Paul Krugman and the strawman economy

Got sent the following from Quora yesterday: Paul Krugman, Nobel Laureate economist, NYT op-ed columnist, & author, answered 44 questions. Here are a few, but let me tell you how all of his answers work.

First, he is a Keynesian so believes that government spending inevitably creates jobs.

Second, he invariably uses strawman alternatives as the supposed alternative position. His answer on laissez-faire is so absurd since there is literally no economist anywhere who believes there is no role for government. All of the debate is over what can governments do, which regulations will be effective and how much should be left to the market.

Third, as with his answer on climate change, he immediately shifts the terms of the debate into environmental protection in general. Climate change is a complete con, that uses environmental protection as a cover. No one, but no one, is against protecting the environment as a general proposition, but there is lots of discussion whether we should dismantle our economy to deal with what is to me the phantom problem of global warming.

It is all a con, but he has made quite a career from it.

Is capitalism failing all over the world and what are the economic solutions to the current woes such as rising income inequality, opportunities for all and big players dominance in businesses?

I don’t think “capitalism” is failing. Unregulated laissez-faire leads to extreme inequality and environmental damage. But regulated markets with a strong social safety net…

(more)

What is, in your opinion, the best solution to climate change without destroying the economy?

This “destroying the economy” thing is disinformation. Interest groups always claim that environmental protection will do terrible things, and they’re always wrong.

Econ 101…

(more)

I don’t think we’re going to get away from relying on markets to provide a lot of what we need. But there are some things that government does better than the private secto…

(more)

What is the best alternative to capitalism? Please describe it.

I don’t think we’re going to get away from relying on markets to provide a lot of what we need. But there are some things that government does better than the private secto…

(more)

And then there’s this today from Instapundit.

PAUL KRUGMAN ON ELECTION NIGHT 2016: “If the question is when markets will recover, a first-pass answer is never.”

Today: Dow hits record, joining S&P 500, Nasdaq.

Related: Over Three Years After His Doomsday Prediction, Paul Krugman Makes Reluctant Admission About the Trump Economy.

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This is from that last article.

Will finish with this, which I agree with as well.

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