Wednesday , December 12 2018
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Two Basks About Krugman

Summary:
(For newcomers, on this blog we don’t “bleg” we “bask.”) #1) On Krugman’s victory lap commemorating the 10th anniversary of Lehman, he wrote: You could say that nobody could have predicted such a sustained slump. You could say that — but you would be wrong. Many people, myself included, predicted a slow recovery, because this was a different kind of recession from those of the 70s and 80s — one brought on by private-sector overreach, not inflation. So here’s my sincere question: Is the above stance compatible with the way Krugman sighed/mocked Greg Mankiw in early 2009, when Mankiw said he doubted the rosy recovery projections of the Obama economic team? Kuehn, Harold, Transformer, prove me wrong. But I have one plea: If you are going to argue it’s compatible,

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(For newcomers, on this blog we don’t “bleg” we “bask.”)

#1) On Krugman’s victory lap commemorating the 10th anniversary of Lehman, he wrote:

You could say that nobody could have predicted such a sustained slump. You could say that — but you would be wrong. Many people, myself included, predicted a slow recovery, because this was a different kind of recession from those of the 70s and 80s — one brought on by private-sector overreach, not inflation.

So here’s my sincere question: Is the above stance compatible with the way Krugman sighed/mocked Greg Mankiw in early 2009, when Mankiw said he doubted the rosy recovery projections of the Obama economic team? Kuehn, Harold, Transformer, prove me wrong. But I have one plea: If you are going to argue it’s compatible, can you also add whether Krugman in so doing is being deliberately misleading? I.e. I imagine someone could say, “Oh, Krugman also disagreed with the Administration forecast of recovery, and he thought Mankiw was totally right to predict a depressed economy for years to come, it’s just that the specific rationale Mankiw gave was not the one Krugman would have given.”

#2) Not in the particular reminiscences in the above article, but elsewhere recently Krugman has been reminding people of the 2010 column (which I’m finding on Bloomberg) in which a pundit contrasted Krugman’s views with fund manager John Paulson. What’s weird is that if you look up Krugman’s handling of it at the time, in the excerpt he himself provides from the article, it’s not at all obvious that Krugman won the contest (from our vantage point right now).

The problem is that there’s a paywall on the original 2010 column. If anyone feels it is ethical to do so, I would not mind being able to read that…

Robert Murphy
Christian, Austrian economist, and libertarian theorist. Research Prof at Texas Tech and author of *Choice*. Paul Krugman's worst nightmare.

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