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Large economies are not individual households, Krugman schooled them. My spending is your income, and your spending is my income. So, if everyone slashes spending, we end up producing a depression. Jon Moulton venture capitalist and Tory donor: The issue about austerity here is, really, we have too large a state.
If you want growth you need a larger private sector, not a larger public sector Actually, none of this is at all about fiscal responsibility.
Paul Krugman, European celebrity | theranchhands.com
We can argue about whether the British state is too large, but look at Sweden, which is actually weathering this well with a much larger state than you have. Nor did the intrepid Krugman stop with bashing Tories and their ideology. In his Thursday column , he summed up his best fighting words. And this is, of course, exactly the same thing that has been happening in America. Frank Browning reported for nearly 30 years for NPR on sex, science and farming.
¡Acabad con esta crisis!
He is the author of, among other books, "A Queer Geography" and "Apples. Ads are currently disabled. Please sign in with Facebook or Google below: Some features of WorldCat will not be available. Create lists, bibliographies and reviews: Search WorldCat Find items in libraries near you. Advanced Search Find a Library. Your list has reached the maximum number of items. Please create a new list with a new name; move some items to a new or existing list; or delete some items. Your request to send this item has been completed.
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New York Magazine called Krugman "the leading exponent of a kind of liberal purism" that he is "not altogether comfortable with, but it is [a role] he has sought. Krugman has garnered a reputation for contradicting himself on many occasions. When documenting such inconsistencies several writers have made references to such an occurrence being commonplace: New York Times columnist Paul Krugman is a raging hypocrite.
You'll be shocked to find out, I'm sure. In addition to the instance reported in the WSJ see above , a single article published in the conservative online magazine The American Thinker documents Krugman making contradictory statements in a wide variety of topics. He is documented as stating that when deficits are high interest rates are low, and when governments run up a deficit, interest rates rise. He argued that higher national debt and spending were bad for people early in their careers, as they would have to pay for it later in life, and nearly twenty-five years later, he argues that the national debt is not a problem, as it never needs to be paid off.
Krugman argued it is not the debt that matters, but rather the debt-to-GDP ratio. But in an open letter to Alan Greenspan he asserted, " Krugman has stated labor unions and higher wages cause unemployment , as well as stating labor unions create a stable middle class , and lower wages have a contractionary effect on the economy which is characterized in part by unemployment.
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He has argued that governments do not cause recessions and are not responsible for business cycles , but he also blames the Bush administration for the current recession. Krugman claimed that nothing the government has done has had an impact on the economy, and states that government actions are like using a water pistol to shoot an elephant -- but he also claims that "big government" saved the economy.
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He declared that workers' fears of losing jobs to workers in China and India due to globalization aren't irrational, when he earlier stated that those who blamed the global economy for the loss of jobs were "silly. However, as Mankiw shows, Krugman himself stated ten years earlier that crisis loomed ahead when the baby boomers would start to retire around year In an open letter to The New York Times Donald Boudreaux pointed out that Krugman suggested trade with low-wage countries poses real problems for high-wage America, despite years earlier penning a paper stating that wages are determined by worker productivity.
Columnist Tom Bevan asked in how Krugman reconciles a call for economic stimulus while at the same time arguing that additional environmental regulations and taxes are needed to avert the "utter catastrophe", outlining that stricter environmental policies such as carbon taxes, capping emissions, and additional regulations come at a cost to the economy.
Economist Robert Murphy has documented so many contradictions made by Krugman that he has coined the term "Krugman Kontradiction" or "Klassic Krugman". Columnist Richard Baehr has written several pieces documenting false and contradictory statements by Krugman. In August , Baehr published a series of articles detailing Krugman's continuous misrepresentation of facts surrounding the Presidential election and votes cast in Florida.
Baehr closed the series stating: Krugman simply could not get away with his lies if he were required to post hyperlinks [ In Baehr detailed Krugman's August 23 column on extending the Bush tax cuts as being "not merely misleading; it is an outright and deliberate fabrication.
In Krugman falsely accused conservatives of embracing the lump of labour fallacy , when the paper he cited did not commit the error. Agresti documented Krugman claiming total government spending had fallen under the Obama administration, then changing his claim to say it had remained flat, both of which were shown to be false according to the data published by the federal Bureau of Economic Analysis.
Economist Robert Higgs noted that in a telephone news conference Krugman commented the Lates recession "in fact" resembles the Great Depression. Higgs mentions various measures, including the unemployment rate , GDP decline, commercial bank failures, and others, all which empirically contradict Krugman's claim.
The Economist notes that in addition to his obvious partisanism, "even [Krugman's] economics is sometimes stretched. The magazine notes that while "this probably did not convince most game theorists", it still in effect gives lay readers "the illusion that Mr Krugman's perfectly respectable personal political beliefs can somehow be derived empirically from economic theory.
Krugman's contradictions and alleged poor economic reasoning have led to much attention, particularly in the blogosphere and the economics community. Calling him a "doctor of bad economics", Sheldon Richman has pointed out inconsistencies and conflicting notions in Krugman's prescription for international trade and domestic social safety nets. In Bill Anderson documented Krugman's notion that health care is the only industry in which improvements in knowledge and the development and acquisition of capital drive up costs, not reduce them, as laws of economics dictate.
Anderson says Krugman's assessment "provides ample proof that one can be called an 'economist,' yet not know much about economics. Economist and former Chairman of the Council of Economic Advisors Greg Mankiw stated he was left scratching his head when Krugman claimed a Tobin tax on foreign exchange trades is possible because "modern trading is a highly centralized affair", with a majority of transactions settled at a single London-based institution.
Mankiw points out that if taxes made transacting in London even slightly more expensive, companies could easily move elsewhere, thus making the tax useless, and Krugman's claim null. Investor and businessman Jim Rogers said of Krugman "He doesn't know anything about economics.