huskerbob

In a mammoth piece for NY Times Magazine, Paul Krugman wonders how economists got it so wrong.

Hmmm..., I didn't read any mention of Austrian economics in the entire article. Can someone really be a valid scholar while completely ignoring an opposing school of thought which, especially recently, seems to have a lot of valid ideas (as well as success in predicting our current predicament)? Krugman and his diehard Keynesian cohorts come across as economic lysenkoists. They refuse to be discredited by the fact of their failure! To paraphrase the old Communist saw, "Keynesianism is the perfect system, it's just that no one is doing it right".