Contra Krugman

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 for the public good. David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins us to dismantle it. Show notes for Ep. 185

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 who changes his recommended policy depending on who is in power. We consider Krugman's accusations, and also discuss what the best monetary policy is regardless of the state of the economy. Show notes for Ep. 184

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 hour of human labor! She started it, we finish it. Show notes for Ep. 183

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 is more complicated than we thought, and increases in the minimum wage appear to have little to no effects on employment. Here's our reply to all this. Show notes for Ep. 182

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 discuss the controversy about the connection (now broken, say some) between productivity and wages. Show notes for Ep. 181

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

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 maintain one's good name? Show notes for Ep. 179

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

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 the episode folks have been asking us for. Show notes for Ep. 177

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 this could lead to bad outcomes is crazy and unreasonable, he says. So, as usual, we respond. Show notes for Ep. 176