An economist I respect

[alice wellintown]

You don't know his work, academic work or journalistic work. So, you
say I parrot Friedman, who is one of the most influential authors of
the stupid idea that "this time is different" even as I post excerpts
from the book, which has an ironic title, _This Time is Different_, a
book by two leading economists who explain why this time, this
financial crisis and great contractions is, unfortanately, NOT
different.

While I've criticized Krugman for his journalism on two points, the
first is that his provocative rhetoric too often undermines his
economic arguments, second for his use of arcane and esoteric ideas
that his readers can't possibly understand--and for doing so when he
is actually making a valid point, quite often in agreement with most
other economists, and with Berneake. Sure, I know, it's a difficult
landscape to navigate, but Krugman is often at odds with Krugman for
the sake of selling himself, his books, his cult of personality.

On financial repression he dives into Reg Q and references a 66 page
document,a working paper, then calls financial repression a bailout of
the public. And he's right. And his ethics are sound.

On Climate Change Krugman is on the mark. Read his NY times essays on
Climate Change and Global Warming. He doesn't say we need to dismantle
the oil industry, but he certainly knows how poerful they are and how
they use that power to confuse people, mis-inform, lobby and all the
rest.

> Unfortunately, orthodox Keynesian thought  also has a large blank spot when it comes to the role of the health of the biosphere. As a humanitarian with faith in the possibility of a more sane and equitable economic system I like Krugman very much. But he basically never talks about global warming  or the limits of exponential growth in a serious way.