"Who could have imagined conservatives would keep proposing exact same policy despite evidence that they're wrong?"
The MIT school of economics: The M.I.T. Gang, by Paul Krugman, Commentary, NY Times: Goodbye, Chicago boys. Hello, M.I.T. gang. If you don’t know what I’m talking about, the term “Chicago boys” was originally used to refer to Latin American...
GOP "responded to the utter failure of free-market orthodoxy by digging in even deeper"
(July 23, 2015 09:12 AM, by Scott Sumner) Paul Krugman recently had this to say on the minimum wage: Until the Card-Krueger study, most economists, myself included, assumed that raising the minimum wage would have a clear negative effect on employment. But they found, if anything, a positive... (0 COMMENTS)
Paul Krugman notes that Eurozone crisis is a vindication of that optimum currency area (OCA) theory. I agree but would note the crisis also sheds light on the specialization versus endogeneity debate surrounding the OCA criteria. Interestingly, Krugman himself wrote some of the literature in this debate back in the early-to-mid 1990s. Show More Summary
I mean that question quite um…seriously. Paul Krugman, who I believe originated the concept, recently defined it as follows: “…someone distinguished by his faith in received orthodoxy no matter the evidence.” I would rather have something less normative and also more specific. I think of it this way: the People are Very Serious if they […]
Why did Europe ignore the "euroskeptics"?: Europe’s Impossible Dream, by Paul Krugman, Commentary, NY Times:... To someone who didn’t know much economics, or chose to ignore awkward questions, establishing a unified European currency sounded like a great idea. It...
Leaders "trying to run Europe on the basis of fantasy economics"
(July 19, 2015 09:03 AM, by Scott Sumner) Paul Krugman doesn't understand why people think government is bad: Why, exactly, are these public functions unquestioned bywords for "something bad"? Maybe I'm living a sheltered life here in central New Jersey, but I don't find the Post Office a... (0 COMMENTS)
Responding to Rick Perlstein's piece on the rise of Trump coinciding with the final surrender of the Confederate flag, Paul Krugman remarks on the self-reinforcing nature of the Silent Majority myth: So why shouldn’t they rally around...Show More Summary
ARTHUR LAFFER: TAX AND TARIFF HIKES CRUSHED 1930s AMERICA. As UCLA noted back in 2004, “FDR’s policies prolonged Depression by 7 years,” which is why back in 2010, diehard Keynesian Paul Krugman was praising the economic “miracle of the 1940s” — also known as a little thing the rest of us like to call World […]
Paul Krugman invented the term “confidence fairy” to characterize the belief that all that was needed for growth to resume after the Global Financial Crisis was to restore “confidence”. Impose austerity and the economy will not shrink, but will instead grow immediately, because of the boost to confidence: don’t [...]
Today Paul Krugman wrote… Link “Many economists used to think of the labor market as being pretty much like the market for anything else, with the prices of different kinds of labor — that is, wage rates — fully determined by supply and demand. So if wages for many workers have stagnated or declined, it […]
Paul Krugman has a good primer today that doesn't mention Scott Walker's claim that the minimum wage is a "lame" idea, but does rebut it. [O]ur understanding of wage determination...
Paul Krugman has some fun rightfully mocking this: If U.S. policy makers and the public take away only one key lesson from what’s happening in Europe right now, it should be to put the budget on a path to balance during good times such as these. Show More Summary
Hillary Clinton showed she can evolve on the issue. Conservatives, not so much. Very few conservatives actually heard what Hillary Clinton said in her big economic speech on Monday, writes Paul Krugman in Friday's column. While manyShow More Summary
Yes, her economic policies differs from husband's -- but that's because she's aware of new evidence
We can do more to encourage firms to raise wages: Liberals and Wages, by Paul Krugman, Commentary, NY Times: Hillary Clinton gave her first big economic speech on Monday, and progressives were by and large gratified. For Mrs. Clinton’s core...
Paul Krugman, "Killing the European Project", NY Times, July 12, 2015: "The European project -- a project I have always praised and supported -- has just been dealt a terrible, perhaps fatal blow. And whatever you think of Syriza, or...Show More Summary
Paul Krugman is calling the European summit agreement on Greece “the sacking of Athens.” He said, gloomily, “So we have learned that the euro is a Roach Motel — once you go in, you can never get out. And once inside you are at the mercy of those who can pull your financing and crash […]