An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, April 1, 2013
William Greider — Why Was Paul Krugman So Wrong?
Out of paradigm, but of in interest if you follow Greider as a leading progressive voice.
The interesting part of this article is the point about Germany being a model. I tend to agree that Germany's brand of industrial policy has merit. One has separate this from Germany's preferred approach to monetary policy.
In fact, there's a good argument to be made that Germany's success is due to its strong labor movement and interventionist industrial policies, both of which acted as countervailing forces to the potent and regressive actions of the country's rigid monetary authority.
Surely, this supports John Kenneth Galbraith's longstanding claim about the important role of countervailing power in economic policy.
Don't know the author but ... Brilliant!!
ReplyDeleteKrugman deserves this. He has pushed free trade left right and center and ridiculed dissent.
Paul Krugman is part of the problem.
Good god, Greider sounds a lot like that Ron Paul channeler, Paul Craig Roberts. Banish him from the ranks of the progressives!
ReplyDeleteKrugman's religion is in this paper:
ReplyDeletehttp://web.mit.edu/krugman/www/ricardo.htm
The interesting part of this article is the point about Germany being a model. I tend to agree that Germany's brand of industrial policy has merit. One has separate this from Germany's preferred approach to monetary policy.
ReplyDeleteIn fact, there's a good argument to be made that Germany's success is due to its strong labor movement and interventionist industrial policies, both of which acted as countervailing forces to the potent and regressive actions of the country's rigid monetary authority.
Surely, this supports John Kenneth Galbraith's longstanding claim about the important role of countervailing power in economic policy.
Ram,
ReplyDeleteDid you see Tom posted to a story downthread where Australia is allegedly going to start accepting Yuan for it's exports?
And accrue yuan balances...
rsp,
Matt,
ReplyDeleteHeard of it, haven't seen the post. Will check.
Ram,
ReplyDeleteHere's the link to Tom's post:
http://mikenormaneconomics.blogspot.com/2013/03/zero-hedge-thanks-world-reserve.html
Original at ZH so caveat emptor.... may be interesting...
rsp,