|The dismal science|
|The Worldly Philosophers|
“”The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’—which states that the number of potential connections in a network is proportional to the square of the number of participants—becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.
|—Paul Krugman in 1998.|
Paul Krugman (born 1953) is a Nobel Prize-winning economist and columnist for The New York Times. He is a social democrat who favours 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
dirty hippie who wants to give free steaks to the Greeks mouthpiece for the liberal socialist agenda. American libertarians also seem to believe he's the devil incarnate, to the point two of the foremost libertarians (Tom Woods and Rob Murphy) devote a show to "debunking" (read: repeating Austrian school garbage) his NYT op-eds. He gets most of his facts right too. 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.
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. It is generally agreed upon that cranky Krugman is the best Krugman.
He also believes inflation is good.
Hate him? Let's strawman!
“”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.
- Economic inequality
- Post-Keynesian economics - Krugman is a near-perfect example of the difference between New Keynesians and Post-Keynesians, as seen in his scuffles with MMTers/chartalists.
- David Brooks - His sworn enemy.
- Contra Krugman.com - Imagine waking up to find there's a weekly podcast all about how much they hate you. (And went on a cruise to socialize with other people who hate you)[No, not The Onion]
- Krugman's blog at the Times
- The Theory of Interstellar Trade
- Krugman funnies on Noahpinion
- Here Are 5 Things Paul Krugman Says He Got Wrong Over The Years, Business Insider
- Paul Krugman Responds To All The People Throwing Around His Old Internet Quote
- Forbes calls him "the socialist laureate." (So free trade is now socialist, apparently.)
- PolitiFact on Krugman
- On the Uselessness of Debates, The New York Times
- "This research was supported by a grant from the Committee to Re-Elect William Proxmire."
- According to Ezra Klein
- Paul Krugman is Tired of Trying to Reason with You People, Brad DeLong
- Me, Myself, and Abe, The New York Times
- Me and the Bubble, The New York Times
- The full quote