MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Paul Krugman’

EconomicPolicyJournal.com: Krugman: Trump’s Tweets on Trade and Tariffs are So Idiotic That I Am Going to Reference Them in My Textbooks

Posted by M. C. on May 8, 2019

“to a first approximation, foreigners paid none of the bill, U.S. companies and consumers paid all of it.”

https://www.economicpolicyjournal.com/2019/05/krugman-trumps-tweets-on-trade-and.html

Paul Krugman nails it again. Trump is so bad on trade that he makes Krugman look like a sound economist.

PK writes in his new New York Times newsletter:

Trump’s tweets over the past few days may well be featured in future economics textbooks as perfect illustrations of how people misunderstand the basics of international trade and trade policy. In fact, I can pretty much guarantee it, since I’m the co-author of two textbooks.

First, Trump is still saying that because we run a $500 billion trade deficit with China — it’s actually $379 billion, but who’s counting? — that means we lose $500 billion. As some economists quickly pointed out, by this logic we all lose when we go shopping at our local supermarkets. After all, do the supermarkets buy anything from us in return? No!

Second, Trump keeps asserting that China is paying the tariffs he has already imposed. This could be true, if tariffs were driving Chinese prices down; in fact, the threat of more Chinese tariffs on U.S. agricultural exports is one reason grain prices have just plunged to a record low.

But enough time has passed for economists to look at the actual results of Trump’s trade policy so far, and the Chinese are not, in fact, paying the tariffs. As I wrote a couple of months ago, “to a first approximation, foreigners paid none of the bill, U.S. companies and consumers paid all of it.”

So if you’re trying to make sense of what’s happening on trade, you should start with the basic point that Trump has no idea what he’s doing, that there isn’t any coherent U.S. policy goal.

RW

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EconomicPolicyJournal.com: Krugman: Use Taxation to Do Hidden Regulation

Posted by M. C. on March 12, 2019

https://www.economicpolicyjournal.com/2019/03/krugman-use-taxation-to-do-hidden.html

In his latest New York Times column, the sneaky lefty, Paul Krugman, let his guard down and explained that taxation could be used as a sneaky way to regulate:

I guess there’s some case for using taxes rather than regulations to control pollution, since you won’t be telling people directly what to do.

What does he mean by pollution? Like Starbucks, he appears to hold the view that plastic straws from the United States are suffocating the ocean. He writes:

Plastic straws really are a source of ocean pollution.

To understand how misguided this Krugman sentence is, see: The Idiotic Thinking Behind the Elimination of Plastic Straws By Starbucks.

Krugman is nothing but an apologist for the expanding state.

RW

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Who is Paying the Steel Tariff?

Posted by M. C. on December 13, 2018

The Masochist’s Tax

http://www.economicpolicyjournal.com/2018/12/who-is-paying-steel-tariff.html

Some are claiming that the Chinese are absorbing the price of the steel tariff imposed by President Trump.

But the data show otherwise.

You have to watch Paul Krugman carefully because he can be a Lefty sneak with distorted data but he presents truth here:

Paul Krugman

@paulkrugman

A note for Tariff Man, who thinks foreigners pay tariffs. Here are steel prices in the US and world export markets as the Trump tariff went into effect, from http://steelbenchmarker.com/files/history.pdf  Kind of looks as if Americans paid the tariff, doesn’t it?

RW 

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EconomicPolicyJournal.com: Key Snippets From Paul Krugman’s Interview With Tyler Cowen

Posted by M. C. on October 11, 2018

A moment of self discovery. This guy is a Nobel winner. (So were Yassir Arrafat and Obama, both for the peace prize. But that is another story).

http://www.economicpolicyjournal.com/2018/10/key-snippets-from-paul-krugmans.html#more

Recently, Tyler Cowen sat down to interview Paul Krugman.  Here are actual key snippets from Krugman replies to Cowen questions:

COWEN: The New York Times recently referred to a new movement. They called it “hipster antitrust.” The notion, for instance, that maybe Amazon was bad for a more general commercial ecosystem of publishing and retail. Do you have an opinion on hipster antitrust?

KRUGMAN: [sighs] We need something. I haven’t actually looked at the hipster antitrust…

COWEN: Let me throw out a number of ways we might do that, and tell me what you think. Universal basic income.

KRUGMAN: I’m still debating with myself over UBI…
—-
COWEN: Ending the war on drugs and moving to either decriminalization or legalization. Would it help our cities or hurt them?

KRUGMAN: It probably would help, but I’ve put in no thought at all on drugs. I’ve just done no homework. Read the rest of this entry »

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Can We Trust Experts? – LewRockwell

Posted by M. C. on July 25, 2018

https://www.lewrockwell.com/2018/07/walter-e-williams/can-we-trust-experts/

By 

Former Treasury Secretary Larry Summers predicted that if Donald Trump were elected, there would be a protracted recession within 18 months. Heeding its experts, a month before the election, The Washington Post ran an editorial with the headline “A President Trump could destroy the world economy.” …

Nobel Prize-winning economist and New York Times columnist Paul Krugman warned that the world was “very probably looking at a global recession, with no end in sight.” By the way, Krugman has been so wrong in so many of his economic predictions, but that doesn’t stop him from making more shameless predictions… Read the rest of this entry »

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EconomicPolicyJournal.com: Is Paul Krugman the New Intellectual Front for Donald Trump?

Posted by M. C. on May 12, 2018

You have to talk out of both sides of your mouth when you are desperate to make sense.

Nothing spells CONTROL like KRUGMAN.

http://www.economicpolicyjournal.com/2018/05/is-paul-krugman-intellectual-front-for.html

Robert Wenzel

New York Times columnist Paul Krugman has gone from bad to worse. During the current period where the stock market and cotton are high and the living is easy with unemployment low, straight Keynesian theory would call for a shrinkage in government spending. But not Paulie K.
He tells his readers at the Gray Lady:

The bottom line here is that the case for aggressive monetary and, when necessary, fiscal policies to sustain demand is much stronger than we used to think. Errors like the turn to austerity and the ECB’s 2011 rate hike were much bigger mistakes than the previous doctrine allowed for; premature Fed rate hikes would be a bigger sin than even the Fed seems to realize now…

On that view, the failure to supply enough demand after 2008 imposed an enormous cost, which we can never regain. And looking forward, the risks of being too loose versus too tight are hugely asymmetric: letting the economy slump again will again impose big costs that are never made up, while running it hot won’t store up any meaningful trouble for the future.

Got that? He is trying to nudge the Federal Reserve to go slow on interest rate hikes.
This is straight out Donald Trump theory. See: Fed Chairman Finalist Leaks His Oval Office Conversation With Trump.
Krugman should be embarrassed. He has become the intellectual front for wacky Trump economic thinking.

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Paul Krugman: Evangelist of Political Salvation

Posted by M. C. on December 30, 2017

https://www.garynorth.com/public/17550.cfm

 Paul Krugman won the Nobel Prize in economics. He is also the resident economist for The New York Times.

In his latest article, he laments the power of Donald Trump and the Republican Party. He tries to offer eschatological hope. He assures his readers that there is hope politically because the Democrats may eventually come back into power. But this is only hope, he says. The United States of America is on the path to becoming a Third World tyranny. He actually believes this.

I want to stress this fact: he is as sound a political analyst as he is a sound economist

 Bill Clinton had majorities in both houses of Congress in the first half of his first term. Nothing radical came of this. Obama had the same thing in the first half of his first term. Only ObamaCare came out of this. That anybody on the Left could still believe in political salvation by the Democratic Party is mind-boggling. But Krugman does.

Bipartisanship is why I don’t worry much about the looming triumph of the Democrats in the election of 2020. They will no doubt raise taxes marginally in 2021. They will unquestionably run massive deficits. But the government already runs massive deficits. Congress will extend unemployment insurance to millions of unemployed Americans who lose their jobs in the recession. But there will be no fundamental economic changes. The unfunded liabilities of Medicare and Social Security will increase, just as they will this year. The more things change, the more they stay the same.

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Deflation Scare Tactics

Posted by M. C. on October 20, 2014

War Street Journal red alert. Deflation is raising its ugly head.

We need 2% inflation. Why?

One of the basic tenets of free market economics is the market responds to demand by increasing production. This is accomplished by improving processes and efficiency. The end result is prices go down and more products are sold.

The WSJ via Paul Krugman, the New York Times resident Keynesian, says this is bad.

Krugman has three reasons to be wary of falling prices

Falling prices cause people to hold off on purchases, waiting for prices to further decrease.

Deflation makes the dollar worth more causing debtors to pay off debts with higher value dollars.

Wages decrease with prices.

Baloney. Read the rest of this entry »

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