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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (191764)	6/16/2012 2:33:44 PM
From: koan	Read Replies (1) \| Respond to of 543763

<<Krugman is in a tiny minority of economic theorist. And I think an ever shrinking group at that. Ever Tuesday I meet in an informal class where economics of Europe is discussed. Last Tuesday the professor was discussing differences between the economics of the US; comparing Austrians with mainstream Chicago School economist. After much discussion, I asked where Krugman stood; his answer, swear to God was that "Krugman is crazy". End of discussion.>> Sounds to me like your professor is crazy. Krugman is the 4th most referenced economist in the world (tiny minority-lol). Stiglitz in number one. They are both on the same page. And both won nobel prizes. And Austrian economics is very outdated. Krugman can teach at any of the top universities in the world and has at places like MIT and now Princeton. Where does your professor teach and what are his credentials?

To: Steve Lokness who wrote (191764)	6/16/2012 3:32:56 PM
From: JohnM	Read Replies (1) \| Respond to of 543763

Last Tuesday the professor was discussing differences between the economics of the US; comparing Austrians with mainstream Chicago School economist. After much discussion, I asked where Krugman stood; his answer, swear to God was that "Krugman is crazy". End of discussion. Which tells you tons about where your guy was/is. There are two mainstream schools of economic thought in the US, sometimes called the saltwater and freshwater schools. The saltwater are, of course, in the west and east coast and are largely, in some rough degree, Keynesian. As always, there are arguments within arguments but they are generally, not freshwater types. Those are rational actor/efficient market types. In that breakdown, Krugman is a very influential member of the saltwater group. If I understand the arguments between members of the two schools, they are classic no holds barred academic squabbles. Each is quite unwilling to take the other seriously, save they must. You just caught your guy playing fast and loose with the conflict.