Krugman tells us he believes that the world could be on the cusp of major technological breakthroughs. Some examples are self-driving cars, good, automatic translation, computer speech recognition, etc. Krugman's post is in response to some people saying technological innovation is coming to an end.
Krugman then has a couple posts defending economics (specifically main street, textbook macroeconomics). He says that this standard economics had a good model for the economic crash and what to do for recovery – namely have governments spend more money while interest rates are very low and other participants in the economy are not spending. He ends one post with quite a zinger saying the problem was not with economics but with some economists who decided to turn their back on standard macro and we should go back and review the old classical economics texts.
For Thanksgiving, Krugman refutes a half in jest post about how people hate turkey because chicken is way more popular. Krugman says bogus – it’s just that chicken is much more convenient…
Krugman goes on quite a riff against John Cochrane who claimed four years that inflation was a danger – but now that no inflation has come - has yet to admit he’s wrong or revise his model. Krugman states quite clearly that this should reduce Cochrane’s credibility.
No comments:
Post a Comment