21
Jul
2014
A Freudian Explanation of Paul Krugman
Phil Magness posted this in the comments of my Facebook link to Krugman’s banana post. I of course knew about this memo, but I’m not sure if I ever saw the section header.
You may recall that this was the period in Krugman’s life when he flirted with Austrian economics.
No no no no, this was when a Republican was President.
It’s OK everyone, I got this.
When the facts change, opinions should change. What do you do sir?
Go back to the guy selling “facts” and ask some long, hard questions.
Good thing that the vulgar internet Austrian[s??] didn’t predict hyperinflation after the housing bust. It’s also a good thing that the Keynesians always give credit where credit is due.
http://consultingbyrpm.com/blog/2011/05/krugman-and-i-are-self-hating-economists.html#comment-17521
I can’t help but thinking that people quite often really only fight the last war.
Whatever I am sure we reach “escape” velocity soon…
Dr. Murphy,
Did Krugman really flirt with Austria economics at one time in his career or were you just joking. If it wasn’t a joke could you kindly give some more details? Thank you
I was joking. Lately Krugman is making it sound as if it’s only right-wingers (like Austrians) making big (price) inflation predictions and then they don’t change their model when the predictions blow up in their faces.
Thannks. But it wasn’t so far fetched, remember when Paul Samuelson wrote the fan letter to Henry Hazlitt?
More Austrian predictions: Back in 1982-1983, almost all of the libertarian magazines were predicting economic doom due to Reagan’s failure to cut spending and his increased defense spending. My friend who was a monetarist-based financial planner said we were on the cusp of a great economic boom.
Been there, done that.