This isn't to pick on Mankiw, but I can't help but notice there seems to be practically no related suggestions for the other side of the aisle. I can't think of any recent op-eds from anyone, for example, letting congressional Republicans know that if economic policy is to make any progress over the next two years, the GOP really will have to be bipartisan. There's no related talk about where Republicans should expect to compromise, or what promises they should expect to break as part of the give-and-take world of Washington policymaking in a time of divided government.The reason for this, I suspect, has something to do with the fact that Republican leaders have already foresworn making concessions with anyone on anything, and everyone seems well aware of this. You'll recall, for example, that the incoming House Speaker proclaimed on "60 Minutes" last month that he "rejects the word" compromise.
But this is a flaw in the conventional wisdom that needs to be corrected. In a few days, we'll have a Democratic White House, a Democratic Senate, and a sizable House Republican majority. If the only question is "What can Democrats do to make those Republicans happy?" the conversation will need a dramatic overhaul.