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Krugman on ideology driven arguments
Posted by: McQ on Tuesday, January 20, 2009

Paul Krugman is harumping about economists who don't buy lock, stock and barrel into the spending extravaganza called the "stimulus package" of of which he approves:
What’s been disturbing, however, is the parade of first-rate economists making totally non-serious arguments against fiscal expansion. You’ve got John Taylor arguing for permanent tax cuts as a response to temporary shocks, apparently oblivious to the logical problems. You’ve got John Cochrane going all Andrew-Mellon-liquidationist on us. You’ve got Eugene Fama reinventing the long-discredited Treasury View. You’ve got Gary Becker apparently unaware that monetary policy has hit the zero lower bound. And you’ve got Greg Mankiw — well, I don’t know what Greg actually believes, he just seems to be approvingly linking to anyone opposed to stimulus, regardless of the quality of their argument.

Needless to say, everyone I’ve mentioned is politically conservative. That’s their right: economists are citizens too. But it’s hard to avoid the conclusion that all of them have decided on political grounds that they don’t want a spending-based fiscal stimulus — and that these political considerations have led them to drop their usual quality-control standards when it comes to economic analysis.
Mankiw responds.

Shorter Krugman - They're ideologically driven, but I'm not.

It reminds me of the AGW argument. As far as Krugman is concerned, the "science" is in, the consensus has spoken, the conversation is over. And anyone who doesn't agree is simply an ideologically driven denier.

Look for a lot more of this sort of argument in the coming years.
 
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Maybe Krugman isn’t ideologically driven. At least not purely so. I’ve often thought that what passes for "liberalism" is actually a pathology based on sado-masochism. Some "liberals" are primarily "sadists," getting off on domination and power. Others are primarly "masochists," liking to be pushed around and told what to do by the ultimate dominatrix, Frau Staat. It’s difficult for me to imagine anyone in reasobale mental healthy getting jazzed by either power and domination or by submission and servitude (i.e., the Cult of Service, which power-junkies love to promote). Krugman seems to have the Mailed Fist of the State so far up his butt he can taste Rustoleum.
 
Written By: Bilwick
URL: http://
Has the word ’stagflation’ popped up in any of these articles yet?
 
Written By: timactual
URL: http://
Krugman seems to have the Mailed Fist of the State so far up his butt he can taste Rustoleum.
But I bet he loves it
 
Written By: capt joe
URL: http://
Reading this reminded me of the Clinton "stimulus" package in 1993.

It had a solution for everything that ailed this country, and if you asked .. it had something new added.

In the end, it failed and we were all better off.

The Obama "stimulus" package seems to have much the same, but that’s not to say there isn’t anything good in it. The "infrastructure" updates are needed, but appear to be about $30 billion of this $700 billion boondoggle .. less than 5%.
 
Written By: Neo
URL: http://
Why are we still listening to this tool?
 
Written By: Joel C.
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Why are we still listening to this tool?
Because he just received a newly minted Nobel Prize. That inoculates against any nay-saying by the hoi-polloi, no matter how sound the argument.
 
Written By: CR
URL: http://
Could anyone be more unaware than Mr. Krugman. He is a joke. I have read many economists, including Mankiw, who praise him for his expertise on international trade. However, he is as big a partisan hack as has ever drawn a breath on this earth. Daniel Okrent*, the NY Times’ first and only, honest "public editor", famously accused Krugman of “shaping, slicing and selectively citing” the facts in his column. Krugman would definitely rationalize the partisanship displayed in his column by saying that it is separate from his economic scholarship. However, he regularly writes about economics and fiscal policy (albeit from a very distorted, liberal point of view) and he wasn’t picked by Sulzberger to write a column because he is good at tennis. He was chosen because he is a well known economist on an ivy league faculty who also happens to be an ardent, liberal ideologue. That way, the propagandists at the NY Times can claim that they are offering the ideas of a reknowned economist when they are really publishing the ravings of one of the angriest liberals in the country. For Krugman to criticize other economists for allegedly letting ideology taint their critique of federal fiscal policy is more than the pot calling the kettle black; it’s delusional and shows a lack of self awareness that borders on mental illness.

* Check out this hilarious "debate" between Okrent and Krugman. Okrent clearly views Krugman with contempt.
 
Written By: jt007
URL: http://
I saw Krugman’s latest book in a bookstore, in a display that might have borne the banner, "Welcome the Obama Administration, or: The State-shtuppers Strike Back!" I riffled through the Krugman book in a spirit of "Know They Enemy," and saw that in the last couple of pages, he says, Milton Friedman to the contraty notwithstanding, that there actually IS a free lunch! I’m not making it up. You can go see for yourself. And watch for Krugman’s next book, THE "LAW" OF GRAVITY, AND OTHER REPUBLICAN MYTHS.
 
Written By: Bilwick
URL: http://

 
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