Contra Krugman

By Bob Murphy and Tom Woods

What's Contra Krugman about?

Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!

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Contra Krugman episodes:

06.10.2020
Ep. 225 The Final Episode
On this final episode of Contra Krugman after nearly five years, we analyze Krugman's horrified response to state reopenings after the lockdowns. Show notes for Ep. 225
05.23.2020
Ep. 224 Krugman Bravely Comes Out Against Killing Workers
With his usual magnanimity, Krugman declares that the epidemiologists have been completely accurate in their warnings during the pandemic, whereas those who want to reopen the economy are trying to kill workers. Tom and Bob beg to differ. Show notes...
05.11.2020
Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007
In his attempt to praise Powell and criticize Trump, Krugman admits that the "real economy" is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed's emergency actions. Krugman says...
04.26.2020
Ep. 222 Why Won't We Listen to the Experts?
Krugman is unhappy that the "right wing" is more apt to listen to people he considers quacks than to people he considers experts, and he says the COVID-19 problem is yet another example. We are unconvinced. Show notes for Ep....
04.11.2020
Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman
Guest co-host Richard Ebeling -- who was one of Bob's own economics professors -- joins me to discuss Krugman's qualified support for the $2 trillion coronavirus relief bill recently signed into law, and why we shouldn't be cheering. Show notes...
03.29.2020
Ep. 220 Coronavirus Economics
This episode delves into all the key questions surrounding the economics of the coronavirus crisis: bailouts, Federal Reserve policy, payments to individuals, the effects of the shutdown, and more. Show notes for Ep. 220
03.14.2020
Ep. 219 Krugman Wants Perpetual Deficits
In a perhaps surprising move for someone who said "deficits matter again" upon Trump's election, Krugman now makes the case for perpetual budget deficits in the range of 4% of GDP. This will facilitate much-needed "stimulus spending" in an era...
03.01.2020
Ep. 218 We Need Financial Regulation, Says Krugman
What really matters, says Krugman, is financial regulation. And only Elizabeth Warren can deliver, because Bernie will expend his political capital on unwinnable issues, and Bloomberg's heart isn't in it. We respond, as usual. Show notes for Ep. 218
02.16.2020
Ep. 217 Do Deficits Help Depressed Economies?
Krugman complains that during the Obama years, when deficit spending was desperately needed, obstructionist Republicans opposed it out of what they claimed was principle, but was mere spite. Now, he says, with a Republican in the White House, they couldn't...
02.03.2020
Ep. 216 Krugman Hearts Greta Thunberg
Krugman says Greta Thunberg is closer the economics mainstream than are her critics. Quite a few whoppers to deal with in this one, as you can surely imagine. Show notes for Ep. 216
01.19.2020
Ep. 215 Don't Worry About the Deficit!
That's Krugman's message now. Interestingly, back in 2003 the very indicators he's now using to tell us not to worry were actually less pronounced, and yet back then he was warning of a "fiscal train wreck." In any case, today...
01.06.2020
Ep. 214 Austerity Is Just What the World's Economies Needed
Krugman blames the "austerity" that began a decade ago for ensuing economic ills and political instability. This is a fashionable enough view, but the evidence against it is more or less overwhelming. Enjoy! Show notes for Ep. 214
12.23.2019
Ep. 213 Trump's Tariff War a Flop?
Although details are still emerging, a deal has evidently been reached between China and the United States regarding trade. Did Trump accomplish anything (from his standpoint)? Was the whole thing a waste of time and resources? Did it create uncertainty...
12.07.2019
Ep. 212 Trump, Crony Capitalism, and Impeachment
We discuss the impeachment, Krugman's selective praise for whistleblowers, and what the correct approach to the problem of "crony capitalism" should be. Show notes for Ep. 212
11.25.2019
Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?
We recorded this episode before a live audience at -- of all places -- the Austrian central bank in Vienna, where the Austrian Economics Center held a two-day academic conference. We respond to Krugman's key claim: namely, that Eurosclerosis is...
11.09.2019
Ep. 210 Elizabeth Warren's Fiscal Fantasies
Krugman is impressed by the detail and alleged seriousness of Elizabeth Warren's Medicare for All plan and how it will be paid for. Bob and Tom, by contrast, are not so impressed. Show notes for Ep. 210
10.27.2019
Ep. 209 Robots Aren't the Problem
Krugman criticizes Democrats who think automation is behind American job losses. But just when he's sounding sensible, he jumps back into "inadequate spending" being the problem. Show notes for Ep. 209
10.13.2019
Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!
We got a lot of requests for an episode on debt after Krugman tweeted that "debt is money we owe to ourselves." What's the real truth? Show notes for Ep. 208
10.05.2019
Ep. 207 Krugman Embraces Warren, Discards Economics
Historian and podcast host Brion McClanahan joins Bob to discuss Krugman's defense of Elizabeth Warren against the big bad plutocrats, who apparently are threatening to support Trump if she's the Democratic nominee. Krugman dismisses the possibility that these wealthy people...
09.21.2019
Ep. 206 Are You Deranged for Opposing Regulation?
Krugman says people on the political right get inordinately worked up over minor regulations that have a clear public benefit, and that such people now have a champion in the White House. Could there be a reason other than derangement...
09.14.2019
Ep. 205 Is This Evidence of an Authoritarian Regime?
Krugman argues that an undemocratic, authoritarian regime is being built in the United States, and cites Sharpiegate and Trump's treatment of the auto industry as prime examples. Show notes for Ep. 205
09.08.2019
Ep. 204 Krugman's Worst Blunders
We take listener questions in this episode, from Krugman's worst blunders, to how the Fed might return interest rates to their natural level, to a former Fed official's implication that the Federal Reserve ought to make Trump's reelection more difficult....
08.31.2019
Ep. 203 Deeper Economic Analysis of Slavery, Free Trade vs. Welfare, and Debt Repudiation
Because Krugman is a bore, Tom and Bob field questions from the listeners. They handle objections about their recent arguments concerning the economics of slavery, clear up apparent contradictions in the libertarian handling of free trade and the welfare state,...
08.23.2019
Ep. 202 David Stockman on Western Regimes Entering Cuckoo Land
David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins Tom (Bob is on vacation) to explain what's really happening with the current inverted yield curve, as well as how to tell real growth from phony...
08.17.2019
Ep. 201 The White Nationalist Hoax
The ordinarily serene Bob Murphy is genuinely outraged in this episode, in which we cover Krugman's casual claim that Donald Trump is trying to establish an "authoritarian, white nationalist regime." Needless to say, it does not matter what your opinion...
08.10.2019
Ep. 200 Krugman on Bonds & Uncertainty: Interesting, But Still Wrong
Bob minds the store and explains what is interesting about Krugman's discussion on bonds vs. stocks as ways to forecast recession, how an inverted yield curve signals problems, and the precise way that Trump could be depressing investment. Yet even...
08.03.2019
Ep. 199 Krugman: Trump's Tax Cuts Make the 1% -- and Rich Foreigners -- Richer
Krugman says that since Trump's tax cuts amounted to nothing but a giveaway to wealthy shareholders, and since many of those are foreigners, the tax cuts amounted to a perverse foreign aid program. Show notes for Ep. 199
07.26.2019
Ep. 198 Should We Prevent the Rich from Living Longer?
In an "op-ed from the future," Krugman speculates about a world in which "the rich" have access to life-extending technology. Should they be allowed to have it if not everyone can afford it? This episode gets to the heart of...
07.21.2019
Ep. 197 Is Privatization (Including Prisons) Expensive and Evil?
Krugman suggests that although it makes sense for much of the economy to be in private hands, there are some sectors where private control would yield perverse results. He devotes particular attention to so-called private prisons. So we set him...
07.10.2019
Ep. 196 There Aren't Any Socialists in the Democratic Party?
There aren't any real socialists running in the Democratic Party, says Krugman, because none of them want to abolish private ownership of the means of production. Republicans level the accusation because they're ignorant idiots. Krugman wonders what would happen if...
06.28.2019
Ep. 195 Trump Demands Lower Interest Rates; Krugman's Head Explodes
Krugman is horrified at Trump's pressure on the Federal Reserve to lower interest rates. Yet he thinks a case can be made for doing precisely that. What is Krugman to do? Show notes for Ep. 195
06.22.2019
Ep. 194 Elizabeth Warren Has Some Great Ideas
Krugman is very impressed by Elizabeth Warren, who he thinks has a whole bunch of very good, detailed policy proposals. This is precisely what the world needs more of, he says: public policy proposals based on the best scholarly literature....
06.15.2019
Ep. 193 How Dare Trump Criticize Britain's National Health Service
Krugman is horrified that Donald Trump has been critical of the National Health Service (NHS) in Britain. Why, the NHS is doing a great job! We put Krugman's arguments under a microscope. Show notes for Ep. 193
06.08.2019
Ep. 192 Your Deepest Questions About the Fed Answered
We do another Q&A; episode this week, a good portion of which revolves around the Federal Reserve: the best ways to undermine it, how we might transition away from it, whether a reckoning has to come even if the Fed...
06.03.2019
Ep. 191 Krugman Admits Hurting Trump Better Than Helping the Country, When It Comes to Infrastructure
Bob flies solo to point out a shocking admission in Krugman's column: He actually thinks Democrats are lucky that Trump backed out of an infrastructure deal, even though Krugman also believes the deal would have helped the country. Bob goes...
05.25.2019
Ep. 190 Universal Basic Income, Trade Deficits, and Other Areas of Confusion
Bob and Tom take some outstanding and very important and helpful listener questions in this episode, such as: what is one legitimate contribution a Keynesian has made? Can trade deficits be bad? What are the best critiques of Austrian economics...
05.19.2019
Ep. 189 The Truth About Trump and the Tariffs
The issue of international trade is not a simple one of a difference of opinion: Trump genuinely appears not to understand the subject. We sort it all out in this episode. Show notes for Ep. 189
05.10.2019
Ep. 188 Trump's Economy Proves Keynesianism is Right, Says Krugman
After having predicted that the election of Trump would lead to economic hard times as far as the eye could see, Krugman's new line is that of course the economy is strong: federal deficits have been driving it! Show...
05.05.2019
Ep. 187 It's OK for Bernie to Be Rich Because He's Not Evil
Krugman addresses the claim that Bernie Sanders, who until recently had been railing against "millionaires and billionaires," is a hypocrite since he's now a millionaire himself. Krugman proceeds to explain that among the super rich, most are right-wing and evil....
04.28.2019
Ep. 186 Krugman Finally Mentions Mueller -- and It's Straight Outta Orwell
Had the Mueller report truly vindicated Krugman, we can be certain his victory-lap column would have come swiftly. Now that he's finally gotten around to mentioning it after a curious delay, he's jumping on the bandwagon of the Orwellian "Mueller...
04.23.2019
Ep. 185 David Stockman Joins Us to Shred Economist's Love Letter to the Fed
Greg Mankiw, a professor of economics at Harvard, wrote an article for the New York Times urging America to preserve the Federal Reserve he loves. And what is that? A nonpolitical, nonpartisan, scientific economic management agency staffed by selfless advocates...
04.14.2019
Ep. 184 What Is Trump Doing to the Fed?
Krugman is very unhappy about the nominations of Stephen Moore and Herman Cain to the Federal Reserve's Board of Governors. (Cain's nomination now seems likely to be abortive.) Krugman devotes particular attention to Moore, whom he considers a partisan hack...
04.06.2019
Ep. 183 Contra Ocasio-Cortez
Alexandria Ocasio-Cortez, the controversial left-wing member of Congress, got into a Twitter war when she observed that a mere croissant at La Guardia Airport goes for $7, yet some people think $15 is too much to ask for a whole...
03.30.2019
Ep. 182 Hooray for the Minimum Wage? How Economists Went Off Track
In paying his respects to the recently deceased Alan Krueger, author of the widely discussed 1994 Card-Krueger study on the minimum wage, Krugman praises him for changing the way economists think about that subject. According to Krugman/Krueger, the labor market...
03.23.2019
Ep. 181 Don't Blame Robots for Low Wages
Krugman starts off more or less all right in this one, arguing that robots aren't the reason wages aren't higher. But then he goes off into cloud cuckoo land, blaming the problem on a decline in labor unions. We also...
03.16.2019
Ep. 180 Are We Full of Irrational Rage? (This One's a Doozy)
Krugman can't get over the stupid things his opponents get upset about, and how full of irrational rage they are -- quite unlike today's left, you understand. Show notes for Ep. 180
03.09.2019
Ep. 179 How to Defeat a Smear Attack Against You
This week, although we do cover Krugman a bit, we use a recent Caitlin Johnstone article as a springboard for discussion. With social media and traditional media in swarm mode against perpetrators of thoughtcrime, what is the best approach to...
03.04.2019
Ep. 178 Let's Socialize the Family, Say Warren and Krugman
This week Krugman endorses Elizabeth Warren's plan for subsidized child care at the federal level. It's so cheap, and it would help so many people! Meh. Show notes for Ep. 178
02.23.2019
Ep. 177 Semi-Sensible Krugman vs. Modern Monetary Theory (MMT)
Modern Monetary Theory (MMT) is picking up steam (thanks to Alexandria Ocasio-Cortez and Bernie Sanders), to the point that even Krugman is alarmed. Yes, he says, you will have to raise taxes to pay for what progressives want. This is...
02.14.2019
Ep. 176 Trump vs. Socialism?
Socialism isn't all that radical, insists Krugman. Plus: virtually all people who call themselves socialists just want to be like Denmark, not Venezuela or the Soviet Union. They just want poor people cared for! Anyone who thinks nicey-nice socialism like...

What's Contra Krugman about?

Download our free app to listen on your phone

Contra Krugman episodes:

Ep. 225 The Final Episode

Ep. 224 Krugman Bravely Comes Out Against Killing Workers

Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007

Ep. 222 Why Won't We Listen to the Experts?

Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman

Ep. 220 Coronavirus Economics

Ep. 219 Krugman Wants Perpetual Deficits

Ep. 218 We Need Financial Regulation, Says Krugman

Ep. 217 Do Deficits Help Depressed Economies?

Ep. 216 Krugman Hearts Greta Thunberg

Ep. 215 Don't Worry About the Deficit!

Ep. 214 Austerity Is Just What the World's Economies Needed

Ep. 213 Trump's Tariff War a Flop?

Ep. 212 Trump, Crony Capitalism, and Impeachment

Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?

Ep. 210 Elizabeth Warren's Fiscal Fantasies

Ep. 209 Robots Aren't the Problem

Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!

Ep. 207 Krugman Embraces Warren, Discards Economics

Ep. 206 Are You Deranged for Opposing Regulation?

Ep. 205 Is This Evidence of an Authoritarian Regime?

Ep. 204 Krugman's Worst Blunders

Ep. 203 Deeper Economic Analysis of Slavery, Free Trade vs. Welfare, and Debt Repudiation

Ep. 202 David Stockman on Western Regimes Entering Cuckoo Land

Ep. 201 The White Nationalist Hoax

Ep. 200 Krugman on Bonds & Uncertainty: Interesting, But Still Wrong

Ep. 199 Krugman: Trump's Tax Cuts Make the 1% -- and Rich Foreigners -- Richer

Ep. 198 Should We Prevent the Rich from Living Longer?

Ep. 197 Is Privatization (Including Prisons) Expensive and Evil?

Ep. 196 There Aren't Any Socialists in the Democratic Party?

Ep. 195 Trump Demands Lower Interest Rates; Krugman's Head Explodes

Ep. 194 Elizabeth Warren Has Some Great Ideas

Ep. 193 How Dare Trump Criticize Britain's National Health Service

Ep. 192 Your Deepest Questions About the Fed Answered

Ep. 191 Krugman Admits Hurting Trump Better Than Helping the Country, When It Comes to Infrastructure

Ep. 190 Universal Basic Income, Trade Deficits, and Other Areas of Confusion

Ep. 189 The Truth About Trump and the Tariffs

Ep. 188 Trump's Economy Proves Keynesianism is Right, Says Krugman

Ep. 187 It's OK for Bernie to Be Rich Because He's Not Evil

Ep. 186 Krugman Finally Mentions Mueller -- and It's Straight Outta Orwell

Ep. 185 David Stockman Joins Us to Shred Economist's Love Letter to the Fed

Ep. 184 What Is Trump Doing to the Fed?

Ep. 183 Contra Ocasio-Cortez

Ep. 182 Hooray for the Minimum Wage? How Economists Went Off Track

Ep. 181 Don't Blame Robots for Low Wages

Ep. 180 Are We Full of Irrational Rage? (This One's a Doozy)

Ep. 179 How to Defeat a Smear Attack Against You

Ep. 178 Let's Socialize the Family, Say Warren and Krugman

Ep. 177 Semi-Sensible Krugman vs. Modern Monetary Theory (MMT)

Ep. 176 Trump vs. Socialism?