When Gov. Bill Walker announced his plan to cut the Permanent Fund Dividend and restructure the permanent fund for government spending, I sought advice from Vernon Smith, PhD, and Nobel Laureate.
Smith is an expert economist, who served from 2003 to 2006 as the Rasmuson Chair in economics at the University of Alaska Anchorage. I recalled his praise for the permanent fund model in Gov. Jay Hammond’s last book, “Diapering the Devil: A Lesson for Oil Rich Nations.” Since he lived in Alaska, I hoped he would discuss his evaluation of Walker’s fiscal plan.