Paul Krugman comments:
I’ve often noted that to a first approximation, nobody ever admits having been wrong about anything. My usual prime example is all the people who issued dire warnings five years ago that runaway inflation was imminent — and are issuing identical warnings to this day.
I left the following comment in reply:
So when are you going to admit being wrong to advocate the Fed push interest rates down to fuel a boom in housing following the bursting of the NASDAQ bubble, Paul?
And, yes, Krugman really did advocate that the Fed inflate to replace the dot-com bubble with a housing bubble, all vain attempts to deny this notwithstanding. I’ve fully documented this in my book Ron Paul vs. Paul Krugman: Austrian vs. Keynesian Economics in the Financial Crisis.
Any work of economics that can make you laugh is at least worth a look. If in less than 100 pages it also informs you about a subject of great importance, it might just qualify as a must-read. Jeremy Hammond, a political journalist self-taught in economics and a writer of rare skill, has produced such a book.
— Barron’s
