately healthy; discusses a possible worry on China’s part that the U.S. would accomplish a stealth repudiation of its debt through deliberate inflation, but deems that worry unrealistic; and considers whether the U.S. holds political power over China due to its holding our debt. Ultimately, Buchanan suggests, Americans should not be particularly concerned about the U.S.-China relationship, but should be quite concerned by the situation of the have-nots in both countries. Both governments, Buchanan concludes, need to ensure that the prosperity their country enjoys benefits not just the elites, but also the whole of society. While China is besting us in infrastructure improvements, he notes, it is not, at the same time, improving its citizen’s lives as it ought to. Yet the economic relationship between our two nations, he says, is sound. Continue reading →

Posted In: Government, International Law

17 Feb 2012 Neil H. Buchanan

Why Are So Many Economists So Unable to Help With the Ongoing Economic Crisis? Understanding What the Economics Profession Rewards and Penalizes

George Washington law professor and economist Neil Buchanan comments on the state of the economics profession today, linking it to the frustration many Americans feel when economists seem unable to come up with a clear set of prescriptions as to how the economy can be improved. Buchanan traces the root of the problem to the way in which economists are now trained, and the expectations placed upon PhD candidates. Ideally, Buchanan says, economists would be trained to study important and interesting real-world issues. Instead, he observes, they are not asked to actually try to understand the economy, but rather to master certain technical skills and to gain a command of topics in advanced mathematics that have limited, if any, direct real-world applications. Buchanan notes that some excellent economists do learn to grapple with real-world problems, but he observes that they do so more by happenstance, than as a result of their training. He traces the roots of this longstanding situation, and predicts that it will only change if and when the incentives presented to economics PhD candidates change. Continue reading →

Posted In: Education, Politics, Tax and Economics

3 Feb 2012 Neil H. Buchanan

The Buffett Rule Is an Imperfect Form of Tax Justice, but an Important Step in the Right Direction

Justia columnist, economist, and George Washington law professor Neil Buchanan comments on the controversy regarding the “Buffett Rule,” Warren Buffett’s observation that he surely should not pay a lesser percentage of his income in taxes than his secretary does. This rule—and the principle behind it—proved to be especially relevant this week, Buchanan notes, when presidential candidate Mitt Romney released some of his tax returns. Buchanan explains how wealthy Americans typically receive special tax treatment, and argues that it is not true that—as some claim—this treatment is necessary to induce the wealthy to invest. He also lauds the Buffett Rule as a key step toward reaching our ultimate goals as a nation, and ensuring the fair treatment of all Americans, regardless of income. Continue reading →

Posted In: Politics, Tax and Economics

19 Jan 2012 Neil H. Buchanan

Why Interdisciplinary Legal Scholarship Is Good for the Law, the Academy, and Society at Large

Justia columnist, George Washington law professor, and economist Neil Buchanan responds to some of the common criticisms of interdisciplinary legal scholarship, defending such scholarship on the ground that it makes a valuable contribution. He begins by noting how legal scholarship has changed over the years, beginning around the 70’s, from a field that primarily summarized legal developments, to one that primarily describes how the law could and should change. As a result of this evolution, Buchanan argues, it made sense to bring in other academic disciplines to assist law professors who were interested in improving policies, and who wanted to draw from the relevant schools of thought in framing their policy recommendations and developing their ideas. There has been nostalgia on the part of some—and, especially, some judges—for legal scholarship the way it used to be: primarily focused on describing the law, not improving it. But Buchanan argues that this nostalgia, while understandable, is misplaced, for combining legal expertise with expertise in another field can importantly further the debate on important policy matters. Some questions, Buchanan notes, are truly interdisciplinary and for these, interdisciplinary scholarship is not just useful, but vital. Continue reading →

Posted In: Education, Philosophy and Ethics, Politics

5 Jan 2012 Neil H. Buchanan

College Football Needs to Change, but Player Salaries Are Not the Answer: A Critique of the Misguided Calls to Give Up on the Student-Athlete Ideal

Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the state of college football, and how it can be improved. Buchanan argues that what is needed is not a movement toward more professionalism in sports, as some have suggested, but rather measures that would both ensure that college athletes do not face serious physical injury (and are taken care of, physically and financially, if they do), and also guarantee that players truly receive the college education that is supposed to come along with their admission. In addition to putting forward his own proposals, Buchanan also considers Taylor Branch’s analysis of the issue in The Atlantic, and Joe Nocera’s commentary on it in the Sunday New York Times Magazine. Continue reading →

Posted In: Education

Neil H. Buchanan

Neil H. Buchanan is an economist and legal scholar, a Professor of Law at The George Washington University, and a Senior Fellow at the Taxation Law and Policy Research Institute, Monash University (Melbourne, Australia). He teaches tax law, tax policy, contracts, and law and economics. His research addresses the long-term tax and spending patterns of the federal government, focusing on budget deficits, the national debt, health care costs, and Social Security. He also is engaged in a long-term research project that asks how current policy choices should be shaped by concerns for the interests of future generations.

Professor Buchanan has held permanent or visiting positions at Rutgers-Newark School of Law, NYU School of Law, and Cornell Law School. He clerked for Judge Robert H. Henry on the U.S. Court of Appeals for the Tenth Circuit. Prior to attending law school, Professor Buchanan was an economics professor, specializing in macroeconomics, the history of economic thought, and economic methodology. He has held full-time faculty positions in economics at the University of Michigan, the University of Wisconsin-Milwaukee, Barnard College, Goucher College, and Wellesley College.

Professor Buchanan has published articles in the George Washington Law Review, NYU’s Tax Law Review, Cornell Law Review, and Virginia Tax Review, as well as in the refereed social science periodicals The Journal of Economic Issues and The Journal of Socio Economics. He has also testified before Congress about issues related to tax reform. He has written popular articles for Tax Notes and Challenge: The Magazine of Economic Affairs, and he was a regular columnist for the now-defunct legal magazine FindLaw's Writ. In addition, he publishes twice weekly on the legal blog “Dorf on Law.”

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