Notes From Babel

Now Is the Time for All Good Economists to Come to the Aid of Their Country

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Without suggesting any skepticism over Progressives’ determination to plow ahead with their ideology even if they had no economists signing off on it, one of the big reasons Progressivism is such a dominant force is because people like former economist Paul Krugman keep spiking populist op-ed pages with experimental macroeconomic justifications for more Great Society social programs.  In his latest edition, he explains why, counter to common sense, making it less expensive for employers to hire more workers would actual increase unemployment.  No, let me back up.  Krugman would never put it that way.  How does it say it?  Ah, yes, it would be “contractionary,” he says, leading to a “liquidity trap.”  Deploying those terms makes the whole piece unassailable by readers who don’t have a bunch of letters after their names.

Of course, other economists assail Krugman’s argument.  But the battle has already been won by Progressives.  No one can prove anything to do with macroeconomics.  This stuff is more like religion than science.  Like taste, there’s no accounting for macroeconomics.  That’s why Progressives’ economists don’t need to win the fight, they just need to stay in the ring.  As long as there are folks like Krugman making this stuff sound kinda sorta plausible, Progressives can keep on advancing their egalitarian, utopian agenda, claiming that it’s not just the smurfy thing to do, it’s actually sound economics, dontcha know.  Krugman says so.  And he sort of won a Nobel Prize. Have you sort of won a Nobel Prize?  Didn’t think so.

Hard to win a debate like that.

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Written by Tim Kowal

December 19, 2009 at 10:28 am

Posted in Economics

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