[...]“broken windows” theory, in which destroying some capital can actually be a good thing under depression conditions.
And make no mistake, Krugman thinks the entire world is pretty much in depression:
I guess what I’m saying is that I worry that a more or less permanent depression could end up simply becoming accepted as the way things are, that we could suffer endless, gratuitous suffering, yet the political and policy elite would feel no need to change its ways.So Oakland, under the guise of a protest against the George Zimmerman verdict, turned the place into a Krugman paradise, which under Krugman's version of the "broken windows theory" should turn Oakland into a new booming city.
Here's how it went down:
This afternoon, when it was safer to wander about, after last night's close call. I headed across the San Francisco Bay to downtown Oakland to see for myself what the aftermath of a Paul Krugman window breaking boost-to-the-economy session looked like.
I found that the national brand name merchants really took a pounding.
|Foot Locker was hit hard.|