Remembering Krugman’s Wrongness

by Aug 9, 2013Liberty & Economy0 comments

I harp a lot in this blog on the wrongness of the print-money-and-lower-interest-rates crowd, and namely, Paul Krugman -- and I do so with a purpose.

Paul Krugman

On his blog, he repeats his mantra about inflation:

I harp a lot in this blog on the wrongness of the inflation-and-soaring rates crowd — and I do so with a purpose. The reason Very Serious People have so much damaging influence is that they come across as, well, Very Serious; yet they have in fact been not just wrong but ludicrously so, and pointing that out, repeatedly, is one way to help get our economic conversation back on track.

And it’s worth emphasizing, again, that we’re not talking about small errors — 1 percent growth when they said 2, or something. We’re talking about epic mistakes.

I harp a lot in this blog on the wrongness of the print-money-and-lower-interest-rates crowd, and namely, Paul Krugman — and I do so with a purpose. The reason Very Expert Economists of the Keynesian school have so much damaging influence is that they come across as, well, Very Expert; yet they have in fact been not just wrong but ludicrously so, and pointing that out, repeatedly, is one way to help get our economic conversation back on track.

And it’s worth emphasizing, again, that we’re not talking about small errors — saying unemployment would reach 8.8% without the Obama stimulus but remain down at 7% with it, when with the stimulus it reached 10%, or something. We’re talking about epic mistakes. Like advocating a Fed inflationary policy in order to lower interest rates to create a housing bubble.

Ron Paul vs. Paul Krugman

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