Krugman: Earthquake Wasn't Big Enough (UPDATED)
For real. Here's what New York Times columnist and Nobel Prize-winning economist Paul Krugman wrote. Publicly:
People on twitter might be joking, but in all seriousness, we would see a bigger boost in spending and hence economic growth if the earthquake had done more damage.
Someone needs to tell him about the parable of the broken window.
UPDATE: Turns out the account is an elaborate parody. The guy who created the fake account writes:
On March 15, 2011 Paul Krugman wrote this on his blog.
And yes, this does mean that the nuclear catastrophe could end up being expansionary, if not for Japan then at least for the world as a whole. If this sounds crazy, well, liquidity-trap economics is like that — remember, World War II ended the Great Depression.
Three days after the 9/11 tragedy Paul Krugman had this to say.
Nonetheless, we must ask about the economic aftershocks from Tuesday’s horror.These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack — like the original day of infamy, which brought an end to the Great Depression — could even do some economic good.
If you showed any disgust at my fake comment written on Google+, I expect you would show equal antipathy for the two quotes above. For too long now, Krugman along with other Keynesian economists such as Nouriel Roubini have supported Keynesian policies which advocate for more taxation of the job creating private sector to contribute to the job destroying public sector. While he public sector has “created” jobs, one must remember and take into account the opportunity cost of taxing the private sector.
For his part, Krugman is angry at ... National Review.
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Comments :
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
He may be reflecting on the fact that unemployment was higher under the New Deal, even in the very early 1940s, than it is now -- until Pearl Harbor solved the problem.
Jul '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Luddite
May '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Yeah Mr. Krugman - all that stimulus from a natural disaster. I mean, look at all the economic stimulus that came from hurricane Katrina.
Jul '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Look at all that "stimulus" going on over in England.
Dec '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
You think what Paul Krugman said about the earthquake is twisted? He is prominently featured in this YouTube on the Broken Window Fallacy. You'll have to see it to believe it.
Sep '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
If only we had a Japan sized earthquake, then the casket makers would have started hiring!
Earthquakes, alien attacks, is Mr Krugman saying that the only way we have a good economy is through tragedy? So if you are tired of being unemployed, pray for something awful to happen to you and your neighbors.
Dec '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
See what PJ O'Rourke has to say.
Dec '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Why does this thing keep duplicating posts?
Edited on Aug 23, 2011 at 7:10pmOct '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Katrina is not D.C. and suffers from a distance factor.
Goes without saying, if D.C. sustains serious damage, all those shovel ready jobs would miracioulsly appear. All in all a very, very expensive undertaking.
An odd thought arises there, what if the the current U.S. credit line would not allow enough borrowing to rebuild ? Just the dollar figures would be staggering...
Feb '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
I can hardly believe it, but on the other hand, he's been making such a clown of himself these days... it's hard to believe he's not intentionally doing so.
May '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
I demand to know why Paul Krugman isn't burning down his mansion(s) and taking a sledgehammer to his luxury automobile(s) for the sake of the economy. I thought he and the rest of the NYT editorial page cared, unlike those Wall Street fat-cats!
Oct '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Let us not forget that all Government projects are subject to Prevailing Wage Laws. And they must be largely Union, ghastly amounts of taxpayer monies.
By the way, the editing function here needs attention.
Aug '11
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Is this a good time to play the "What if a Republican had said it" game?
Nov '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
For someone who has a PhD and a Nobel prize in economics it amazes me how thick Krugman really is. I learned this in my undergrad degree and that from a prof that was basically Keynesian.
Nov '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
For someone who has a PhD and a Nobel prize in economics it amazes me how thick Krugman really is. I learned this in my undergrad degree and that from a prof that was basically Keynesian.
Jun '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
I can't believe anybody said THAT out loud, much less have a newspaper print it as lucid.
Sep '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Just imagine how much economic growth we'd get if a mob put Washington DC to the torch.
Feb '11
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
In ancient history, when I was in high school, it was often written that Japan and Germany had an advantage over the US because those countries had to rebuild their industries from scratch after World War II.
Even then, I found that hard to believe.
Jul '10
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
Krugman would surely state,"Hay! Start with My house. 'Economic Growth' My property please."
Re: Krugman: Earthquake Wasn't Big Enough (UPDATED)
When the next conservative president has the economy roaring back to life in 2013, 2014 at the latest, I expect Krugman will credit the economic devastation visited on the nation by the Obama administration for setting the stage.
I think I'll go wreck my car so I'll need to buy a new one. That should make me--and the nation--wealthier.
Am I ready for my Nobel now?