You are here:   Reputations >  Overrated > Overrated: Paul Krugman
 

 

 (Credit: David Smith)

When Friedrich von Hayek became a Nobel Laureate in economics in 1974 he said: "The Nobel Prize confers on an individual an authority which in economics no man ought to possess." The truth of this is demonstrated daily by the case of Paul Krugman. 

Krugman and his supporters whip out his Nobel Memorial Prize in Economic Sciences like a Top Trump of Diego Maradona. It is awarded annually — so why the special fuss about a prize Krugman won four years ago? His Nobel is being used to intimidate opponents. Any opposition to Krugman with his Nobel Prize is opposition to science itself. 

Why Krugman generates so much opposition isn't hard to fathom. From his perch in the New York Times he says one ridiculous thing after another. In the British context Krugman's risible thesis is that the economy is struggling because the government isn't spending enough money, that austerity is driving us back into recession, and that the solution to our debt crisis is to borrow and spend even more money. 

But there is no austerity. British government spending has fallen from record highs by only about 1 per cent since the coalition took office. This has tipped us back into recession? Most private sector companies could save that by switching to cheaper copier paper. 

Krugman argues that we need vast government spending to get us out of the recession. But Britain is running a budget deficit of more than 8 per cent of GDP, one of the highest in the developed world. The government is spending more than 400 million borrowed pounds every day; the national debt is increasing by more than £5,000 every second. 

View Full Article
 
Share/Save
 
 
 
 
Larry E
July 18th, 2012
5:07 PM
Pulp economist Krugman abandoned any scientific or economic integrity long ago, replacing it with pure partisan politics. In his drive to support Obama's policies, Krugman is all, "Tax more, tax more, stimulate the economy more, spend more, the government needs more money." Krugman is the Ex-Lax economist, always attempting to "stimulate" the economy and so support Obama. P.S. I like the novel approach to captcha used on this page. At least we humans can READ the damned thing.

Fred Soddy
July 13th, 2012
12:07 PM
Fifth form rant wrenching quotes out of context. Must do better.

Ron Edge
June 28th, 2012
7:06 PM
Oh, c'mon!! You know as well as I do that the vast majority of that money, under some tricky means, is going to the Financiers of ine strip or another, who, largely, created the Crash in '08 by their "Bad Bets" and, in many cases in the USA, the outright lying/cheating of home buyers. Allowing Commodities Brokers to take the same route of Farmers meant that rampant Speculation is strangling those at, or near the Poverty Levels. Same for Medical Bankruptcies whose condition has soared but is no longer a situation for which ANY of the 99% can no longer use to declare Bankruptcy... since...'06? Not germane, you say? These people are wiped out and not likely to be among the taxpaying public for some time to come; since this situation affects ("Afflicts", might be a better word since its been imposed on the 99%) 100's of thousands, this lowers the Tax Base available, no? "Supply-Side Economics" is what caused the '08 crash and, since Obama, you wouldn't know for all the whining on the Right, hasn't done a damn thing different than Cheney, Bush or any other NeoCon. So, whether Obama or Romney is elected, expect more of the same; with the economy in the dumps, when its not being shipped to our deadly enemies in the Middle East, China and Russia, to name three. All-in-all, I'd say that

Post your comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.