I provide an Austrian-school critique of Paul Krugman’s latest views. The money quote:
Krugman’s policy is akin to confiscating the lifeboats from a cruiser because they weigh it down, and then declaring that because there’s no lifeboats on board it must mean that everyone is safe!
via The Filter^.
Nice one. It’s amazing how Krugman won a Nobel prize in anything… Then again, Obama won a Nobel prize for running a good election campaign, so I suppose their standards are quite low these days.
The Krugman phenomenon is interesting: the academic work that won him the Nobel is exemplary, and he’s written some exceptional papers on trade. The extent to which the public intellectual Krugman contradicts the academic Krugman is telling. One of Milton Friedman’s great triumphs was making a consistent message across his academic and public works.