Thursday, January 15, 2009
Filling the Holes in Krugman's Analysis
You may be getting sick of Krugman-bashing, and in fact so am I. (My next Mises Daily will be a critique of Robert Lucas.) Yet I couldn't let this one go:
So what I've come to realize is that in these last few months Krugman has implemented his own private-sector stimulus plan. He has been working furiously, cranking out fallacious articles and blog posts, which then provide work for people like Bill Anderson and me, as well as thousands of other bloggers who still can't understand why it's bad for families to save more. A clever chap, this Dr. Krugman, no?
Today my make-work will fill in two holes in a recent Krugman blog post. The first flaw is his belief that output generates employment (rather than vice versa), and the second is his belief that government spending is a measure of real output.
Comments:
Ugh. An academic can have reasonable arguments against ABCT and the loanable funds model. But really, can he have a reasonable argument that employment is always and everywhere a good thing?
Krugman doesn't even try to distinguish between actual gainful employment and make-work garbage. Why not just bring back slavery? That will lower that nasty unemployment figure!
His recent posts reinforce my belief that libertarians are likely correct because they have to try harder. They're the underdogs, and so have to put more thought into their (mostly counter-intuitive) arguments. Krugman can spout whatever garbage he wants and get followers.
Krugman doesn't even try to distinguish between actual gainful employment and make-work garbage. Why not just bring back slavery? That will lower that nasty unemployment figure!
His recent posts reinforce my belief that libertarians are likely correct because they have to try harder. They're the underdogs, and so have to put more thought into their (mostly counter-intuitive) arguments. Krugman can spout whatever garbage he wants and get followers.
# posted by 
: January 15, 2009 at 11:44 AM
: January 15, 2009 at 11:44 AM
Abolish all technologies younger than 150 years. Full employment created by decree, without a single penny of bailout.
It's my personal favorite when people talk about the need for the government to create employment. Doesnt' shut them up, but amuses me.
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It's my personal favorite when people talk about the need for the government to create employment. Doesnt' shut them up, but amuses me.
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