Monday, February 13, 2012

Paul Krugman vs the Entire World is Featured in Businessweek

Guess What World, Mr. Krugman is Winning

The Nobel Prize winning economist Paul Krugman has the best economic Forum in the nation (far better than this one it pains one to say).  Businessweek illustrates the personal nature of the conflicts that Mr. Krugman, an avowed Keynesian has had and is having with some of the more illustrious lights of the economics world.


Suffice it to say the Mr. Krugman has an answer, although his comments are directed in support of Jonathan Chait (whom some opponents think is “mean”), they apply equally to himself.

Actually, I think he’s not mean enough here; some of the hacks know that they’re being hacks, and are putting out deliberate falsehoods.

The key reason we can’t have a polite debate is that one side keeps putting out the old discredited arguments, again and again. Inequality hasn’t really increased, never mind the IRS data; we have huge social mobility, never mind the actual evidence; tax rates on the rich have gone up because they pay more taxes, never mind their soaring incomes; taxing the rich even slightly more has devastating effects on economic growth, never mind the Clinton boom and the Bush not-boom.

So it’s not a discussion in good faith, and neither Chait not I would be doing anyone a favor by pretending that it is.

Mr. Krugman primarily rails against those who would deny Keynesian economics, something that has stood the test of time for over 75 years.  His point, which is correct, is that their denial is driven by ideology because they do not like the policy conclusions.  This leads them to produce ridiculous statements and false data.

So if Mr. Krugman is not nice to his opponents, it is not his fault, they haven’t earned the right of respect.

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