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I honestly don't believe Krugman is brilliant, or at least I've seen no demonstration of his brilliance. He is peevish, prideful, and he's had virtually no impact on policy. He fudges statistics in ways that would get him thrown out of a first year economics course. He draws trend lines from a single data point. He doesn't seem to understand compound rates of growth. If per capita GDP shows that the average Frenchman has no more wealth than the average Midwesterner, then per capita GDP is the wrong way to measure wealth. Look at his recent attack on Romney (http://www.sltrib.com/sltrib/opinion/53085426-82/romney-job-companies-gekko.html.csp). Krugman knows that what Romney did at Bain Capital is a necessary function in a market economy. If Bain capital hadn't done it, some other investment group would have done it. It's money left on the table. Yet he compares Romney to Gordon Gecko, a fictional character who was not only greedy and heartless, he was criminal. Gecko went to prison. Yet at the end of the piece Krugman writes "Not that Romney the businessman was a villain. Contrary to conservative claims, liberals aren’t out to demonize or punish the rich." This is brilliance?
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Dec 15, 2011