U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-08-2008, 04:46 PM
Rei Rei started this thread
 
Location: Los Angeles
494 posts, read 1,717,158 times
Reputation: 239

Advertisements

"Nobel winner Krugman says it could reach 10 percent without stimulus"
Noted economist has dire jobless warning - Economy in Turmoil- msnbc.com

The fact that a Nobel winner said this-- should I even be laughing about it or start crying?...

Last edited by Rei; 12-08-2008 at 05:35 PM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-08-2008, 05:40 PM
 
Location: Raleigh, NC
9,055 posts, read 12,520,576 times
Reputation: 1396
Krugman is a fool who happened to write a decent paper on new trade theory. Outside of that particular topic, I wouldn't take him or his neo-Keynesian nonsense seriously. Just another "pass more bailouts or we all die!" conspiracy theorist.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-08-2008, 05:52 PM
 
28,460 posts, read 81,575,969 times
Reputation: 18676
Well considering that Krugman has a giant chip on his shoulder and the Obama administration CLEARLY did not want him on their team even though he has spent every drop of ink he is given on beating down the present administration might give you a little clue as to his uh 'soundness'...

btw -- He is a very (or at one time was) a very bright guy, and his work on trade theory is completely accepted by basically everyone, though that gives him no special insight into how effective the efforts to turn around the economy, either globally or dosmetically will be...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-09-2008, 09:07 AM
 
1,955 posts, read 5,098,970 times
Reputation: 1122
Quote:
Originally Posted by chet everett View Post
Well considering that Krugman has a giant chip on his shoulder and the Obama administration CLEARLY did not want him on their team even though he has spent every drop of ink he is given on beating down the present administration might give you a little clue as to his uh 'soundness'...

btw -- He is a very (or at one time was) a very bright guy, and his work on trade theory is completely accepted by basically everyone, though that gives him no special insight into how effective the efforts to turn around the economy, either globally or dosmetically will be...
Pretty accurate assessment. While he's obviously got a strong intellect, any time an economist is that political, I start to question how sound his theories are. I'd say the same thing of any supposedly "academic" economist who is as viciously anti-Democratic as Krugman is anti-Republican.

At any rate, Krugman's statement is flawed from the outset. The goal, the ideal, is not full employment or as little unemployment as possible. The goal is maximum efficiency in allocation of available productive and material resources. Employment is a means to that end, not the end itself. Maximum efficiency in resource allocation probably entails nearly full employment (for those with a work ethic who want to and are able to work).

Whether government has any role in helping to ensure that resources are efficiently allocated is another argument for another thread...
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6. The time now is 02:14 AM.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top