Contra Krugman Episode 85
This was a fun one. Krugman returns to his familiar theme of claiming that right-wing Republicans never admit when they’re wrong, a habit that apparently eludes left-wing progressives. Some highlights:
8:00 I point out that it’s odd that people are (a) flipping out about how horrible Trump is, including threatening the planet and (b) saying he hasn’t done anything in his first 100 days.
11:10 Tom points out examples of left-wingers who didn’t learn from their longstanding mistakes.
15:00 I talk about the awkward inflation prediction stuff.
18:10 I recall what the NYT Ombudsman said about Krugman’s willingness to admit he was wrong.
23:40 In the midst of talking about the Contra Cruise, Tom and I end up sharing funny stories about jokes blowing up in our faces.
26:18 I talk about GDP calculation and inventory adjustments.
Incidentally, my mises.org column “Inventories Don’t Kill Growth, People Kill Growth” is one of my all-time favorites. In particular, check out my numerical example; I think I isolated what was bothering me about the way the BEA reports on GDP.
Austrians were right that central banks would inflate butvwrong at guessing the chanels. Meaning inflation went into financial asset prices not the pattern of 70s commodity inflation.
To your great credit you admitted error which has been rare in Austrian community who simply say we need more patience before the dollar collapse hyperinflation etcetc which gets thin after nearly avdecade