Once upon a time Nobel Prize winning economist Paul Krugman actually had some interesting thoughts about economics. That was before he became a political hack. Here is Krugman on the deficit in 2004:
PROFESSOR PAUL KRUGMAN, PRINCETON ECONOMIST: Well, basically we have a world-class budget deficit not just as in absolute terms of course – it’s the biggest budget deficit in the history of the world – but it’s a budget deficit that as a share of GDP is right up there.
So, if you take a look, the only thing that sustains the US right now is the fact that people say, “Well America’s a mature, advanced country and mature, advanced countries always, you know, get their financial house in order,” but there’s not a hint that that’s on the political horizon, so I think we’re looking for a collapse of confidence some time in the not-too-distant future.
Here is Krugman on the deficit this week: Continue reading
I have written before of a truly wacked out nostrum popular among bloggers on the Left in this country to have a coin minted with a trillion dollar value in order to “solve” the debt crisis. Go here to read my post on the subject. Now economist Paul Krugman, Nobel laureate and barking mad Leftist moonbat, has endorsed the proposal:
Enter the platinum coin. There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.
So why not?
It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin. Continue reading
Yesterday while almost all Americans were recalling 9/11 with sadness, mixed with pride for the heroism and self-sacrifice amply displayed by so many of their fellow citizens that dark day, economist Paul Krugman in his blog, hilariously entitled Conscience of a Liberal, at the, where else, New York Times, posted this:
The Years of Shame
Is it just me, or are the 9/11 commemorations oddly subdued?
Actually, I don’t think it’s me, and it’s not really that odd.
What happened after 9/11 — and I think even people on the right know this, whether they admit it or not — was deeply shameful. Te atrocity should have been a unifying event, but instead it became a wedge issue. Fake heroes like Bernie Kerik, Rudy Giuliani, and, yes, George W. Bush raced to cash in on the horror. And then the attack was used to justify an unrelated war the neocons wanted to fight, for all the wrong reasons.
A lot of other people behaved badly. How many of our professional pundits — people who should have understood very well what was happening — took the easy way out, turning a blind eye to the corruption and lending their support to the hijacking of the atrocity?
The memory of 9/11 has been irrevocably poisoned; it has become an occasion for shame. And in its heart, the nation knows it.
I’m not going to allow comments on this post, for obvious reasons. Continue reading
Paul Krugman recently did a Five Books interview with The Browser, talking about his five favorite books. The books are: Asimov’s Foundation series, Hume’s An Enquiry Concerning Human Understanding, two books by Lord Keynes, and a book of essays by economist James Tobin, one of Krugman’s old teachers. Of Foundation he says:
This is a very unusual set of novels from Isaac Asimov, but a classic. It’s not about gadgets. Although it’s supposed to be about a galactic civilisation, the technology is virtually invisible and it’s not about space battles or anything like that. The story is about these people, psychohistorians, who are mathematical social scientists and have a theory about how society works. The theory tells them that the galactic empire is failing, and they then use that knowledge to save civilisation. It’s a great image. I was probably 16 when I read it and I thought, “I want to be one of those guys!” Unfortunately we don’t have anything like that and economics is the closest I could get.
So what right-wing columnist said this:
All this fuss about civility . . . is an attempt to bully critics into unilaterally disarming – into being demure and respectful to the president.
Actually, it was Paul Krugman, quoted in a Stephen Miller article titled “Anger Mismanagement,” published in the Wall Street Journal on March 19, 2004.
Hey, at least this can be one time where I totally agree with Paul Krugman. Oddly enough, apparently I am in fuller accord with Paul Krugman than . . . Paul Krugman.
I suppose it may be a symptom of an unbalanced intellectual life, but one question that occurred to me while reading He Leadeth Me (an excellent and moving account of a Catholic priest who was imprisoned for over two decades in the Soviet Union) several months ago was a question about the failure of the Soviet economic system. In the book, Fr. Ciszek recounts year after year of back-breaking labor for 12-14 hours a day in Siberian labor camps. He and his fellow prisoners lived in squalid conditions, and were provided with hardly enough food to keep them alive. This is all horrible, of course, and I’d recommend Fr. Ciszek’s work to anyone who has a tendency to complain about the difficulties of pursuing sanctification in their jobs.
But it seemed to me that, unless the prisoners were basically digging ditches and filling them back up again, this type of coercion would increase economic efficiency, given that the inputs required to organize the prisoners were minimal and the workers were producing a great deal. Certainly, Soviet workers in these mines were producing more than unionized U.S. workers of the time. As it turns out, I am not the only who thought this way. As Paul Krugman helpfully explains, claims about the economic superiority of the Soviet Union were commonplace in the 1950’s and 1960’s, and many prominent economists reluctantly concluded that centrally planned economies had unique efficiency advantages:
Recently I’ve been toying with the idea of doing a series of posts looking at the recent survey purporting to know a lack of economic knowledge on the Left, with one post for each of the eight questions on the survey. As I look at the list of questions, however, a clear theme emerges, namely that liberals tend to think that the price of a good or service isn’t much affected by the supply of that good or service or visa versa. According to the survey, liberals tend to think that restricting the supply of housing doesn’t increase the price of housing (question 1), that restricting the supply of doctors (through licensing) doesn’t increase the price of doctors (question 2), and that price floors won’t decrease the supply of either rental space (question 4) or jobs (question 8).
Coincidentally, I’m currently reading a (surprisingly good) book by Paul Krugman, in which he argues that conservatives tend to minimize or dismiss the part changes in demand have on getting us into or out of recessions. Naturally this got me thinking whether one of the things separating left from right in this country is a difference in the importance of supply and demand in economic phenomenon. For the above issues, at least, liberals seem to be ready to discount the importance of supply, whereas conservatives underestimate the importance of demand.
Jim Manzi, a conservative expert on climate change, recently reviewed Mark Levin’s coverage of the subject in his book Liberty and Tyranny. Mr. Manzi was unimpressed:
I’m not expert on many topics the book addresses, so I flipped to its treatment of a subject that I’ve spent some time studying – global warming – in order to see how it treated a controversy for which I’m at least familiar with the various viewpoints and some of the technical detail.
It was awful. It was so bad that it was like the proverbial clock that chimes 13 times – not only is it obviously wrong, but it is so wrong that it leads you to question every other piece of information it has ever provided.
Levin argues that human-caused global warming is nothing to worry about, and merely an excuse for the Enviro-Statist (capitalization in the original) to seize more power. It reads like a bunch of pasted-together quotes and stories based on some quick Google searches by somebody who knows very little about the topic, and can’t be bothered to learn. After pages devoted to talking about prior global cooling fears, and some ridiculous or cynical comments by advocates for emissions restrictions (and one quote from Richard Lindzen, a very serious climate scientist who disputes the estimated magnitude of the greenhouse effect, but not its existence), he gets to the key question on page 184 (eBook edition):
[D]oes carbon dioxide actually affect temperature levels?
Levin does not attempt to answer this question by making a fundamental argument that proceeds from evidence available for common inspection through a defined line of logic to a scientific view. Instead, he argues from authority by citing experts who believe that the answer to this question is pretty much ‘no’. Who are they? – An associate professor of astrophysics, a geologist and an astronaut.