Paul Krugman

@paulkrugman ↗

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Last Checked Oct. 26, 2021

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Sat Sep 04 14:04:52 +0000 2021

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Paul Krugman @paulkrugman

One of Keynes's biggest insights was that the cause of the boom-bust cycle was actually a secondary question — he relegated it to a short chapter near the end of The General Theory 4/ https://t.co/rR4TIeEGNR — PolitiTweet.org

Posted Sept. 4, 2021

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Paul Krugman @paulkrugman

Second, some object to my grouping Hayek with Schumpeter, because they had different stories about overinvestment: Schumpeter emphasized innovation, Hayek loose money. But that misses the point 3/ — PolitiTweet.org

Posted Sept. 4, 2021

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Paul Krugman @paulkrugman

The big question, he argued rightly, was how it was possible to have extended periods of high unemployment. Schumpeter and Hayek both saw this as a necessary part of adjusting the mix of stuff the economy produced. Both were wrong 5/ — PolitiTweet.org

Posted Sept. 4, 2021