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Paul Krugman

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Category: Commentators
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.Mr. Krugman is the author or editor of 20 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him its John Bates Clark medal, a prize given every two years to "that economist under forty who is adjudged to have made a significant contribution to economic knowledge." Mr. Krugman's current academic research is focused on economic and currency crises.
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Donkey
Enough said

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Gibbs Erie, PA

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Not useful
He has very leftist views to be useful and seems to change his mind a lot. I don't know how practical his ideas are, I generally don't trust hard core academics/ to anything outside academics.

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Luke11 Charleston, SC

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Great analysis and commentary from a New Keynesian
I cannot help but laugh at some of the reviews on this site of Paul Krugman:

"I am not economics expert, but I'm often amazed at the things Paul Krugman writes and, therefore, apparently believes to be true."

- Kblehman, February 25, 2010

Hah, so...let me get this right. You're not an economics expert, Paul Krugman has won a Nobel Prize in economics. Yet, you have no problem making the assertion that Krugman is a "Leftist Hack" who doesn't know what he is talking about? I don't understand.

Some more from Kblehman:

"Like most pointy-headed academics, his ideas work on paper and in theory, but fail miserably when applied to history or (God forbid) the real world."

I guess I should stop calling Kblehman an idiot and explain my view. My understanding of economic theory is that unregulated free market capitalism is the ideal and began as the ideal in academia. Turns out Krugman believes in unregulated free market capitalism when it works (as do I, so please don't call me a "leftist hack", instead tell me why I am wrong). Let's ask ourselves what we need for completely unregulated free market capitalism to work:

- Perfect information

- Equal bargaining power

- The lack of pro-cyclical momentum

- The lack of nominal and real rigidities (you might have to look up the words nominal and real in the context of economics)

I'm sure I'm forgetting stuff, but this should be good for now. Ask yourself, do we have those things? No, we do not. New Keynesian theory tells us about some of these issues and helps explain them. What's the problem with this? It gets complicated, so people like Kblehman decide to stay ignorant. Krugman tries to explain it to them and he gets called a "leftist hack". I'm assuming this attack comes from Kblehman and others because their brains start to hurt when they think.

Let's take a look at a bit of macro classical theory in the context of the current recession. Pure classical theory (the same theory that doesn't believe in fiscal or monetary policy solutions) would tell us that the unemployment rate in the current recession is purely frictional and structural, not cyclical. Go to your friends who have lost their jobs and let me know if their employment is due to structural and frictional characteristics and not cyclical ones. Once you get your answer, try to tell me how your theories hold.

This is enough of a defense on New Keynesianism. Now I shall talk about Krugman as a commentator. He constantly challenges the main stream media and their analysis of macro situations in the world economy. Generally he does this by going further in his analysis than common media is willing to go. He puts his reputation on the line espousing unpopular opinions. I've been reading him for over 2 years and I still learn something new on a constant basis. He thinks much deeper about issues than most other economic commentators I've read.

I don't read comments just from the left, I read them from the right as well and have similar positive opinions of commentators who are more classical in their views. So, no I'm not a leftist hack.

In the end, if you want your thoughts challenged and if you want to think, read Krugman's blog and columns.

If the administration reads his blog and columns, that's a pretty strong hint of the quality of his analysis.

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Keatz Smyrna, Georgia

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smart does not necessary equal sound thinking
I don't think his views make good economic sense.

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ShiraKashi New Bremen, OH

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Leftist Hack
I am not economics expert, but I'm often amazed at the things Paul Krugman writes and, therefore, apparently believes to be true. I read him only for the "I can't believe he said that" entertainment value. :)

Krugman is a true Keynesian through and through, so he believes that public (ie political) intervetion in the economy is necessary. Being a free market capitalist, I disagree. Worse, Krugman has a nack for claiming something one day and writing something just the opposite a month or a year later. (From what I can tell it depends on which party occupies the White House.)

Like most pointy-headed academics, his ideas work on paper and in theory, but fail miserably when applied to history or (God forbid) the real world. I guess that's why so many academics are idealists, because "ideally" they believe their theories will work.

As a man much smarter than me once said, "Idealism is fine, but as it approaches reality, the costs become prohibitive."

Amen to that.

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Kblehman Jackson, MI

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Kenyes?
He is an academic, what more can I say? I wouldn't get stock tips from my econ prof nor would I get it from Paul. He is clear that he believes in Kenyes theory of economics and if you swing that way I guess he would be interesting. But as a free market capitalist who trades on the free market stock exchange he is nothing more than a liberal bore. I do have to admit that he is courageous and he calls out names, its nice to hear a second point of view every now and then.

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Compoundingtrade North Vancouver, b.c

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Good Way to Find out What Keynesians think
The stock blogosphere is full of libertarian/small govt types so it's often easy to think everyone feels that way.

Of course that it isn't true,if they did we'd probbaly never had Too Big Too Fail.

anyway Krugman seems addicted to his blog. I've heard stories of him neglecting his family for it.

He blogs a LOT in frequence, but the quality is all over the map. Roughly two thirds of his blogs are pithy so and so person/belief is dumb

But the other third where talks policy is where it gets interesting, being a Nobel prize winner you can see his gifted mind at work best when he's tearing apart presidential economic policy from his Keynesain point of view.

anyway his blog is worth reading if for no other reason than you it is read by the President's staff and listened to.

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