Paul Krugman

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Paul Krugman is a Nobel Prize-winning economist and columnist for The New York Times. He is a Keynesian/social democrat who favors global free trade and criticized the Obama Administration for crafting an economic stimulus bill that was too modest to be effective. He opposes farm and ethanol subsidies and populist protectionism (of the sort espoused by Lou Dobbs and Pat Buchanan) and is a fierce critic of supply side economics. Conservatives, of course, view him as a mouthpiece for the liberal socialist agenda.[1] He gets most of his facts right too.[2] Unfortunately, while an economic expert, he is not the best at public speaking, once even losing in a debate with Ron Paul because he was unable to respond properly on live television.[3]

Some people with their sarcasm detectors turned off believe that Krugman is insane because of a 1978 paper he wrote on "interstellar economics." This is actually a parody if you can't tell after reading the first few lines.[4] It is generally agreed upon that cranky Krugman is the best Krugman.[5]

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[edit] Hate him? Let's strawman!

As known for being one of a few economists to foresee the Great Recession, Krugman has become a victim of quote mining in recent years. Take this:

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off.

Krugman was never advising the Fed to create the bubble, or saying it was a good idea.[6] But he was making a (unfortunately correct) prediction about how Greenspan would try to "fix" his mess.[7]

[edit] See also

[edit] External links

[edit] Footnotes

  1. Forbes calls him "the socialist laureate." (So free trade is now socialist, apparently.)
  2. PolitiFact on Krugman
  3. On the Uselessness of Debates, The New York Times
  4. "This research was supported by a grant from the Committee to Re-Elect William Proxmire."
  5. According to Ezra Klein
  6. Me and the Bubble, The New York Times
  7. The full quote
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