The Krugman Times,
the beloved liberal economist version of Malkovich Malkovich
"There are certain novels that can shape a teenage boy's life. For some, it's Ayn Rand's Atlas Shrugged; for others it's Tolkien's The Lord of the Rings. As a widely quoted internet meme says, the unrealistic fantasy world portrayed in one of those books can warp a young man's character forever; the other book is about orcs. But for me, of course, it was neither. My Book – the one that has stayed with me for four-and-a-half decades – is Isaac Asimov's Foundation Trilogy, written when Asimov was barely out of his teens himself. I didn't grow up wanting to be a square-jawed individualist or join a heroic quest; I grew up wanting to be Hari Seldon, using my understanding of the mathematics of human behaviour to save civilisation." [Paul Krugman: Asimov's Foundation novels grounded my economics
In the spirit of the Nobel season, Yasha Levine discusses the history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
as a PR gimmick for laissez-faire economics, and how its existence is an affront to the Nobel legacy.
Furthermore, let’s remember that Alderaan isn’t gone. It’s just blown up. Suddenly all the metallic elements that were languishing away in the planetary core are floating around in the void, ripe for the plucking. And anyone who can plausibly claim to have owned them is dead. You can build a lot of Death Stars with that much tungsten. Well, not even a lot—but maybe one.
The Overthinking It Think Tank takes a look at “the economic calculus behind the Empire’s tactic of A) building a Death Star, B) intimidating planets into submission with the threat of destruction, and C) actually carrying through with said destruction if the planet doesn’t comply.” [more inside]
: Steve Waldman on the interplay between policy decisions and public opinion, in response to Krugman
Paul Krugman and Robin Wells have a long two-part essay in the
New York Review of Books on the current economic slump.
The Slump Goes On: Why?
The Way Out of the Slump
Since around June 2009 many indicators have been pointing up: GDP has been rising in all major economies, world industrial production has been rising, and US corporate profits have recovered to pre-crisis levels.
Yet unemployment has hardly fallen in either the United States or Europe--which means that the plight of the unemployed, especially in America with its minimal safety net, has grown steadily worse as benefits run out and savings are exhausted. And little relief is in sight: unemployment is still rising in the hardest-hit European economies, US economic growth is clearly slowing, and many economic forecasters expect America's unemployment rate to remain high or even to rise over the course of the next year. [more inside]
Building a Green Economy,
Paul Krugman on the economics of Climate change.
Paul Krugman attacked professional macroeconomists (previously
). John Cochrane
, an economist at the University of Chicago, returns the favor
, arguing that Krugman deeply misrepresents current economic ideas because he's abandoned economics as a "quest for understanding" in favor of trying to be the "Rush Limbaugh of the Left."
Where no economist had gone before
. Paul Krugman posts a type-written paper on interstellar trade which he wrote as "an oppressed assistant professor" in the '70s. I do not propose to develop a theory which is universally valid, but it may at least have some galactic relevance.