A great idea, but having a blog wholly dedicated to Krugman will surely flatter his ego…

It’s still worth it, though.

Although surely this points the spotlight on Paul Krugman, I think we have more to gain than he does. Krugman already has a fairly large following, and so criticizing him and recognizing him is of greater benefit to us (and Anderson’s blog). If this blog is popular, surely those who search for Krugman’s name will come up against the site and will be opened to a new perspective on Krugman’s writing.

outstanding

Re: NonAntiAnarchist: Buy a copy of “Where Keynes Went Wrong” by Hunter Lewis (available at the Mises store for 17 FRN’s or thereabouts) and surreptitiously leave it out in your classroom. That will rattle his cage a bit!

NonAntiAnarchist: The Mises Institute just put up an audio version of Henry Hazlitt’s systematic refutation of the General Theory, namely his book The Failure of the “New Economics.” Put it on your iPod and listen while you’re walking around campus, so as to make the best use of your time. You’ll love Hazlitt’s little asides, like (I’m paraphrasing): “Part of the reason Keynes writes so badly, at least in the General Theory, is that he invents clumsy and unnecessary terms; and if someone else has come up with a term that is sufficiently bad, he adopts it.”

John writes “The opportunity cost – developing Austrian economic theory unrestricted by what Krugman happens to be writting about – is surely too great.”

I disagree. Good judgment always has to be used. But it should be recognized that Austrian theory has often evolved while engaged in controversy. Some examples:

• Menger developing Austrian methodology in debate with the German Historical school.
• Mises developing the calculation argument in debate with the socialists.
• Hayek developing Business Cycle theory & capital theory in debate over the causes of the 1929 crash & with Keynesians.

After six economics courses not one of my professors has promoted anything Keynesian. Most of my professors have actually been pretty big Hayek fans. I just started a intermediate macro course where we will be using one of Mankiw’s textbooks. Not really sure what to expect from it.

I am currently re reading Hazlitts book refuting Keynes. I havent read it since 1976.I am knocked out by the mans intellect.He never finshed high school but
understands economics in a way that Krugman never has or will.This book is a must have.

This statement is so damn true:

“Remember, when we criticize Krugman’s Keynesian nonsense, we are helping to save civilization from the barbarian hordes!”

With Bernanke and Krugman the economics profession seems dominated by ‘full-employment’ mercantilist fearmongers whose policies bring about what they try to avoid: stagnation! Indeed, how can an economy use its resources effectively during a credit-expansion, inflationary boom, which is really just stagflation in which people erroneously think their prosperity is increasing. If they realise that their saving is going to nothing and their spending is literally being wasted, then they call it ‘stagflation’ but that only means people see the boom, are consistently trying to save, re-employ resources, liquidate and reflate by committing runs on unsound depositories of money which we call banks, but government is simultaneously using force ie fiscal stimulus (theft and forced economic stagnancy) and fraud (credit expansion, also forced) to prevent that deflation and to put ruts in the house of cards. Government inflates to as to keep people from saving and destroying the bubble-if they voluntarily go along with the misleading fraud we call it a ‘boom’ (racking up malinvestment while consuming capital) and if they have the malinvestment and overconsumption thrust upon them we call it ‘stagflation’ but in effect they are the same and come the relenting of government force and fraud a market clearing must occur. It is thanks to barbarians like Krugman that our governments try to dislocate the market’s ability to restart sustainable growth by forcing bank holidays, preventing redemption of cash for gold (when we had real money at least) and forcing interest rates so low as to keep people from saving and sacrificing the future for today-which means sacrificing growth for the stagnant ‘boom.’ To make war on the bust is to make war on the people; all because some mercantilist twat called Keynes believed in liquidity traps and therefore fundamentally misconstrued the efficacy of price signals in equilibrium theory which as Alfred Marshall would have said, allows deflation to induce people to save and to spend when the stock loanable funds have been rebuilt. Even Monetarists believe that without increasing the stock of money, people will suddenly stop spending when capital goods decrease in value against money, but this is precisely what construes a growing economy and the reason prices then fall is not deflation (falling stock of money) but simply prices reflecting this change in external reality so that individuals do NOT act erroneously and skew their savings/consumption ratio. Indeed, when deflation does occur, destroying all that fiduciary media, the more it continues the more it urges people to start spending, due to falling prices and newly bolstered savings allowing for expenditure of money. Deflation does NOT make money become endlessly more valuable, but causes an increase in its value to allow it to be saved to a level which allows reasonable exchange of that commodity, ie the deflation goes towards the goal of DEcreasing the value of money. Anyone who disagrees with this knows nothing of monetary theory and will be surprised to see inflation be met with high interest rates.

And anyone who REALLY believes in the necessity for some Commissar Intel to continuously expand the money supply, as Friedman did, is essentially a naive mercantilist (bless their 17th century cotton socks!) concerned with keeping up the flow, the rate of exchange, even using government force to do so, by devaluing money. This superstition is naive, mercantilistic and ignorant of the importance of allowing people to respond to cognition of the production possibilities frontier with the time-coordination of interest rates, which will cause people to save, towards the goal of future spending, not to put the economy on some downward death spiral. Savings must come before investment, and the death of Keynes must come before we can have economic common sense triumph once more!

So yeah, I agree, Krugman does live in a fantasy world and it is our job as Austrian economists to save civilisation, and to dispel Marxist nonsense about Expropriation and mystical, non-human cardinal values which prove that capitalism is a grand fraud made by the ruling classes-if only life were so simple as revolting against the laws of economics and calling everything that restricts one’s action in natural reality, a great imposition by conniving conspirators against whom the downtrodden masses must revolt; we need to revolt against the people telling us this who keep the downtrodden masses from advancing as they once did, by working hard and enjoying the fruits of intensified and extended division of labour, when Marxism did not rule the world! For now all methods of advancing the human race and spreading the competitive force that hones primitive people to adhere to property-rights and civilisation, are slanderously labelled as selfish “globalisation” and ruinous ‘greed.’ Why not destroy the greed of those who would earn not by contract but by coercion! Has anti-capitalism ruined the people’s sense of morality to such a great extent?

This fight against anti-capitalism is what marked Mises’ life and it is a fight which we must aspire to win, and in which we must never tire nor cease to endeavour, to fell the opponent that glorifies coercion, force and ‘democratic’ despotism! That can lead to neither happiness, nor wealth nor creation of any sort, it is only a force for destruction!

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