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Subcommittee on Investigations and Oversight Hearing - Building a Science of Economics for the Real World

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U.S. GOVERNMENT PRINTING OFFICE WASHINGTON : For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 57–604PDF 2010 BUILDING A SCIENCE OF ECONOMICS FOR THE REAL WORLD HEARING BEFORE THE SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT COMMITTEE ON SCIENCE AND TECHNOLOGY HOUSE OF REPRESENTATIVES ONE HUNDRED
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  U . S . GOVERNMENT PRINTING OFFICEWASHINGTON : For sale by the Superintendent of Documents, U.S. Government Printing OfficeInternet: bookstore.gpo.govPhone: toll free (866) 512–1800; DC area (202) 512–1800Fax: (202) 512–2104Mail: Stop IDCC, Washington, DC 20402–000157–604PDF 2010 BUILDING A SCIENCE OF    ECONOMICS FOR THE REAL WORLD HEARING BEFORE THE SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT COMMITTEE ON SCIENCE AND TECHNOLOGY HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS SECOND SESSIONJULY 20, 2010 Serial No. 111–106 Printed for the use of the Committee on Science and Technology (  Available via the World Wide Web: http://www.science.house.gov  (II) COMMITTEE ON SCIENCE AND TECHNOLOGY HON. BART GORDON, Tennessee, Chair JERRY F. COSTELLO, Illinois EDDIE BERNICE JOHNSON, Texas LYNN C. WOOLSEY, California DAVID WU, Oregon BRIAN BAIRD, Washington BRAD MILLER, North Carolina DANIEL LIPINSKI, Illinois GABRIELLE GIFFORDS, Arizona DONNA F. EDWARDS, Maryland MARCIA L. FUDGE, Ohio BEN R. LUJA ´N, New Mexico PAUL D. TONKO, New York STEVEN R. ROTHMAN, New Jersey JIM MATHESON, Utah LINCOLN DAVIS, Tennessee BEN CHANDLER, Kentucky RUSS CARNAHAN, Missouri BARON P. HILL, Indiana HARRY E. MITCHELL, Arizona CHARLES A. WILSON, Ohio KATHLEEN DAHLKEMPER, Pennsylvania  ALAN GRAYSON, Florida SUZANNE M. KOSMAS, Florida GARY C. PETERS, Michigan JOHN GARAMENDI, California  VACANCY RALPH M. HALL, Texas F. JAMES SENSENBRENNER JR., Wisconsin LAMAR S. SMITH, Texas DANA ROHRABACHER, California ROSCOE G. BARTLETT, Maryland  VERNON J. EHLERS, Michigan FRANK D. LUCAS, Oklahoma JUDY BIGGERT, Illinois W. TODD AKIN, Missouri RANDY NEUGEBAUER, Texas BOB INGLIS, South Carolina MICHAEL T. MCCAUL, Texas MARIO DIAZ-BALART, Florida BRIAN P. BILBRAY, California  ADRIAN SMITH, Nebraska PAUL C. BROUN, Georgia PETE OLSON, Texas S UBCOMMITTEE ON I NVESTIGATIONS AND O  VERSIGHT   HON. BRAD MILLER, North Carolina, Chair STEVEN R. ROTHMAN, New Jersey LINCOLN DAVIS, Tennessee CHARLES A. WILSON, Ohio KATHY DAHLKEMPER, Pennsylvania  ALAN GRAYSON, Florida BART GORDON, Tennessee PAUL C. BROUN, Georgia BRIAN P. BILBRAY, California  VACANCY RALPH M. HALL, Texas DAN PEARSON Subcommittee Staff Director EDITH HOLLEMAN Subcommittee Counsel JAMES PAUL  Democratic Professional Staff Member DOUGLAS S. PASTERNAK  Democratic Professional Staff Member KEN JACOBSON  Democratic Professional Staff Member TOM HAMMOND  Republican Professional Staff Member  (III) C O N T E N T S July 20, 2010 Page Witness List.............................................................................................................2Hearing Charter......................................................................................................3 Opening Statements Statement by Representative Brad Miller, Chairman, Subcommittee on Inves-tigations and Oversight, Committee on Science and Technology, U.S. House of Representatives................................................................................................7Written Statement............................................................................................8Statement by Representative Paul C. Broun, Ranking Minority Member, Sub-committee on Investigations and Oversight, Committee on Science and Technology, U.S. House of Representatives.......................................................9Written Statement............................................................................................10 Witnesses: Dr. Robert M. Solow, Professor Emeritus, Massachusetts Institute of Tech-nology Oral Statement.................................................................................................12Written Statement............................................................................................14Dr. Sidney G. Winter, Deloitte and Touche Professor Emeritus of Manage-ment, The Wharton School of the University of Pennsylvania Oral Statement.................................................................................................15Written Statement............................................................................................17Dr. Scott E. Page, Leonid Hurwicz Collegiate Professor of Complex Systems, Political Science, and Economics, University of Michigan Oral Statement.................................................................................................27Written Statement............................................................................................29Dr. V.V. Chari, Paul W. Frenzel Land Grant Professor of Liberal Arts, Uni-versity of Minnesota Oral Statement.................................................................................................32Written Statement............................................................................................34Dr. David C. Colander, Christian A. Johnson Distinguished Professor of Eco-nomics, Middlebury College Oral Statement.................................................................................................38Written Statement............................................................................................39Discussion.................................................................................................................45
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