It’s a bit of an odd situation. All of these countries are separate entities with their own economies. There seems to be little incentive for one country to work as hard as another country, besides the fact that they all share the same currency.
Krugman is a grad of MIT and Yale, teaches at the London School of Economics, and won a Nobel Prize for economics, yet Niall Ferguson states that Krugman is “a figure of fun, whose predictions (and proscriptions) no one should ever again take seriously.”
I believe Mr. Ferguson is most certainly displaying the syptoms of Narcicisstic Personality Disorder…
Sure, economics is not an exact science. There are so many variables in the study of economics that that follow a random walk process. Chemistry and physics have laws. Unfortunately, economist are having to base their predictions off their instincts. Sometimes they’re wrong.
Yes, Krugman is indeed knowledgeable about what is sometimes called New Trade Theory. His work explained how comparative advantage, economics of scale and diverse consumer preferences for products and brands effects international trade.
Nobody can say what’s in Krugman’s mind but Krugman. But it is often assumed that Krugman expects other smart people to give his non-economic (and political) opinions the same weight as the academic work for which he won the Nobel Prize. Krugman has a penchant for voicing opinion as fact; and ad hominem attacks on anyone who doesn’t accept his opinion as fact.
Now that was a fun read.
Ha, this is amusing
Niall Ferguson has a great new book out, The Great Degeneration: How Institutions Decay and Economies Die that Krugman needs to read.
What do you all think about the Euro Zone?
Will it stay intact for the foreseeable future?
It’s a bit of an odd situation. All of these countries are separate entities with their own economies. There seems to be little incentive for one country to work as hard as another country, besides the fact that they all share the same currency.
This is a macro-economics conundrum.
Krugman is a grad of MIT and Yale, teaches at the London School of Economics, and won a Nobel Prize for economics, yet Niall Ferguson states that Krugman is “a figure of fun, whose predictions (and proscriptions) no one should ever again take seriously.”
I believe Mr. Ferguson is most certainly displaying the syptoms of Narcicisstic Personality Disorder…
Not sure if the Nobel Prize is saying much… Read the article found below.
http://healthblog.ncpathinktank.org/hits-and-misses-19/comment-page-1/#comment-207811
Sure, economics is not an exact science. There are so many variables in the study of economics that that follow a random walk process. Chemistry and physics have laws. Unfortunately, economist are having to base their predictions off their instincts. Sometimes they’re wrong.
I don’t think that a 3 part “rant” about how/why they are wrong is necessary.
Eh, Niall Ferguson deserves to soak in his glory for a short period of time.
Yes, Krugman is indeed knowledgeable about what is sometimes called New Trade Theory. His work explained how comparative advantage, economics of scale and diverse consumer preferences for products and brands effects international trade.
Nobody can say what’s in Krugman’s mind but Krugman. But it is often assumed that Krugman expects other smart people to give his non-economic (and political) opinions the same weight as the academic work for which he won the Nobel Prize. Krugman has a penchant for voicing opinion as fact; and ad hominem attacks on anyone who doesn’t accept his opinion as fact.
Well deserved.
Ditto Ken.