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Paul Krugman, one of the most articulate and accessable economists in the business has plenty of detractors.  Stepping on the toes of the would-be exalted is bound to draw some flack.  His recent posts concerning the Reinhart-Rogoff fiasco are a case in point.

Responding to Noah Smith, the latest in a long line of critics, Krugman put forth the clearest expostition of his view of the economy and its current troubles yet presented.

This page says it all, and it is a worthy read.

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Comment Preferences

  •  The Economics Of Countercyclical Policy (5+ / 0-)

    Is it that hard to grasp? A good portion of the electorate has taken Economics classes where they have been exposed to it. Reading Krugman as Cassandra for the last 4 years has been frustrating. Oh well. Seems like the population here doesn't get evolution or global warming either.

    •  Hah! You think we evolved from chimps (4+ / 0-)

      In the 6000 years since god put Adam and Eve here? Duh, dude! There's a brilliant science book, one that has all the answers. Better yet, every word is 100% USDA Choice Inerrant! Every word is true! I strongly recommend it. And if Sarah and michelle and I have our way, not only will it be our science book, but our law book, too!

      What we call god is merely a living creature with superior technology & understanding. If their fragile egos demand prayer, they lose that superiority.

      by agnostic on Sat Apr 27, 2013 at 11:12:31 AM PDT

      [ Parent ]

  •  Because they can't defend this: Spain jobless rate (8+ / 0-)

    ...Hits 27% on Recession Woes...

    or this:  after nearly two-years of austerity-fueled recession, Italy's voters reject austerity.

    or this:  "...official confirmation from the United Kingdom that austerity policies don’t work..."

    or this:  Europe's two-year-old strategy of austerity isn't working. And there is no Plan B.

    ...Overall unemployment hit a 15-year high of 10.9 percent in March...The average rate masks painfully high levels of unemployment in the hardest-hit countries...

    ...economists believe the jobless rate in Europe is headed higher...

    "...Economic weakness seems to be taking a toll after all.... We are in a phase of stagnation..."

    ...Now, other countries appear to be entering the downward spiral, as spending cuts force layoffs and undermine consumer and business confidence, driving local economies deeper into recession. As those local economies shrink, so do tax revenues - forcing deeper budget cuts and increasing the government's debt burden in relation to the size of its economy...

    ...They can't defend these truths, so they use gibberish  to attack the man who keeps pointing them out.
  •  His column was excellent! (3+ / 0-)

    Now if he will just bring it with him as a cheat sheet the next time he goes on a talking head show and is confronted with those same tired bromides he addresses so well here.

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Sat Apr 27, 2013 at 09:53:34 AM PDT

    •  He's not suited to either the context or the (3+ / 0-)

      competition.  The context is comprised mostly of the  beyond-stupid Sunday morning shows; and the opposition, as he says in his blog entry, refuses to deal with anything more cognitively complex than idiotic metaphors like "the nation's economy is like a household budget."  To use one of Charlie Pierce's wonderful musical analogies, our national discourse sounds like what Purcell would have composed if he had written "Fido and Aeneas."

      "If you don't read the newspapers, you're uninformed. If you do read the newspapers, you're misinformed." -- M. Twain

      by Oliver St John Gogarty on Sat Apr 27, 2013 at 10:12:04 AM PDT

      [ Parent ]

      •  I agree with you for the most part. (2+ / 0-)
        Recommended by:
        RunawayRose, third Party please

        But I think he is improving and he is (or could be) a powerful voice for rationality.

        He had a learning curve where he had to figure out that these people were just as stupid and/or venal as they appeared to be. Initially he seemed almost paralyzed with horrified bemusement that he was supposed to be "debating" someone like Mary Matalin whose major weapon was her overpowering unpleasantness and sneering voice as she addressed him as "Professor" over and over. My only surprise was that she didn't just loosen up and call him Mr.Professor Egghead Liberal Smartypants.

        “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

        by Phoebe Loosinhouse on Sat Apr 27, 2013 at 10:33:39 AM PDT

        [ Parent ]

  •  He definitely has gotten better, but usually he (2+ / 0-)
    Recommended by:
    RunawayRose, third Party please

    won't descend to the "Crossfire" (or worse) level of his opponents and still seems somewhat stunned by how stupid and meretricious their arguments can be and how dishonest is their frequent use of bogus "facts."   For example, he admitted as much in his self-evaluation of his encounter with Morning Joe on Charlie Rose--I.e., even in a context more suited for his strengths than the inane Sunday AM panels.

               I completely understand this reaction by Krugman, having a otherwise very intelligent and worldly brother* with an Ivy League MBA who spouts Fox nonsense at me, often reducing my responses to nothing more than, "My God, you really don't believe that preposterous horseshit, do you?" So,  I admire Krugman's perseverance, even if I often wish he were more aggressive toward the usual idiots.

             *And often reasonable -- e.g., he supports an increase in the minimum wage, despite being a retired manufacturing CEO.

    "If you don't read the newspapers, you're uninformed. If you do read the newspapers, you're misinformed." -- M. Twain

    by Oliver St John Gogarty on Sat Apr 27, 2013 at 11:05:52 AM PDT

  •  Krugman hits it out of the park... (1+ / 0-)
    Recommended by:
    ...Bush brought an unprecedented level of systematic dishonesty to American political life, and we may never recover...
    ...There was a time when Americans expected their leaders to be more or less truthful. Nobody expected them to be saints, but we thought we could trust them not to lie about fundamental matters. That time is now behind us — and it was Bush who did it.
    Slimy Bush bastard.

    And the poeple bowed and prayed To the neon god they made...

    by third Party please on Sat Apr 27, 2013 at 01:46:38 PM PDT

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