Joss Delage

Krugman gets Nobel Prize

12 posts in this topic

Don't what else to say. Pretty dreadful news...

http://online.wsj.com/article/SB122389602110728309.html

Do not despair. We also have this:

Hundreds of Economists Sign Letter Opposing Obama's Tax Plan

Hundreds of economists (including Nobel Prize winners Gary Becker, James Buchanan, Robert Mundell, Edward Prescott, and Vernon Smith) have signed letters opposing Barack Obama's economic and tax plans (here, here, and here):

We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.

After hearing such economic criticism of his proposals, Barack Obama has apparently suggested to some people that he might postpone his tax increases, perhaps to 2010. But it is a mistake to think that postponing such tax increases would prevent their harmful effect on the economy today. The prospect of such tax rate increases in 2010 is already a drag on the economy. Businesses considering whether to hire workers today and expand their operations have time horizons longer than a year or two, so the prospect of higher taxes starting in 2009 or 2010 reduces hiring and investment in 2008.

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Yeah, I commented on that this morning on another thread. I didn't think Krugman deserved his own thread, but, yeah, it's significant, if only for a rectal thermometer reading of the fevered Nobel committee. Mercury's post, above, is definitely good news. After awarding Al Gore with a Peace prize, for advocating shutting down civilization based on easily checkable lies, distortions, and unsupported speculations, Paul Krugman has a tough act to follow. But he certainly tries.

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Yeah, I commented on that this morning on another thread. I didn't think Krugman deserved his own thread, but, yeah, it's significant, if only for a rectal thermometer reading of the fevered Nobel committee. Mercury's post, above, is definitely good news. After awarding Al Gore with a Peace prize, for advocating shutting down civilization based on easily checkable lies, distortions, and unsupported speculations, Paul Krugman has a tough act to follow. But he certainly tries.

You forgot the Nobel Peace Prize given to Yasser Arafat. That about tops them all....

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Yeah, I commented on that this morning on another thread. I didn't think Krugman deserved his own thread, but, yeah, it's significant, if only for a rectal thermometer reading of the fevered Nobel committee. Mercury's post, above, is definitely good news. After awarding Al Gore with a Peace prize, for advocating shutting down civilization based on easily checkable lies, distortions, and unsupported speculations, Paul Krugman has a tough act to follow. But he certainly tries.

You forgot the Nobel Peace Prize given to Yasser Arafat. That about tops them all....

Yeah... The trauma of that insanity must have caused a Repressed Memory Syndrome.

Arafat, Gore, Krugman. Together again. Nobel would be dynamiting his own grave had he imagined something like this happening with his Peace prize.

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Yeah, I commented on that this morning on another thread. I didn't think Krugman deserved his own thread, but, yeah, it's significant, if only for a rectal thermometer reading of the fevered Nobel committee. Mercury's post, above, is definitely good news. After awarding Al Gore with a Peace prize, for advocating shutting down civilization based on easily checkable lies, distortions, and unsupported speculations, Paul Krugman has a tough act to follow. But he certainly tries.

You forgot the Nobel Peace Prize given to Yasser Arafat. That about tops them all....

Yeah... The trauma of that insanity must have caused a Repressed Memory Syndrome.

Arafat, Gore, Krugman. Together again. Nobel would be dynamiting his own grave had he imagined something like this happening with his Peace prize.

There was also the African woman who won the Nobel Prize in the last few years, and then stated that AIDS was a disease engineered by white people!

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Yeah, I commented on that this morning on another thread. I didn't think Krugman deserved his own thread, but, yeah, it's significant, if only for a rectal thermometer reading of the fevered Nobel committee. Mercury's post, above, is definitely good news. After awarding Al Gore with a Peace prize, for advocating shutting down civilization based on easily checkable lies, distortions, and unsupported speculations, Paul Krugman has a tough act to follow. But he certainly tries.

You forgot the Nobel Peace Prize given to Yasser Arafat. That about tops them all....

Yeah... The trauma of that insanity must have caused a Repressed Memory Syndrome.

Arafat, Gore, Krugman. Together again. Nobel would be dynamiting his own grave had he imagined something like this happening with his Peace prize.

There was also the African woman who won the Nobel Prize in the last few years, and then stated that AIDS was a disease engineered by white people!

Hi Carlos,

I think you are wrong about the African woman? Not sure, but do you have a quote or cite for the assertion that she said AIDS was engineered by white people? I know some have said that, but I don't believe that she was one of them.

To the rest,

Does anyone know much about Krugman's economic work on globalization? I don't, but business friends of mine who are very pro-free market say that his economic work is quite good, and that in fact his political positions reflected in his columns are contradicted by his economic work. I can't say I have read much of him in either place, but curious if some of the rest of you might have?

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Does anyone know much about Krugman's economic work on globalization? I don't, but business friends of mine who are very pro-free market say that his economic work is quite good, and that in fact his political positions reflected in his columns are contradicted by his economic work. I can't say I have read much of him in either place, but curious if some of the rest of you might have?

Most people today still think that Keynes was a great economist also, but I disagree.

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Hi Carlos,

I think you are wrong about the African woman? Not sure, but do you have a quote or cite for the assertion that she said AIDS was engineered by white people? I know some have said that, but I don't believe that she was one of them.

Controversy arose after the announcement of the Nobel award, when, according to Radio Free Europe, "News media in Africa — including the Standard — [...] have reported that Maathai has claimed HIV/AIDS was deliberately created by Western scientists to decimate the African population." [5]Radio Free Europe also reported that "Maathai denied making such allegations" and that "The Standard has stood by its reports." [6]

In a 2004 interview with Time Magazine,[2] in response to the question, "You've said that AIDS is a biological weapon manufactured by the developing world to wipe out black people. Do you still believe that?" Maathai replied, "I have no idea who created AIDS and whether it is a biological agent or not. But I do know things like that don't come from the moon. I have always thought that it is important to tell people the truth, but I guess there is some truth that must not be too exposed," and when asked what she meant, she continued, "I'm referring to AIDS. I am sure people know where it came from. And I'm quite sure it did not come from the monkeys."[7]

In response she issued the following statement:

“ I have warned people against false beliefs and misinformation such as attributing this disease to a curse from God or believing that sleeping with a virgin cures the infection. These prevalent beliefs in my region have led to an upsurge in rape and violence against children. It is within this context, also complicated by the cultural and religious perspective, that I often speak. I have therefore been shocked by the ongoing debate generated by what I am purported to have said. It is therefore critical for me to state that I neither say nor believe that the virus was developed by white people or white powers in order to destroy the African people. Such views are wicked and destructive.

From Wikipedia: http://en.wikipedia.org/wiki/Wangari_Maathai

From an ABC news source:

"Some say that AIDS came from the monkeys, and I doubt that because we have been living with monkeys (since) time immemorial, others say it was a curse from God, but I say it cannot be that. "Us black people are dying more than any other people in this planet," Ms Maathai told a press conference in Nairobi a day after winning the prize for her work in human rights and reversing deforestation across Africa. "It"s true that there are some people who create agents to wipe out other people. If there were no such people, we could have not have invaded Iraq," she said.

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Does anyone know much about Krugman's economic work on globalization? I don't, but business friends of mine who are very pro-free market say that his economic work is quite good, and that in fact his political positions reflected in his columns are contradicted by his economic work. I can't say I have read much of him in either place, but curious if some of the rest of you might have?

I don't but I wouldn't be that surprised if that were true. He might actually be somewhat deserving of the Prize, but I still regret the exposure that gives him.

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Does anyone know much about Krugman's economic work on globalization? I don't, but business friends of mine who are very pro-free market say that his economic work is quite good, and that in fact his political positions reflected in his columns are contradicted by his economic work. I can't say I have read much of him in either place, but curious if some of the rest of you might have?

I don't but I wouldn't be that surprised if that were true. He might actually be somewhat deserving of the Prize, but I still regret the exposure that gives him.

What does it mean to be deserving of a corrupt and ignoble prize?

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Does anyone know much about Krugman's economic work on globalization? I don't, but business friends of mine who are very pro-free market say that his economic work is quite good, and that in fact his political positions reflected in his columns are contradicted by his economic work. I can't say I have read much of him in either place, but curious if some of the rest of you might have?
Your friends are mistaken. He's a consistently macro-economist, a Big Government economist.
In some cases, Krugman added, comparative advantage can be created. By strategically intervening to capture advantage in industries with technological dynamism, nations could produce spillover benefits for their economies.
They are likely responding to his skeptical approach to intervention: He believes that economic efficiencies, economies of scale, etc., essentially productivity, trumps advantages of natural resources, climate, geography, etc., in accounting for the economic success of any given country and that interventionist policies are generally ineffective. But, note that he's still talking about countries, nations, not individuals. I would classify him as essentially a behaviorist in the economic realm: He gives no attention to the creative, productive individual, rather, he thinks one can tune trade and the economy by manipulating market conditions.

He's lauded by some conservative economists and excoriated by some leftist economsts, for saying that intervention is unwise, but only because government planners can't know the results of their interventions beforehand and they're almost always negative. In fact, he's not consistent in this approach when it suits him:

On 1 September 1998, Malaysia became the first Asian country affected by the economic crisis to announce the new track of imposing foreign exchange controls in a bold attempt to lay the ground for a recovery programme. Until recently capital controls were a taboo subject. With its action, Malaysia broke the policy taboo, whilst only a week earlier the American economist Paul Krugman broke the intellectual taboo by advocating that Asian countries to adopt exchange controls. [Link]
And Krugman's articles in the New York Times are part of his economic arguments, not a departure.

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