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I can kind of see why the pundits love Krugman. I mean he's in the Nobel Prize club with Obama and Gore so he gets to be an icon of the loopy-loony-lefties. At the same time, the stuff he says is so blatantly false to fact and empty that disproving his rhetoric takes so very little effort...They should call him, Freddy Krugman Reading his dribble is zzzzzzzzzzzzz
I can kind of see why the pundits love Krugman. I mean he's in the Nobel Prize club with Obama and Gore so he gets to be an icon of the loopy-loony-lefties. At the same time, the stuff he says is so blatantly false to fact and empty that disproving his rhetoric takes so very little effort...They should call him, Freddy Krugman Reading his dribble is zzzzzzzzzzzzz
As a person who lived through the seventies, when we had the real "loopy-loon-lefties", let me say that Krugman is really so much in the center of economic discourse that back then he would have seen as a moderate. No radical is he!
Only in the United States would somebody like him, who espouses reasoned and researched arguments, be considered as an icon of the far out left wing camp.
We should pretend we were going to be invaded by space aliens
you are correct to a degree & so is Krugman. Profits, for the top 5%, are booming like its nobody's business. Did I mention that he's a Nobel Laureate?this recession is different than other recessions because it started out as a depression. Wall st, the fed & their media- cnbc, abc, cbs, etc... (all shills) don't want people to do a run on the banks. The only reason it didn't mirror 1929 is because the fed has been pumping fiat $$$ into the economy pell mell. Who is ultimately going to have to pay that bill?
Krugman knows it, I know it, & the American people know it. Profits are way up not because of producing anything of value, just because of trading metaphorical scraps of paper.
This has absolutely nothing to do with Krugman's argument.
Krugman is saying companies don't mind "moderate depressions" because it keeps wages depressed. The recession started in 2008. Today, it's 2014. The average CEO has lost his job between 2008 and 2014. Boards aren't having discussions about how much they don't mind this recession. They are lamenting that they have to find growth some other way. Growing profits through cost cutting only goes so far. And it's hard. Companies would much rather grow through demand. It's easier. Krugman's argument is idiotic.
I respect Krugman as an economist on geography, but he is a hack, and sometimes a clueless one at that.
Did I mention that he's a Nobel Laureate?
Did I mention that he's a Nobel Laureate?
Krugman is a brilliant economist in his field, but his ideology clouds his judgement.
Did I mention that he's a Nobel Laureate?
Krugman is a brilliant economist in his field, but his ideology clouds his judgement.
So a slack economy could in effect serve as a coordinating device for firms; one way to think about it is that it keeps firms from competing too hard for workers, enabling them to exert more monopsony power. This effect would have to be weighed against the direct adverse effect of slack demand on profitability, but there’s no rule saying that firms have to do worse in a depressed economy; they could actually do better. (I’m going to try some formal modeling on all this, but if anyone else wants to jump in, be my guest.)
Did I mention that he's a Nobel Laureate?
Krugman is a brilliant economist in his field, but his ideology clouds his judgement.
to an extent perhaps but he nailed this argument long and hard
from the OP:
So a slack economy could in effect serve as a coordinating device for firms; one way to think about it is that it keeps firms from competing too hard for workers, enabling them to exert more monopsony power. This effect would have to be weighed against the direct adverse effect of slack demand on profitability, but theres no rule saying that firms have to do worse in a depressed economy; they could actually do better. (Im going to try some formal modeling on all this, but if anyone else wants to jump in, be my guest.)
Did I mention that he's a Nobel Laureate?
Krugman is a brilliant economist in his field, but his ideology clouds his judgement.
to an extent perhaps but he nailed this argument long and hard
from the OP:
So a slack economy could in effect serve as a coordinating device for firms; one way to think about it is that it keeps firms from competing too hard for workers, enabling them to exert more monopsony power. This effect would have to be weighed against the direct adverse effect of slack demand on profitability, but there’s no rule saying that firms have to do worse in a depressed economy; they could actually do better. (I’m going to try some formal modeling on all this, but if anyone else wants to jump in, be my guest.)
welchboi necro thread-bumping Honor your wager you welcher!!!
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why you doin this to yourself trollboi?
Krugman is a scholar and, moreover, a statesman So back up under the porch puppies!!!