"Take care of the ____ run and the ____ run will take care of itself."

Full in the blanks with the words “long” and “short.” A test originally proposed to distinguish conservative and liberal economists. I wonder if it more generally distinguishes conservatives and liberals.

"I Can Afford Higher Taxes. But They’ll Make Me Work Less."

Professor Mankiw explains how things work.

Time for Obama to move out of the lefty-senator, campaign-promiser role and listen to economists.

Harvard econ-prof Greg Mankiw offers prez-elect Obama 4 items of advice on economics.

1. "Listen to your economists... They will often give you advice quite different from what you will hear from congressional leaders Nancy Pelosi and Harry Reid."

2. "Embrace some Republican ideas." That's what Bill Clinton did.

3. "Pay attention to the government’s budget constraint." You can't give people all those things you promised during the campaign when "the laws of arithmetic are ignored."

4. "Recognize your past mistakes." You were a lefty senator. The time for that is over. Listen to your economic experts who will tell you why.