Wednesday, November 16, 2011

Paul Krugman Nailed Big Time

Some more evidence of the amazing mental agility by the best that NYT provides. Ed Yardeni knocks NYT columnist Krugman out cold:
On March 4, 2010, [Krugman] wrote that it is “bizarre” to worry that unemployment benefits reduce people’s incentives to find jobs. Here’s what he wrote with his coauthor (and wife) on page 210 of their textbook Macroeconomics (2nd ed.), published in 2009: “Public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect. . . . In other countries, particularly in Europe, benefits are more generous and last longer. The drawback to this generosity is that it reduces a worker’s incentive to quickly find a new job. Generous unemployment benefits in some European countries are widely believed to be one of the main causes of ‘Eurosclerosis,’ the persistent high unemployment that affects a number of European countries.”

14 comments:

  1. Shillers gonna shill...

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  2. I'm convinced that Krugman eats tea leaves at night. Then he thumbs-through and reads his "morning constitutional" to devine what he believes on any given day.

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  3. I believe that definitely would qualify as a Krugman Kontradiction. Paging Robert Murphy.

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  4. It's a liquidity trap, guys. Krugman's textbook only works when the economy is at full--oh wait, it was talking about less than full employment.

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  5. Why do we even give Krugman the time of day. He is entirely discredited!

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  6. @Bob I think it's time to flush Krugman's liquidity trap.

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  7. Wow. The full quote is much more damning:

    "In Mr. Kyl’s view, then, what we really need to worry about right now — with more than five unemployed workers for every job opening, and long-term unemployment at its highest level since the Great Depression — is whether we’re reducing the incentive of the unemployed to find jobs. To me, that’s a bizarre point of view — but then, I don’t live in Mr. Kyl’s universe.

    And the difference between the two universes isn’t just intellectual, it’s also moral.

    Bill Clinton famously told a suffering constituent, “I feel your pain.” But the thing is, he did and does — while many other politicians clearly don’t. "

    So Krugman is not only contradicting himself, he asserts a moral superiority over those who hold an opposite viewpoint. That opposite viewpoint is, of course, the one he teaches in his economics textbooks. Wow!

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  8. This is one of many reasons I try my best not to lie, no matter how difficult the circumstances. I remain silent when faced with no other options.

    Aside from the credibility issue, I'm not brilliant enough to keep up with lies I might tell...it all gets very difficult...as Krugman just found out.

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  9. Hilarious. No wonder why krugman hates the internet blogs and austrian writers. Who else is going to call him on his constant bullshit?

    This is at least as bad as saying the Jpn earthquakes were good for the economy, QE2 would not increase commodity prices unless real demand was stimulated, we had to worry about prices dropping too much, and in 2003 that we needed even looser credit for housing purchases.

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  10. No, no, no! You're all a bunch of anti-Krugman zealots! He's a Nobel laureate; he knows of which he speaks.

    Under conditions of perfect competition, unemployment benefits create unemployment. Unfortunately, Ronald Reagan turned the economic realm on its head when he invented greed in 1980.

    Unemployment benefits no longer have anything to do with higher rates of unemployment. That's all the fault of space aliens who selfishly refrain from invading spaceship earth.

    Those damn aliens should invade already! We need the jobs!

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  11. So when you subsidize something you get more of it? Shazam!

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  12. In other new, as reported by the NYT - The Euro political/bankster terrorists need to allow more immigration of violent space aliens that are stupid enough to work even as the terrorists steal 80% of their earnings using taxes and inflation...since most of the current european slaves refuse to be slaves. Also, The aliens will all get drunk in the evenings and go smash windows that will help create a bigger boom economy.

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  13. This is also like his quote about how SS is a ponzi scheme, which he later claimed he didn't really mean. LOL

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  14. Reagan invented greed? I thought it was Bill Gates.
    I have to go watch the retard box and wait for some pretty blond babe to tell me who.

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