As you know, there are signs — tentative ones — that our economy is beginning to recover from Great Depression II. It’s about on schedule — I thought we would need about five years to crawl out of the hole we were in. But we had 5% growth in Q3 and unemployment continues to edge down (although the U6 remains high). Projections for 2015 are cautiously optimistic, barring a major war or something (which, with … Read more
Tag Archive: paul krugman
For seven years running, I have taken advantage of the Thanksgiving Holiday to give out my awards for Turkey of the Year and Golden Drumsticks. The latter are for those who exemplify the best traits in our public sphere. The former are for those who exemplify silliness and stupidity. I rarely give them out to someone who is evil; they are reserved for those who regularly make me shake my head and wonder what they’re … Read more
Over at Ezra Klein’s new venture, there is a fascinating piece about how politics make us stupid. Klein details experiments that show that both liberals and conservatives have a tendency to interpret facts so that they reinforce their own pre-existing biases. Or, more accurately, that people tend to interpret even objective scientific evidence in ways that support the ideas of their political tribe. It is worth your time.
Of course, the Left Wing never likes … Read more
Jon Stewart responds to Paul Krugman’s criticism:
I think this exchange perfectly illustrates the debate over the Magic Coin Trick. Krugman wanted to get into nuance and detail and talk about this like it was a classroom exercise without real world consequences. But the value of money is entirely arbitrary, determined … Read more
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Recently, two more countries have felt the bite of Keynesianism. Today, the credit ratings agency Fitch downgraded Japan’s economy and the AP reported that the Argentinian economy is likely to decline sharply. While Japan and Argentina might be different kinds of economies
Read this. Then read this. The first is Paul Krugman praising Argentina’s “economic model” of plundering, theft and deception, claiming its performance has been comparable to Brazil’s. The second is Juan Carlos Hidalgo’s response pointing out that Krugman (1) uses Argentina’s official inflation numbers, which economic journals have stopped using because they are transparent lies; (2) starts his analysis two years after Argentina’s recession began; (3) compares Argentina with a relatively poorly-performing country … Read more
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There were too many times when RP simply piled polemic points on top of each other and stopped making a sequential argument. He overrates the costs of inflation, including in the long term, and for a believer in the market finds it remarkably non-robust in
Krugman, that jackass that was given a Nobel prize in Eonomics for being a good old fashioned Keynesian idiot and the politics that permeate the entire Nobel prize process, is out with another doozy. This time it isn’t some economic idiocy, but him saying that Fake heroes like Bernie Kerik, Rudy Giuliani, and, yes, George W. Bush raced to cash in on the horror.
I am not surprised Krugman feels this way. I recall … Read more
No one ever went broke underestimating the inefficiencies of government, such as why the Law of Economy (Ockham’s razor) is never a factor when bureaucrats get together on the topic of economics. Sure, more money can be thrown at it, with more committee’s committed to it, and more studies called for employing even more people to analyze it, when the “it” involves something so complicated, so convoluted in scope that even approaching a modicum of … Read more