A Direction for Republican Party?

Greg Mankiw gets feedback from some Harvard students, who overwhelmingly went for Obama:

So what does the Republican Party need to do to get the youth vote back? If the Harvard students are typical (and perhaps they are not, as Harvard students are hardly a random sample), the party needs to scale back its social conservatism. Put simply, it needs to become a party for moderate and mainstream libertarians. The actual Libertarian Party is far too extreme in its views to attract these students. And it is too much of a strange fringe group. These students are, after all, part of the establishment. But a reformed Republican Party could, I think, win them back.
Very interesting. It's also the direction I'd like to see the party go. I hope someone high up in the GOP is listening.