Wednesday, December 08, 2010


Krugman makes an important point in response to Pence and Ryan calling for a discussion of the gold standard.
In other news, Republicans have demanded that doctors consider reintroducing the practice of treating illness by bleeding their patients.

I love the sarcasm. But my issue with Krugman occurs further up in the entry when he says:
There’s a widespread impression that Keynesian fiscal policy has failed. I would argue that this impression is wrong — that the truth is that it was never tried.
Yeah Paul that is exactly what the monetarists said after the experiment in the 80s. And I'm sure you'd skewer them for such a weaselly response. The truth is dogmatic adherents to some ideology will always claim we just didn't quite try hard enough to follow it.

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