Murphy Saves Us from Paul Krugman on Broadway

To protect the country from nonsensical economic argument, Bob Murphy has viciously destroyed a Paul Krugman column, where Krugman mentions bad actors. You know Krugman, one minute he mentions bad actors, in the next, he thinks he is ready for Broadway. Murphy has probably protected us from this horror. Murphy writes:

In a recent New York Times column, Paul Krugman lamented our society's lavish rewards for bad actors...



Krugman's critique is riddled with irrelevant paper citations and internal contradictions...

Krugman conveniently ignores the role played by the Federal Reserve and the federal government in these shenanigans. Whether or not he endorsed the idea, Krugman was certainly aware that the Fed could engineer a housing bubble; is he now claiming that the Fed had nothing to do with it?...

Krugman is a bit like a college dean explaining to outraged parents, "Yes, I approved the fraternity's plan to have an unchaperoned sleepover at the Kappa Kappa Gamma house, but I made it quite clear at the outset that the line would be drawn at hand-holding. Your concerns have been duly noted, and I will make sure to punish the boys responsible."...

Krugman doesn't care about property rights per se. He recommends violating them all the time, so long as his model says that's what's best for us all...

Just to warn the innocent reader, when Paul Krugman casually cites a famous academic paper to back up his op-ed claims, you really need to go to the actual paper and see if it says what he claims that it says...

...if you want to understand the difference between good and bad stock market behavior, you shouldn't bother reading Paul Krugman...

Murphy's complete column is here.