Word: krugman
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Witness, for example, MIT economics professor Paul Krugman’s recent rant in The New York Times. Krugman begins with the smug declaration that Bush’s strategy is to treat crises not as “problems to be solved,” but as “opportunities to advance an agenda that [has] nothing to do with the crisis at hand.” He excoriates Republican proposals for economic stimulus as a ploy to “lock in permanent tax cuts for corporations and the wealthy, using the Sept. 11 attacks...
...cuts should play a part in any stimulus package, regardless of whatever additional relief is given to the poor. (And I hasten to add that Bush has advocated expanded welfare benefits and rebate checks for low-income workers—although Krugman and his cronies wouldn’t want you to know it.) Accelerating the marginal rate cuts approved earlier this year would provide an incentive to work and invest. And the corporate sector, which has dropped sharply, would respond favorably to a fiscal stimulus, especially given that there are no signs of significant excess capacity. Krugman should know...
...this is not quite true either. A revolution will come with the marriage of gravitation and quantum mechanics in physics, economists don’t really know what is going on out there (no matter what Paul Krugman says), and linguists are groping in the dark for foundations as well. But the wild days before the structure of DNA, or before an expanding universe, or before the periodic table, or before Chomsky, Turing, Darwin, Keynes and Einstein are long gone. The great men and their great discoveries have sucked the exhilarating marrow out of the great fields of science...
...this real medicine? Economist and Bush critic Paul Krugman calls the ever changing arguments for tax cuts "startling in their intellectual dishonesty." If that's so, will the mob return in 2004 and run the good doctor out of town...
...holding stock. The stock market's high returns over the last 50 years may have been unprecedented, but so was the recent rise in stock prices, which seems to indicate that investors have arbitraged away any misperceptions. Economists widely dispersed across the political spectrum, from MIT's liberal Paul Krugman to Harvard's conservative Waggoner Professor of Economics Robert J. Barro, have described past gains as a result of historical mispricings and written that there is little reason to expect stock gains to continue to outpace those of Treasury bonds. Indeed, some of Bush's closest advisors have argued that...