Like him or not, Paul Krugman is an economic theorist of distinction, a winner of the John Bates Clark Medal, and often rumored to be in the running for the Nobel Prize. It is disappointing, then, that Conscience of a Liberal contains virtually no economic theory. Instead, the book consists of crude propaganda for a “soak-the-rich” policy.
We should institute massively progressive taxes. Doing this will accomplish two goals at once. First, the nefarious super-rich will suffer a severe blow: we will be able more closely to approach the egalitarian middle-class society that Krugman fondly remembers from his youth. Further, we can use the money mulcted from the rich to finance universal health insurance. FULL ARTICLE