NP - Toryism (Austerity) Isn't Working.

[Paul Mackin]

On 4/27/2012 8:24 AM, Mark Kohut wrote:
> Krugman's readers include many policy-making readers to whom bond yields' meaning matters. The rest of
> us can learn or pass over. Like reading GR with some annotation or none..
>
> After Obama had had his econ team argue the whys and depth of the recession after the first stimulus, he
> declared, "Krugman was right, the stimulus was too small".

There are broadly two kinds of economist.  Biz school economists and the 
kind who got their training in the graduate econ departments of places 
like Harvard, MIT, and Princeton.  Never the twain will meet. (hardly ever)

The latter kind of economist isn't likely to laugh at the fact that even 
Japan can still borrow long term at very low interest rates. To them 
it's evidence that the Wall Street Journal's view of things is crap.

I'm not saying that all business economists march to the orders of the 
Wall Street Journal editorial page but . . . .

P


>
> ----- Original Message -----
> From: alice wellintown<alicewellintown at gmail.com>
> To: pynchon -l<pynchon-l at waste.org>
> Cc:
> Sent: Friday, April 27, 2012 7:40 AM
> Subject: Re: NP - Toryism (Austerity) Isn't Working.
>
> Japan again? Oh sure, Krug can use clever rhetorical stratgies and
> ignore the real differences in these economies, but now he's gone too
> far. NYT readers probably don't know all that much about Japan or
> Japanese conomics or politics, but they know enough, I assume, if they
> read the Times and are interested in Japan and Economics, but most
> people don't know why Japanese bond yields are low or even how to
> compare the Japanese yield curve with the US or Euro-curves. Why
> should they? So, when Krug, who usually stays away from esoteric
> arguements, even as he takes on Ben's publications, supports his
> argument with Japanse bond yields, readers with a clue laugh almost as
> hard as they do when Morris tries to say anything about economics.
>
>