Paul Krugman

Paul Krugman @paulkrugman

Meanwhile Trump is slapping tariffs or threatening to do so against just about everyone, from India to Canada. So this is turning into America against the world, which is a trade war we're a lot less likely to "win" (whatever that might mean) 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

The other is diplomatic. There are a lot of serious critics of Chinese trade policy, who advocated a common front by other countries to put pressure on the Chinese. But China is in effect extending an olive branch to the rest of the world 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

One is straight economics: in addition to straight retaliation against U.S. exports, China is cutting into U.S. competitive advantage in everything from lobsters to soybeans by making it easier for U.S. competitors to sell 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

From @ChadBown and colleagues: China has responded to the Trump trade war by CUTTING tariffs on other countries. This is clever, and hurts Trump's push in two ways 1/ https://t.co/OZfVcmyV7O — PolitiTweet.org

Paul Krugman @paulkrugman

Wonkish but possibly important point. I'm on record as saying that while the trade war is stupid and will be destructive over time, its short-run impact will he limited. Torsten Slok at Deutsche Bank (no link) has some suggestive evidence that I might be wrong https://t.co/IpR27CzP8l — PolitiTweet.org

Paul Krugman @paulkrugman

Instead, we got a bit of a boost, which is already fading, with most of the lost revenue going to stock buybacks. But here's the thing: the next time Rs propose a big tax cut, they'll pretend none of this ever happened, and that cuts pay for themselves 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

That's a lot of stimulus. Imagine what would have happened if a GOP Congress had allowed Obama to spend 2 percent of GDP -- $400 billion a year – on something actually useful, like infrastructure. Think of how much that would have juiced the economy 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

By the way, in terms of claims that the economy's performance somehow justifies the tax cut: here's CBO's estimate of the cyclically adjusted budget deficit, a measure of fiscal stimulus 4/ https://t.co/JAXAYrQfPi — PolitiTweet.org

Paul Krugman @paulkrugman

Then, when it fails – which it has done again and again, from Bush to Trump, from DC to Kansas – they pretend not to notice, and do it all over again 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

No idea in economics has been as thoroughly tested – and as completely rejected – as the notion that tax cuts pay for themselves. The reason it has been tested so much is that Republicans keep insisting that it's true, and base policy on the claim 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

GOP leader concedes earth might possibly not be flat, but says we'll have to wait 8 or 9 years to reach any conclusion 1/ https://t.co/B9mFsZkjpi — PolitiTweet.org

Paul Krugman @paulkrugman

RT @JanetGornick: Inequality by the Numbers, Day #2. Four more action-packed lectures: Conchita D’Ambrosio (analysis tools); @JanetGornick… — PolitiTweet.org

Paul Krugman @paulkrugman

Later on, of course, we had our policy differences. But Feldstein was a very good man and a very good economist, whose efforts touched and improved the lives and careers of many younger economists. I mourn his passing 10/ — PolitiTweet.org

Paul Krugman @paulkrugman

One of those technocrats was Larry Summers, who went on to play crucial policy roles in both the Clinton and the Obama administrations. Another was, well, me. I've always been grateful for the opportunity he gave me to see policymaking up close 9/ — PolitiTweet.org

Paul Krugman @paulkrugman

Oh, and in 1982-3 he brought with him some young technocrats – at a sub-political level, because these were the days when you could still serve the U.S. government even if you had differences with its top leadership 8/ — PolitiTweet.org

Paul Krugman @paulkrugman

Marty became Ronald Reagan's chief economic adviser in 1982. In many ways he was a voice in the wilderness within that administration, pleading for more fiscal responsibility. But he did bring a new level of intelligent policy analysis 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

My own academic career was basically jump-started by a presentation I gave at the first of the NBER's summer institutes, in 1979. And in all the fields I've worked in, NBER working papers – created under Marty's leadership – effectively became the main way research spread 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

As long time head of the National Bureau of Economic Research he turned what had been a fairly stagnant think tank into a vibrant "invisible college", where the exchange of ideas via conferences and working papers became central to multiple fields 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

He was an early critic of the euro, and many of his warnings about the problems of adopting a single currency for disparate countries have proved prescient 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

He did crucially important work on the extent to which raising taxes reduces reported taxable income; whatever your politics, this work is crucial for policy decisions ahead of us now 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

A quick Google Scholar check shows that his most cited work was on international capital flows; the famous Feldstein-Horioka result that such flows were much smaller than you might expect has challenged scholars for decades 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

RIP Harvard's Martin Feldstein. The obits I've seen so far stress his political roles, but his lasting legacies will come from research -- both his own, and the research environment he created for young economists 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

More detail on a subject I've been obsessing about lately: convergence of poorer regions on richer has gone into reverse. It seems as if an economic strategy based on cheap labor, small government, and deemphasis of education has run aground https://t.co/YtBYiiRlsz — PolitiTweet.org

Paul Krugman @paulkrugman

The 20th Maine at Gettysburg – a bit simplified and sanitized, but basically what happened. Bayonets! https://t.co/WU0Sqr54aj — PolitiTweet.org

Paul Krugman @paulkrugman

RT @nytopinion: From @PaulKrugman: This tweet raises two immediate questions: 1. Why, like so many Trump tweets, does it read like a bad t… — PolitiTweet.org

Paul Krugman @paulkrugman

Mexican lessons https://t.co/BWzpV0guAl — PolitiTweet.org

Paul Krugman @paulkrugman

Joshua Lawrence Chamberlain is rolling in his grave https://t.co/hDT6zxzQL8 — PolitiTweet.org

Paul Krugman @paulkrugman

RT @Neil_Irwin: So basically the U.S. undermined its credibility in all future trade negotiations in order to get Mexico to do a bunch of s… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @tackettdc: Trump tariff deal with Mexico "consists largely of actions that Mexico had already promised to take in prior discussions wit… — PolitiTweet.org

Paul Krugman @paulkrugman

The money graph (literally) 2/ https://t.co/yigeRtBYEu — PolitiTweet.org