Paul Krugman: Difference between revisions
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In October 2010, Krugman was challenged to a [[Murphy-Krugman debate|debate]] over Austrian vs. Keynesian business cycle theory by economist [[Robert Murphy]]. As of mid-November 2010 Krugman has not responded. | In October 2010, Krugman was challenged to a [[Murphy-Krugman debate|debate]] over Austrian vs. Keynesian business cycle theory by economist [[Robert Murphy]]. As of mid-November 2010 Krugman has not responded. | ||
==Quotes== | |||
The [[broken-window fallacy]] was seen in a column by Princeton University professor Paul Krugman after the terrorist attack on the World Trade Center:<ref name="Williams_lunacy">Walter. E. Williams. [http://www.washingtontimes.com/news/2004/nov/22/20041122-095742-3613r/ "Economic lunacy"], November 22, 2004, Washington Times. Referenced 2011-01-05.</ref> "Ghastly as it may seem to say this, the terror attack -- like the original day of infamy, which brought an end to the Great Depression -- could even do some economic good."<ref name="Krugman_Horror">Paul Krugman. [http://www.nytimes.com/2001/09/14/opinion/reckonings-after-the-horror.html "Reckonings; After The Horror"], September 14, 2001, The New York Times. Referenced 2011-01-05.</ref> | |||
In 1998, Krugman said: "During phases of weak growth there are always those who say that lower interest rates will not help. They overlook the fact that low interest rates act through several channels. For instance, more housing is built, which expands the building sector. You must ask the opposite question: why in the world shouldn't you lower interest rates?" To the question "...because that would only promote inflation instead of growth?" he responded "There is no danger of that!"<ref name="Hanke_Zinsen">Thomas Hanke. [http://www.zeit.de/1998/51/Runter_mit_den_Zinsen_ "Runter mit den Zinsen!"] (in ''German'', "Down with the rates!"), ''Die Zeit'', 51/1998. [http://www.pkarchive.org/global/welt.html Translation by Peter Bartl]. Referenced 2011-01-05.</ref> | |||
==References== | ==References== | ||
Revision as of 19:11, 5 January 2011
Paul Krugman is an American economist and Nobel laureate. He is also an op-ed columnist and blogger for the New York Times. Krugman is well known for believing in the theories of John Maynard Keynes and continually advocates for more inflation and government intervention in the economy. Krugman's blog posts repeatedly display his opinion that inflation is a measurement of prices and not the quantity of money.[1][2][3] For these and other views is Krugman frequently criticized by Austrian economists.[citation needed] A blog created by William L. Anderson is devoted to "Analysis and criticism of America's most prominent public intellectual and champion of Keynesian economics."[4]
In October 2010, Krugman was challenged to a debate over Austrian vs. Keynesian business cycle theory by economist Robert Murphy. As of mid-November 2010 Krugman has not responded.
Quotes
The broken-window fallacy was seen in a column by Princeton University professor Paul Krugman after the terrorist attack on the World Trade Center:[5] "Ghastly as it may seem to say this, the terror attack -- like the original day of infamy, which brought an end to the Great Depression -- could even do some economic good."[6]
In 1998, Krugman said: "During phases of weak growth there are always those who say that lower interest rates will not help. They overlook the fact that low interest rates act through several channels. For instance, more housing is built, which expands the building sector. You must ask the opposite question: why in the world shouldn't you lower interest rates?" To the question "...because that would only promote inflation instead of growth?" he responded "There is no danger of that!"[7]
References
- ↑ [1] "Inflation delusions"
- ↑ [2] "Are rising commodity prices an inflationary signal?"
- ↑ [3] "Generating inflation expectations"
- ↑ William L. Anderson. "Krugman-in-Wonderland", referenced 2010-11-16.
- ↑ Walter. E. Williams. "Economic lunacy", November 22, 2004, Washington Times. Referenced 2011-01-05.
- ↑ Paul Krugman. "Reckonings; After The Horror", September 14, 2001, The New York Times. Referenced 2011-01-05.
- ↑ Thomas Hanke. "Runter mit den Zinsen!" (in German, "Down with the rates!"), Die Zeit, 51/1998. Translation by Peter Bartl. Referenced 2011-01-05.