Today’s Fish is Eating Crow

Nice to have a new entrant for my Catch of the Day (hat tipped as always to Jonathan Bernstein) feature. In the New York Times Paul Krugman has spotted a right-wing economist (Art Laffer himself, no less) admitting in public that the austerians, hysterians and all other stripes of anti-Keynsian are quite simply wrong. Definitely worth an honourable mention, particularly given the stature of the guy who said this:

“Usually when you find the model this far off, you’ve probably got something wrong with the model, not that the world has changed,” he said. “Inflation does not appear to be monetary base driven,” he said.
        – Business Insider

Austerians take note; that is how you respond to the world proving your politics to be mathematically flawed. And to Professor Krugman, nice catch!

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Per Argument Ad Astra

Politics, history, economics and rampant speculation from a victim of the Great Recession, currently at large in the West Midlands.

"When the regulation, therefore, is in favour of the workmen, it is always just and equitable; but it is sometimes otherwise when in favour of the masters."
                -- Adam Smith


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