---------- Forwarded message ----------
From: Arvind
http://www.americanthinker.com/2010/06/paul_krugman_the_selfcontradic.html
From: Arvind
http://www.americanthinker.com/2010/06/paul_krugman_the_selfcontradic.html
-a
June 23, 2010
Paul Krugman, the Self-Contradicting Economist
By Arvind KumarAn argument that questions the credibility of economists in general is that there are a number of disagreements among many economists, and not all of them can be right at the same time. In the case of Nobel Prize-winning economist Paul Krugman, these disagreements come from Krugman himself, as he holds contradictory opinions on a large number of topics.
For instance, we learn that when deficits are high, interest rates are low. However, we also learn that when governments run up a deficit, interest rates rise. So deficits cause interest rates not only to go up, but also to go down! In 1985, Krugman argued that the higher national debt and spending were bad for people early in their careers, as they would have to pay for it later in life. Nearly twenty-five years later, he argues that the national debt is not a problem, as it never needs to be paid off. According to him, we merely have to stabilize the debt instead of repaying it.
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3 comments:
whatever little I have come to understand of economists, I firmly believe that the Keynesian(who urge government to spend money it does not have) tribe are evil, followed by Monetarists(who think government, thru' central bank can/should print as much money as it wants), who are evil too, followed by Sociallists, (who are freeloaders and thus evil), followed by communists( decidedly evil).
No wonder a lot of them win Nobel prize in economics actually awarded by Bank(thus evil) of Swedan.
In my books, all economists( except Austrians are evil) and those non-Austrians who have Nobel prize to show off are devil incarnate.
Now, we all know which category Paul Krugman and ManMohan Singh belong....
This exposes all Keynesian economists for what they actually are : Crooks telling tales to fool public so that government (i.e. employer of these crooks), corrupt politicians can spend the money that has never been collected as tax by government.
"Nearly twenty-five years later, he argues that the national debt is not a problem, as it never needs to be paid off. According to him, we merely have to stabilize the debt instead of repaying it."
sansk, the proper netiquette is to spell the Indian puppet-PM's name Manmoron.
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