Thursday, August 18, 2011

Paul Krugman is More a Political Hack Than an Economist

The Progressives favorite economist is not actually an economist in the truest sense. Paul Krugman, the man that every big government liberal loves to hug, is a political hack. This is not my critique; instead it comes from William Anderson, an adjunct scholar, from the Mises Institute:

This is harsh criticism, I realize, so I must explain my views in full. Yes, Krugman has a Ph.D. from MIT in economics, but his writings, both popular and academic, demonstrate that he does not believe in laws of economics. Instead, like most folks with socialist leanings, he believes that the state is both omniscient and omnipotent and simply by fiat can eliminate those pesky little problems caused by scarcity.

If one can surmise anything from Krugman's columns, it is that he is an unabashed Keynesian. While others in the economics profession have forsaken the Keynesian faith for things like "Rational Expectations" or "Real Business Cycles," Krugman remains true to the Church of John Maynard Keynes.

Keynesian economics has been a proven failure time and time again. But that of course doesn’t deter the adherents of this flawed theory. You would’ve thought that FDR’s failed economic policies would have been the epitaph of this failed theory; or the debacle of the 1970’s; or more recently the failed Stimulus Plan. No, there are still those who are clinging by their fingernails on this crumbling ledge.

Just recently, the three Democratic senators in the infamous super-committee stated that the country needs another stimulus plan. That is amazing considering the colossal failure of the last one. But that is what Paul Krugman and all of his leftist adherents have been clamoring for. That is unbelievable!

William Anderson sums up the statist thinking of the “economist” professor at Princeton:

No doubt, Krugman is an "authoritative" voice to those who advocate statism. He is a product of an elite university and has taught at the "highest levels" of academe since first earning his doctorate. Thus, those who cite Krugman as an authority in economics commit the informal fallacy of argumentum ad verecundiam (appeal to authority). However, if one wishes to appeal to logic, clear thinking, and the realization that economic analysis begins with the individual, then Krugman is not the person to whom one goes to find answers. One might as well call on a politician for intellectual sustenance as to call on Paul Krugman. In the final analysis, both will provide the same answer: expand the state, and when that creates problems, expand the state some more.

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