Money Kranky Krugman…
posted by October 13 at 10:56 AMon
… won the Nobel prize in economics! (Sharing this year’s winners’ circle with such illustrious creatures as a glowing jellyfish and its “brainbow.”)
To celebrate, let’s savor a few of his observations:
The fundamental fact of American politics—and I’ve sharpened my view on this since last year and the hardcover edition of the book—is that we’ve got an alliance between the religious right and the accumulators of great wealth. Those are the people who are running things.
On the economic policy of the Bush administration: “There is no economic policy. That’s really important to say. The general modus operandi of the Bushies is that they don’t make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn’t even a policy to deal with terrorism. It’s all about how can we spin what’s happening out there to do what we want to do.”
The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.
On supply-side economics: “The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant—that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.
It’s time for some straight talk about John McCain. He isn’t a moderate. He’s much less of a maverick than you’d think. And he isn’t the straight talker he claims to be.
Congratulations, you lovey old curmudgeon.