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Well yes. If you define all other economists, including Bofinger or Krugman as cargo-cultists, leaving only the members of your sect as economists, then you have majority.
But Krugman is an orthodox economist ~ the New Keynesians add some wrinkles to allow scope for active intervention "in the short run", but once the short run stickness has worked itself out, its the same basic model.
If that long run model is excluded, then all of its users are excluded in terms of their conclusions drawn from that model, irrespective of how much we may like their political views and their views of things when they do not rely on the falsified mainstream model.
And excluding that single model clearly does not limit the balance to a single model. There are a range of post keynesians, institutionalists, structuralists, a selection among radical political economists, general systems economics, and a number of other approaches not excluded by ruling out the repeatedly falsified long term model of the mainstream as being non-scientific due to its adherence to a repeatedly falsified long run model. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
The rest of us may not find that fact quite so fortunate, but that's hardly Krugman's fault.
The MMT'ers are right when they talk about the financial side of things. But I find that they sometimes get so caught up in debunking financial BS that they pay too little attention to the needs of the physical economy.
In particular, a few of them argue that the US' foreign balance is of no particular concern since its import costs are all denominated in US$. I disagree with that position, because the US' foreign balance position means that if other people start demanding hard currency for their stuff, they risk cutting off the flow of goods and services on which the American society depends to be in a state of not-revolution. Since I rather like my society to be in a state of not-revolution, and since I assume that this disposition is shared by most well-fed, reasonably affluent people, knowing that my society's continued being in a state of not-revolution depended on the largess of foreign powers with possibly divergent geopolitical interests...
... would not improve the quality of my sleep.
Which is true as far as it goes, and that is what you want from a theory on an aspect of the economy. After all, the problem with the underlying theory that Krugman uses is that its a closed model independent of money, and so the premise that money is neutral over the long term is built into the underlying logic of the model, entirely immune to falsification by empirical evidence. Grand Theory of Everything economic models have to date ended up being Grand Theory of Nothing In Particular models, running on false equivalences between the terms of the model and the actual phenomena observed in the real world. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
Of course, I realise that he's busy debunking sky-is-gonna-fall scaremongering about the dollar collapsing due to the sovereign deficit - which is entirely the wrong sort of deficit to cause a dollar collapse. So perhaps it is simply that he does not want to open himself to "gotcha" games by quote miners.
In the latter case, you are talking about 2/3 of US petroleum supply no longer arriving, except on barter terms or by diverting funds from exports that have earned hard currency. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
Which couldn't possibly cause riots.
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