Sunday, January 8, 2012

Krugman on the Economic Debate

I was going to post something musical from YouTube this morning, but their sharing function has some kind of glitch at the moment. So some Krugman to keep your political tooth satisfied:

People like Kantoos or Tyler Cowen start from the presumption that when people with the right credentials, like Cochrane, or Jean-Claude Trichet, or Robert Lucas make strong statements, that they must have a defensible model behind their assertions. And so if someone like me or Brad says that there is no such defensible model, we must be engaged in a “rant”, treating these people unfairly.

But sometimes people with impressive credentials do talk complete nonsense — and on fiscal policy in the Lesser Depression, that has been more the rule than the exception.

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