Krugman was a smart guy then.
LOL The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.
And, even as he seems to be perfectly happy to play the intellectual puzzle of squeezing a shred of realism from the mainstream model ... in his social commentary track, he seems to be making progress rather than falling back. Bill Mitchel argues that if Japan had followed his advice through the Lost Decade, the result would have far worse ... yet he recently has been discussing the present recession in terms very near to being in sync with modern monetary theories of models in which income flows and asset balances are both taken into account. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
In other fields a Nobel prize is a license to criticize something about their discipline or to go 'off base' from their specialty. It's not a determinative process but not unexpected.
In Economics the recipient of the 'Bank of Sweden Prize in the Memory of Alfred Originated to Shoulder Their Way Into Some of the Prestige of the Real Nobel Prizes©' never seems to do that, in any significant way. But then I don't follow the careers of recipients of the 'Bank of Sweden Prize in the Memory of Alfred Originated to Shoulder Their Way Into Some of the Prestige of the Real Nobel Prizes©' in any detail so there could be examples I'm overlooking.
(Logic. Ain't it wonderful? :-)
