May 02, 2014
This is one of those strange but true stories. Here’s the description of Paul Krugrman’s column from NYT opinion page for Friday:
PAUL KRUGMAN
Why Economics Failed
Though it’s true that few economists saw the fiscal crisis coming, policy makers and politicians ignored both the textbooks and lessons of history.
Comment
You have 30 seconds to see the problem in this story.
That’s right, Krugman doesn’t believe there was a fiscal crisis, in fact he has vigorously argued the opposite. We clearly had a financial crisis, but as Krugman argues, it had nothing to do with excessive budget deficits.
So how does this find its way into the NYT? Clearly some folks were asleep at the wheel, but this is pretty incredible. It attributes a view that is at 180 degrees at odds with the frequently and strongly expressed view of the paper’s most prominent columnist.
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