Yes, Krugman correctly predicted that the post-2008 flood of money will not lead to quick inflation. That’s the example that’s I’ve seen literally dozens of times as the “proof” that Krugman is right and everyone else is wrong.
That’s not evidence, that’s Krugman patting himself on the back. For evidence I would like to see a testable prediction made before the fact.
In this particular case, Krugman’s original position was that the stimulus could be useful but was not sufficient. There is enough wiggle room for two elephants there—if the stimulus failed, Krugman would have pointed at himself saying it was insufficient and if it obviously worked, he would have pointed at himself saying it would be useful.
In general, I find Krugman to be an interesting example of a very smart guy who either became mindkilled or deliberately decided to do propaganda “for the greater good”. His columns are full of classic motivated reasoning.
Austrian economics has consistently made bad predictions. It doesn’t give you the right answers for rates, fx, gdp or inflation.
As opposed to what kind of economics? :-/
http://krugman.blogs.nytimes.com/2011/10/09/is-lmentary/
Yes, Krugman correctly predicted that the post-2008 flood of money will not lead to quick inflation. That’s the example that’s I’ve seen literally dozens of times as the “proof” that Krugman is right and everyone else is wrong.
Can I see any other pieces of evidence?
The effects of fiscal austerity vs deficit spending:
http://www.nytimes.com/2014/02/21/opinion/krugman-the-stimulus-tragedy.html?_r=0
That’s not evidence, that’s Krugman patting himself on the back. For evidence I would like to see a testable prediction made before the fact.
In this particular case, Krugman’s original position was that the stimulus could be useful but was not sufficient. There is enough wiggle room for two elephants there—if the stimulus failed, Krugman would have pointed at himself saying it was insufficient and if it obviously worked, he would have pointed at himself saying it would be useful.
In general, I find Krugman to be an interesting example of a very smart guy who either became mindkilled or deliberately decided to do propaganda “for the greater good”. His columns are full of classic motivated reasoning.
As to Keynesianism, see this keeping in mind Yvain’s recent Beware the Man of One Study.
There was that time when he predicted that fiscal tightening in 2013 would be refute his ideological opponents, and then … totally failed to admit he was wrong when the evidence came out against him.