Sunday, February 12, 2012

They Are Attacking My Buddy Krug

Businessweek reports on the war between Krugman and other phony economists. Writes Businessweek:
The escalating battle of ideas between the Nobel Prize-winning economist and his illustrious peers

What has been getting the Nobel Prize-winning economist and New York Times columnist so riled up lately? In the last few weeks, what began as a semi-civil battle of ideas between “saltwater” Keynesians of Krugman’s persuasion and “freshwater” economists of the Chicago school has escalated into a two-way barrage of insults and name-calling.
In my book, saltwater economists and freshwater economists are both all wet. They don't understand how the economy works, have no clue as to when the economy will turn direction and have no clue about the dangerous price inflation that is developing. Koch brothers-financed Tyler Cowen should know better (and probably does), the others were probably born clueless.

But when it comes to these characters attacking my buddy Krug (who has made almost every forecasting error possible), I'll take Krug over these phonies any day. Krug is wrong, but at least he is entertaining. These other guys are wrong and boring.

Click on the chart for details on the infighting started by Krugman



  1. I cannot help but notice that neither Murphy or Anderson are mentioned. Of course, everybody ignores their criticisms because they are not able to be countered. Instead we get what amounts to tweedledee and tweedledum, as if there is some huge difference methodologically between the freshwater and saltwater schools.

  2. Just letting you know, the picture link isn't working.

  3. Seconding what Joseph said

  4. Nothing but modern (economic) alchemist attacking each other over the fraudulent theories. LOL

  5. Tyler Cowen is a statist. Don't trust that guy, he still believes the ballyhoo of IS-LM curves and monetary expansion fools like White and Selgin believe. I butted heads with him at ISFLC 2011, and had to defend Robert Murphy and the Austrian Business Cycle Theory seeing as though he was bashing its mechanics. Luckily many people took my side after the confrontation. You and Bob Murphy are much smarter, don't trust the Koch Bros people.