How Accurate Has Krugmans Predictions Been?

Discussion in 'Economy' started by JimBowie1958, Jun 23, 2012.

  1. JimBowie1958
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    JimBowie1958 Old Fogey

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    Pundits that have weekly columns that they write tend to make a lot of predictions. Some are all over the map and are as often wrong as they are right. But some like Krugman are fairly consistent, and in his case he is a consistent Keynesian.

    To Krugman, the only problem with the current economy is that the federal government has not yet thrown enough money into fixing the problem. For him, it doesnt matter if the expenditures create anything or not, as long as everyone has a paycheck and can go back to comfortably consuming production and continue driving the economy.

    The impact of spending money the government does not actually have is of little concern to Krugman, it seems to me, and the devastation these policies have on those on fixed incomes living on saved wealth is hardly worth mentioning let alone influencing policy.

    Here are some threads that discuss Krugmans prognostic abilities.

    admits he is not right all the time
    Reagan, Obama, Recovery - NYTimes.com


    got housing bubble wrong
    RealClearMarkets - How Did Paul Krugman Get It So Wrong?


    Krugman's bad predictions | Fox News


    http://www.nationalreview.com/articles/269428/paul-krugman-prophet-socialismdonald-luskin#


    EconomicPolicyJournal.com: Understanding Why Ron Paul Knows More About Inflation Than Does Paul Krugman


    EconomicPolicyJournal.com: Ron Paul Smashes Paul Krugman (The Proof)


    Paul Krugman: Spend Like Aliens Are Invading to Get Us Out of Financial Crisis | Video | TheBlaze.com
     
  2. iamwhatiseem
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    iamwhatiseem Gold Member

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    Paul Krugman is a bonafide liberal.
    In the dictionary - his photo should be the only entry under the word.
    He wholeheartedly believes in wealth redistribution, massive government intrusion and social spending should be more than defense spending.
    There should be asterisk beside the economist label by his name with a footnote that simply states " he believes debt doesn't exist"
     
  3. Zander
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    Zander Platinum Member

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    Reading Krugman is truly engaging in coprophagia...

    [​IMG]

    He's best ignored, unless you enjoy consuming shit.
     
  4. ilia25
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    ilia25 I can do math

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    Those Fox News types are full of it. They lie so openly, only an idiot cannot see that. For example, this Krugman's quote is treated as prediction:
    "I am still guessing that we will peak out at around 9 percent [unemployment] and that would be late this year.”

    Well, he says clearly that this is his guess. And he was not too far off -- the unemployment peaked at 10.1%. How this makes Krugman bad at predicting the economy? Or at least worse that anyone else?

    The fact is that Krugman made a lot of predictions that were clearly contradicting what the right-wingers were saying at that time. Namely, he predicted that huge budged deficits will not result in rising borrowing costs. He also predicted that trillions dollars of added money supply will not result in high inflation.

    So Krugman is right when he makes a prediction that can be verified. And right-wingers are lying about that because their own predictions were clearly wrong.
     
    Last edited: Jun 23, 2012

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