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Links 1 through 10 of 48 by Michael Duff tagged krugman

Whatever else one may think of him, Krugman always offers a snappy argument for his views, backed up by an appeal to a formal model. My main goal in this section of the course is to equip students to "think like Krugman." For example, he has a ready response for critics who object, "So why don't we just run trillion-dollar deficits forever, if they're so good?" or who ask, "Why didn't your advice work in Zimbabwe?" Naturally, I don't agree with Krugman's worldview, but the point is that he has a fairly consistent, complex theoretical structure. Ultimately, it takes more than one-sentence zingers to give his views the thorough refutation that they deserve.

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As the government cut its spending on programs from 14.9 percent of GDP in fiscal year 1996 to 12.1 percent in fiscal year 2000, more resources were available for people to use productively in the private sector. From 1997 to 2000, when government spending as a percent of GDP fell, Canada's economy experienced a high rate of real growth of between four and five percent per year.

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The best option is, of course, to be Switzerland, a country strangely ignored by Krugman. The Swiss have run a prudent fiscal policy throughout the economic crisis. They have had a structural surplus in each of the past five years. Their net debt is actually lower today than it was in 2005. And guess what? In 2009 their economy suffered the smallest contraction in Europe, with unemployment today below 4 percent. As for sound money, the Swiss franc is up 95 percent against the dollar since 2000.

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let us explain again how this works for the Krugmans of this world: once a major malinvestment bubble bursts, the economy is in dire straits. This state of affairs can not be improved by more deficit spending and inflation, even though such policies may appear to work in the short term. However, this is nothing but an illusion – in the long term they merely postpone and worsen the underlying problems. The Great Depression and Japan's slow-motion depression – both eras in which big government/big deficit spending solutions utterly failed – seem far more pertinent as far as empirical evidence goes than what has happened in just one year of euro area austerity.

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Nonsense. You can't fix 30 years of malinvestment with 1 year of half-assed austerity measures, particularly when half the people who should be liquidating are biding their time waiting on it to fail. Funny how economists can draw conclusions based on short-term data when it's bad for the market but demand that we take the long view and "give things time to work" when government policies are failing.

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"The bottom line for now is that neither the Fed nor the ECB should be at all concerned about inflation."

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Henry Hazlitt: "The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economsit sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups."

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I can't believe I just read this. Krugman has stated flatly that Fed policy has no affect on oil prices and that RON PAUL is responsible for inflation fear! I'm sorry but this man crossed into self-parody a long time ago.

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"The policies that publicly express good will and mutual respect—that successfully broadcast that we care about one another—often are not the policies that would actually deliver the goods—the policies you'd favour if you cared more about people than signaling that you care about people."

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To recap: white students in Texas perform better than white students in Wisconsin, black students in Texas perform better than black students in Wisconsin, Hispanic students in Texas perform better than Hispanic students in Wisconsin. In 18 separate ethnicity-controlled comparisons, the only one where Wisconsin students performed better than their peers in Texas was 4th grade science for Hispanic students (statistically insignificant), and this was reversed by 8th grade. Further, Texas students exceeded the national average for their ethnic cohort in all 18 comparisons; Wisconsinites were below the national average in 8, above average in 8.

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