Saturday, January 16, 2016

Paul Krugman Thinks Low Oil Prices Are Bad

I am sometimes amazed that Paul Krugman is even considered an economist.

Today he writes:
When oil prices began their big plunge, it was widely assumed that the economic effects would be positive. Some of us were a bit skeptical. But maybe not skeptical enough: taking a global view, there’s a pretty good case that the oil plunge is having a distinctly negative impact.
Unfortunately, once marginal producers are squeezed out of the business, the price will go up, so the good times should be enjoyed while they last.  But it really sounds as though Krugman would like to see  OPEC pull off a 1979-style oil shock right now.



  1. Is that a real picture or is it photo shopped? I really hope its real because its so damn goofy, just like his ideas.

    1. It's the famous einstein on a bicycle photo with krugman's head pasted on.

  2. Bob, you are right. Krugman is NOT an economist. He is a political operative with a Ph.D. in economics.