Paul Krugman

Paul Krugman @paulkrugman

I understand why this sort of thing can mislead people. But if you're a journalist, a plea: When somebody attacks conventional economics (or any other field of study), confirm that their description of what they're attacking is true. Often it's a straw man 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

And now many people believe that orthodox economics says that budget deficits always drive up interest rates and printing money always causes inflation, so events since 2008 — which were fully consistent with Keynesian macro — are construed as proving it wrong 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

This goes for both right and left. I don't know how many times I've been told that Reagan proved Keynes wrong, because Keynesian economics says that you can't have growth without inflation (which it doesn't) 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

I'd suggest that there are actually two levels: folk beliefs about the economy — like the household budget analogy — and folk beliefs about what economic theory says, which are often pretty much the whole basis for heterodox schools of thought 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

I've been really enjoying Tressie McMillan Cottom's writing about ordinary people pulled into the world of crypto; her suggestion that "folk economics" plays a role is interesting. As she says, folk econ plays a large role in our discourse 1/ https://t.co/hEbrjwDEI2 — PolitiTweet.org

Paul Krugman @paulkrugman

To be told now that it was only after MMT that we realized that deficits could be OK is annoying; and if the only way to make that argument is to dredge through decades of writing to find something wrong I once said, that's a de facto confession of intellectual bankruptcy 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

And I will say that I am, to use the technical term, pissed at this kind of thing. I spent years after the 2008 financial crisis arguing against austerity and the obsession with debt, taking a lot of abuse in the process. 2/ https://t.co/PDxoGBkOOl — PolitiTweet.org

Paul Krugman @paulkrugman

How about actually looking at the models? Many people, myself included, have made bad calls — generally because we let our gut feelings override what our own models were telling us. If you want to argue theory, argue theory, don't do cheap gotchas 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

RT @nytopinion: From @PaulKrugman: Why the financial crisis was like Britain’s Great Storm of 1987. https://t.co/gNx6jhNKNy — PolitiTweet.org

Paul Krugman @paulkrugman

The heart of the story. And this isn't just good for individuals: the quick restoration of employment was an investment in America's future 2/ https://t.co/9ZHVttV7Oh — PolitiTweet.org

Paul Krugman @paulkrugman

This is hugely important. Graduating into a bad job market scars your whole career. Expansionary policies saved young Americans from that fate 1/ https://t.co/9P7pjNk8dA — PolitiTweet.org

Paul Krugman @paulkrugman

RT @Acyn: I went to the source cited in this graphic and I’m not sure what happened here https://t.co/3E1S3Dzvhg — PolitiTweet.org

Paul Krugman @paulkrugman

So, apologies for not weighing in sooner. But yes, she'd be a fine appointment. And of course infinitely better than the people Trump tried to foist on the Fed 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

The fact that her scholarship is mostly about inequality rather than monetary policy is better than OK — we want some intellectual diversity in central banking. And she did some important work on banking overseas too 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Just to expand: I should have jumped in on Twitter sooner; other things going on, but that's not a great excuse. The important point is that Lisa Cook has far more policy experience than many past Fed appointees, and is a serious scholar 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

Times rules don't allow me to sign letters. But I believe that Lisa Cook would be a fine addition to the FRB. — PolitiTweet.org

Paul Krugman @paulkrugman

From the people telling us that socialists like Biden kill jobs https://t.co/MIQzWlh0nJ — PolitiTweet.org

Paul Krugman @paulkrugman

RT @stone_lis: The Great Resignation: @paulkrugman will talk to @CaitlynMCollins, @mlholder999, @lkatz42 & @DKThomp about why more than 20… — PolitiTweet.org

Paul Krugman @paulkrugman

Predictions are hard, especially about the future — although given those revisions, about the past too — PolitiTweet.org

Paul Krugman @paulkrugman

After the Trump years, these intelligent, non-bombastic takes from the WH economists still come as a shock each time — PolitiTweet.org

Paul Krugman @paulkrugman

Remember how that disappointing December jobs report was reported? Revised from 199K to 510K https://t.co/qSCJG93W7h — PolitiTweet.org

Paul Krugman @paulkrugman

Actually, here's a picture of NYC Covid data together with a reminder that the employment number is for a reference pay period early in the month 2/ https://t.co/GwHXCQ1G7x — PolitiTweet.org

Paul Krugman @paulkrugman

Public service announcement: The signal-to-noise ratio of today's jobs report will be approximately zero. Good or bad, it will all be about Omicron (and Omicron's effects on data collection, seasonality, etc). And Omicron is fading fast. 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

People hate inflation; that's a fact of life. But extreme partisanship, fed by right-wing media, is also depressing economic sentiment https://t.co/Zaws9y8CYk — PolitiTweet.org

Paul Krugman @paulkrugman

If they're a third of the sample, that would mean an overall rating 8 pts higher — a majority of the consumer sentiment gap. As I said, very flaky, but suggests that partisanship and captive media could be a big part of the story 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

My question is, how much of this can be attributed to Fox-fed GOP negativity? Rs say the current economy is worse than June 1980, when misery index was 10 pts higher than now. Using the historical relationship, Rs "should" have a 24-pt higher evaluation of Biden economy 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Consistent, by the way, with Nate Cohn's more elaborate analysis 2/ https://t.co/kvdnZVIODC — PolitiTweet.org

Paul Krugman @paulkrugman

A very flaky back-of-the-envelope calculation on consumer sentiment. There's a decent historical correlation between the "misery index" (inflation+unemployment) and sentiment, but we're currently (red dot) about 12 points low 1/ https://t.co/Jnltih0gBl — PolitiTweet.org

Paul Krugman @paulkrugman

RT @saletan: Republicans have banned mask mandates, worked to undermine trust in vaccines, and encouraged defiance of measures to control t… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @AdamPosen: This x100. For most voters, it is NOT the actual economic conditions, even their own, that matter — PolitiTweet.org