Contra Krugman

Krugman says renewable energy is getting less expensive and more realistic as a power option all the time, and that the only thing standing in the way are shills for the various fossil-fuel industries. Really?

Show notes for Ep. 135

In this column Krugman suggests that the decline in the moral and scholarly rigor of conservative intellectuals has to do with the intellectual bankruptcy of the Republican Party, which has no interest in science or truth. So to get ahead or even to be heard, intellectuals have to say ridiculous things that the Party wants to hear. Left-liberals, by contrast, are overwhelmingly committed to the dispassionate examination of evidence, are not sycophantic toward those in power, and readily admit their mistakes. Sure. And don't worry: there's real economics in here, too, as we discuss Krugman's claims about the predictive power of Keynesianism and the supposedly poor track record of its opponents. Show notes for Ep. 134

Opponents of protectionism sometimes misrepresent what the real danger of it is. It isn't going to cause a depression or mass unemployment. But it does do something -- beyond just raising domestic prices -- that undermines everyone's standard of living.

Show notes for Ep. 133

Krugman insists on the validity of the Phillips Curve, which purports to show an inverse relationship between unemployment and inflation, but the causal mechanism Krugman sees between them is straight out of Keynesian la-la land.

Show notes for Ep. 132

Krugman says Trump is surrounded by people who are wrong on trade: first, the neo-mercantilists, who view trade as a zero-sum game of winners and losers, and second, "neo-goldbugs," who favor a strong dollar and won't concede the merits of a weak currency. Krugman isn't wrong about the neo-mercantilists, but he's wrong about plenty else.... Show notes for Ep. 131

Today we branch out a bit and take on one of Robert Reich's popular (but obviously simplistic) videos about what's gone wrong with the economy. Why, we once had strong labor unions, education, and health care, and then big money corrupted politics and we don't have any of these things, and that's where our problems come from. We're further told that the financial crisis was caused by banks "gambling," and by fraud. (He never asks why the banks should suddenly have started gambling at a particular moment, as opposed to 50 years ago; there certainly was no "deregulation" that artificially encouraged "gambling," contrary to popular belief.)

Show notes for Ep. 130

Trump's tariffs are bad economics, so Krugman isn't entirely wrong, but his cheerleading for some of the well-known trade agreements needs the gentle correction we're known for on this show....

Show notes for Ep. 129

Modern Monetary Theory (MMT) is gaining traction. Its adherents think it's just common sense, but it's actually destructive nonsense. Why, governments can never "run out of money," because they have a printing press! OK, it's a little more sophisticated than that, but not nearly as much as they think it is. More inanities smashed courtesy of Contra Krugman. Show notes for Ep. 128

Krugman insists that Republicans are unique in refusing to admit to making mistakes, lying about their intentions, etc. Of course, these are characteristics of the entire regime, but Krugman, who is deeply tied to that regime, can never admit this. Bob and Tom, however, are subject to no such constraints.

Show notes for Ep. 127

Krugman can't believe Republicans who worried about deficits under Obama -- when, according to Keynesianism, we needed deficits to help the struggling economy -- have no problem with them today, at a time when Keynesianism would consider them unnecessary. Yes, there are plenty of Republican hypocrites, whom we do not spare in this episode. But Krugman and his friends might want to be more careful when accusing other people of hypocrisy.... Show notes for Ep. 126