31
May
2010
Murphy on Krugman on Hoover…Again
The one new thing in this piece is that I put a bunch of my arguments into chart form. Maybe this time they will sink in.
If you are bored feel free to email the article to Krugman. I would really love to hear what he has to say about my points. I suppose he could go like this, “According to Murphy’s logic, since we had bigger deficits and looser Fed policy this time around, the economy should be worse off than it was in 1931. But obviously that didn’t happen. What an idiot.”
Bob, is there any situation that you can envision Krugman admitting he was wrong?
Not on something like this, but I would love to hear him respond to my points. Like, he responds to Scott Sumner and advances the debate to different territory. But on this stuff, he just keeps repeating that Hoover cut spending to balance the budget, and that the Fed raised interest rates.
Is there any chance you could supply the actual numbers for the three charts in your article?
Did you look at the endnotes? I cited everything. I can email you the pdf with the Fed discount rates (that’s not online).
I did see the endnotes but I also read that some of the data are not available on the web. Thank you for offereing to send me the discount rate data. I would appreciate that.
Can I assume you already have my email address, even though it is obviously not shown here?