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It is becoming clearer that, for Krugman, economic theory is not about analytic power, predictive power or internal consistency, but about rhetorical power in the service of the status quo.

This is unfair to Krugman. He has actually had a quite remarkable intellectual journey from the 1990s until today, and he is still moving in the right direction, however slowly.

What you are seeing is not an indication that he is a staunch defender of the status quo. It is, rather, an indication of how far down the rabbit hole really goes that it has taken him a ten- or twenty-year journey to get even this far.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Mar 28th, 2012 at 02:13:31 PM EST
[ Parent ]
Unfortunately few have any idea that a rabbit hole even exists in economics and Krugman is seen as the public face of the 'liberal' wing of US mainstream economics by much of the public, yet he is where he is.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Mar 29th, 2012 at 01:11:08 PM EST
[ Parent ]
As centre-left pundits go, you could do a lot worse than Krugman. His policy recommendations, as distinct from his scholarly analysis, are usually good and frequently excellent.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Mar 29th, 2012 at 04:35:33 PM EST
[ Parent ]
That I grant. It has been the disconnect between reasonable policy proposals and his defense to the nonsense that led to the problem that I have found so disturbing. He has become a bulwark against all that needs to be done to change the situation. The fact that he and a few others who are identified and accepted as part of the 'mainstream' propose reasonable policies is, for me, ceasing to be justification for defense of pernicious approaches in their discipline. If the other 95% of the mainstream were as reasonable in their policy recommendations we might have a much less acute crisis, but we would still remain vulnerable to such events due to the economists employing frameworks that blind them to the problems.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Mar 29th, 2012 at 07:19:51 PM EST
[ Parent ]
Cue Bob the angry flower

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
by A swedish kind of death on Sat Mar 31st, 2012 at 05:13:37 AM EST
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