Search Results for: Krugman

Krugman at the Rethinking Economics Conference: Still Wrong on Monetary Theory

The Rethinking Economics conference in New York took place over the weekend. Anyway, Paul Krugman was on a panel with James Galbraith and Willem Buiter. The panel was interesting in and of itself. But what really caught my eye was … Continue reading

Posted in Economic Theory | 58 Comments

Financial Times Contributors Understand ‘Liquidity Trap’ Better Than Neo-Keynesians Like Krugman

I have long complained that the likes of Paul Krugman have grossly misinterpreted the meaning of the term ‘liquidity trap’. These economists seem to think that we are currently in a liquidity trap despite the fact that yields on bonds are … Continue reading

Posted in Economic Theory | 6 Comments

Paul Krugman Does Not Understand the Liquidity Trap

I came across a very amusing piece from Krugman in 2010. The piece is entitled ‘Nobody Understands the Liquidity Trap‘. Actually, Krugman might have a point — if we include him in the ‘everybody’ that does not understand the liquidity … Continue reading

Posted in Economic Theory | 42 Comments

The Chosen Ones: Krugman’s Critique of the Critics

Krugman is out with a kind-of-sort-of attack on critics of economics. It’s not surprising because Krugman is a very kind-of-sort-of type of guy in many of his opinions. The language of his latest piece, however, is somewhat bizarre. He labels … Continue reading

Posted in Economic Theory | 10 Comments

Krugman Uses ISLM to Proclaim Looming Fiscal Crisis, Denounces Those Who Don’t Use ISLM

Some people often ask why I complain about Krugman. “Hey Phil, Krugman is a good guy. He likes government spending. You like government spending. Therefore you must like Krugman,” says our budding young Socrates. Well, I’ll tell you why: because … Continue reading

Posted in Economic History, Economic Policy, Economic Theory | 26 Comments

What is the Monetarist Position on Fiscal Deficits and is it Similar to Krugman’s?

In my previous post I showed that Krugman’s recent piece on Argentina completely glossed over the data in its assertions that the inflation in that country was due to fiscal deficits**. I also, somewhat offhandedly, referred to his argument as … Continue reading

Posted in Economic History, Economic Policy, Economic Theory | 36 Comments

Paul Krugman Pushes Factually Inaccurate Arguments About Argentina to Support His Discredited Monetarist Ideas

Well, Paul Krugman is out again waving his true colours in the wind while his die hard followers try desperately to look the other way and pretend that he’s not making stuff up. Basically Krugman is saying, following that pundit … Continue reading

Posted in Economic Policy | 47 Comments

More Hypocrisy From Krugman: The Grumpy Old Men of Macro

Well, it looks like I wasn’t the only one taking Krugman to task the other day for defending mainstream economics because he’s actually responded to some of the flak he has received. It’s a bland response (as usual) and more … Continue reading

Posted in Economic Theory | 4 Comments

Something is Rotten in the State of Macro: Krugman’s Continued Hypocritical Defence of the Status Quo

Paul Krugman is out again defending mainstream economics against students and others who rightly suspect that it has taken a wayward path. I won’t go too much here into Krugman’s own history as a gatekeeper for orthodox economics, having dug … Continue reading

Posted in Economic Theory, Media/Journalism | 1 Comment

Paul Krugman Misses Key Component of His Own Model

John McHale over at Irish Economy has written a post on the possibility of a default by a sovereign currency issuer. In the post he discusses Paul Krugman’s stripped-down Mundell-Fleming model in which Krugman shows that a country issuing a … Continue reading

Posted in Economic Theory | 3 Comments