I do not know the intentions of Prof. Greg Mankiw's post: Bailout, Italian-style. He has already received an immediate and strong reaction here, which I can somehow share.
Perhaps the case of Parmigiano would need a dissertation thesis. On the other hand bailouts are nowadays very much in fashion, particularly in the United States and for every economic sector. I will avoid entering here the debate and economics of bailouts. A lot can be read on econblogs.
I note that what Prof. Mankiw is suggesting for the Parmigiano could also apply to United States' automakers which happen to have just received a bailout. Prof. Mankiw had to be more explicit in his conclusion. Indeed that is what economists are forecasting for the auto industry, where you have overproduction or production of cars the market is not buying anymore. The same logic might apply to banks (money and derivatives producers?), which again were bailed out. Yet, when an economist reads the case of Parmigiano carefully in its original text here, the difference between the Parmigiano industry and its market and the car or bank industries should be noted. I am sure Prof. Mankiw could elaborate on that. Next time an economist wants an interesting case of bailout Italian style, I would suggest to study the case of Alitalia airline. Its approach is similar to the one used for banks in the United States: call your friends and use taxpayers money without accountability and transparency.