28
Feb
2017
Contra Krugman Ep. 75: Economic Growth
I don’t have time right now to outline this episode, so let me just post the link.
One thing I’ll say: The episode revolves around Krugman saying that the Trump team’s forecast of 3 percent real GDP growth is absurd. I bring up the fact that Krugman confidently defended the Obama Administration’s economic growth forecasts back in 2009, literally “*sigh*ing” with Brad DeLong when Greg Mankiw challenged the rosy scenario. Needless to say, Mankiw was right.
I assume you address the Krugman Kontradiction in this one – if you read his stuff on U shaped versus V shaped recessions, I think it’s fair to say that Krugman was skeptical of the Obama numbers, but you’d never know it from his Roots of Evil post.
I didn’t get to that in this particular episode, J Mann, but in the past I pointed out that Krugman at some point flipped and said (paraphrasing), “Those of us who knew our history have been warning that this could be a prolonged, sluggish recovery, because it’s a financial crisis and not a traditional V-shaped recession.” So yeah, initially he was mocking Mankiw for doubting a rapid recovery, and then later he was mocking others for expecting a rapid recovery.
Hi Bob. Could you please address “dumping”?