Krugman and the Rabbit Hole of Economics

April 21, 2011 | CUNY Lecture Series, Graduate Center, Newsmakers

In today’s topsy-turvy world, what used to make sound, economic sense is no longer the case, according to Paul Krugman, winner of the 2008 Nobel Prize in Economics and a New York Times columnist. “We are in Bizzaro-land now. Both consumer and government saving depresses the economy because the money isn’t being spent at businesses that will spur investment,” says Krugman, who appeared at the Graduate Center as part of the series, “Perspectives: Conversations on Policy and Place with Peter Beinart,” to discuss the Obama’s administration’s missteps, failed policies in other countries and a reluctance, across the board, to accept responsibility. “If people had actually listened to economists,” says Krugman, “then the profession deserves a lot of the blame.”
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