Are there any fact checkers at the New York Times? Since they’ve allowed some glaring mistakes by Paul Krugman (see here and here), I guess the answer is no. But some mistakes are worse than others. Consider a recent column by David Stuckler of Oxford and Sanjay Basu of Stanford. Entitled “How Austerity Kills,” it […] . . . → Read More: Another Example of Editorial-Page Fiction at the New York Times
I wrote this a couple of weeks ago, but didn’t post it here until I noticed that Michael Tanner of The Cato Institute agreed. Keynesianism is still not working. The central idea of the dominant economic philosophy in Washington, DC, is that when the private economy fails to produce enough demand, the government can and should step in to take up the economic slack. It | Read More » . . . → Read More: Keynesian Economics: Still Failing After All These Years
Paul Krugman recently tried to declare victory for Keynesian economics over so-called austerity, but all he really accomplished was to show that tax-financed government spending is bad for prosperity. More specifically, he presented a decent case against the European-IMF version of “austerity,” which has produced big tax increases. But what happens if nations adopt the [...] . . . → Read More: Where Are the European Spending Cuts?
President Bush imposed a so-called stimulus plan in 2008 and President Obama imposed an even bigger “stimulus” in 2009. Based upon the economy’s performance over the past five-plus years, those plans didn’t work. Japan has spent the past 20-plus years imposing one Keynesian scheme after another, and the net effect is economic stagnation and record [...] . . . → Read More: Krugton the Invincible…or Krugman the Inadvertent Opponent of Tax Increases?