JunkScience.com particpants examine bad intellectual inquiry. Economcs included.
Niall Ferguson takes down Nobel Winner, and junk econommics proponent, NYT columnist Paul Krugman.
John Maynard Keynes promoted theories discredited long ago. Krugman is bound to end up in that same condition.
There is an old Texas saying–Often wrong, but never in doubt. Krugman should be more humble.
http://www.americanthinker.com/2014/01/paul_krugman_vanquished.html
Paul Krugman proves the old adage:
A dumbass with a PhD is still a dumbass!
Thanks for that note.
another Keynes quote came from the 40s when he started retreating from his 30s positions on central bank and gov policies and the idea of priming the pump and monetary policy that would stimulate the economy.
When questinoned on his change of heart he said, to paraphrase, When the facts change I change my opinions, what do you do Sir?
He had some humility. He was smart and eloquent and charismatic and such. Extravagant–very rich from investing.
I rarely read the NYT or Krugman. What I know of him is largely from what other people write about him. Based on that, he seems more like a run of the mill political hack than a Nobel Laureate economist.
Good stuff.
Krugman can not even read what his hero said before he died . . Maybe the Nobel people need to brush up on their reading and comprehension?
Postwar[edit]
After the war, Keynes continued to represent the United Kingdom in international negotiations despite his deteriorating health. He succeeded in obtaining preferential terms from the United States for new and outstanding debts to facilitate the rebuilding of the British economy.[43]
Just before his death in 1946, Keynes told Henry Clay, a professor of Social Economics and Advisor to the Bank of England [44] of his hopes that Adam Smith’s ‘invisible hand’ can help Britain out of the economic hole it is in: “I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.” [45]
How Krugman ever won the Nobel is beyond me. Oh of course this is the group that gave Obama the peace prize for just being elected.
Krugman is a Nobel prize winner, eh? Well so is The One, Obamesiah. I guess any value once accorded the Nobel prize has been sullied and dragged through the lib-soaked trough of political correctness enough now that the net “respect” value of a Nobel is approximately zero.
Any time libs gain control of an organization they ruthlessly enforce a scorched-earth orthodoxy that makes the oft demonized McCarthy and Nixon look like pikers.