“The economist Paul Krugman used to warn his readers in afterthoughts and footnotes that we should never allow the best to be the enemy of the good, and that while his work has blown up the first-best theorems of equilibrium economics the core ideas of the classics should not be thrown away. But the political pundit Paul Krugman does not warn his readers about the pitfalls. Instead, he rails against the unworkable laissez faire model at the same time as blaming the current administration for pursuing a laissez faire philosophy. Markets and unscrupulous businessmen and conservative politicians come under assault, while enlightened political leaders and insightful thinkers working together are seen as the solution to the social ills that free market fundamentalism has supposedly wrought. This is why Krugman can claim to be the liberal conscience of the intellectual crowd in the U.S. today.”
The rest is here. I am very disappointed with this choice.
Here is what Dr. Russell Roberts has to say about it:
“For me, it is just another reminder that those of us who believe in liberty are in for a long time in the intellectual wilderness. Today’s intellectual climate is a taste of what it must have been like to believe in liberty in 1933, or what it must have been like to be Milton Friedman in say, 1962.”
Rest of that is here. It is a sad day for liberty and Economics.