This is why I continue to think that the ones who are really to blame are the politicians. The economic studies provided cover for their set of policy actions.
Anyway, there's no matching Prof. Krugman's performance these last few months. Not only has his forecasts been right on, but his retrospective look at why things unfolded the way they did has been downright flawless.Fictional Reserve Barking
A kind word for Paul
circuit
Credit where credit is due.
"Well, Krugman himself will tell you that his secret weapon is simple, elementary Keynesian economics - a rough-and-ready IS-LM view of the world"
ReplyDeleteBullshit.
Besides MMT, Steve Keen has far and away been the one to listen to.
Krugman should stick to "new" economic geography, where he is still a novice
(see
Martin, Ron. 1999. The ‘New Economic Geography’: Challenge or Irrelevance?
Transactions Institute of British Geographers 24: 387-391.
Martin, Ron and Peter Sunley. 1996. Paul Krugman’s Geographical Economics and
Its Implications for Regional Development Theory: A Critical Assessment.
Economic Geography, 72: 259-292.
(sorry to be impolitic. It's just there is too much good economics out there, and the situation is too serious, to have much patience for people who believe in things like IS-LM anymore.)
ReplyDeleteIt's just there is too much good economics out there, and the situation is too serious, to have much patience for people who believe in things like IS-LM anymore
ReplyDeleteAgree. It's hiding behind a model. Krugman is bowing to the orthodox demand that everything be expressed in a model, which is not only dumb, it biases economics away from consideration of quality in the mistaken effort to be a positive science, which as others have pointed out is a sad case of penis envy.