DISQUS

Krugman - Wow. · 1 year ago

Hardly incontestably. I've often thought that, in the interest or promoting his ideas as superior, pointing out the fact that Hayek got a Nobel prize in economics was treading on shaky ground, because of the unabashed statism of several of the other economists who were also Nobel prize recipients.

But this clinches it: Paul Krugman has been awarded a Nobel prize in economics. And what perfect timing! Interventionist policies have brought the U.S., and the world, to their knees financially. Who better to be lauded than a champion of leftism! Oh, the sweet irony.

I know the Swedes have had their challenges with socialism, but how far left can they go before they've completely stripped a Nobel prize award of all its legitimacy? What's next, a posthumous Nobel for Marx? Playing "a big role in shaping the discourse in economics" is the central criterion for the Prize, after all.

How much you would you bet that Hayek would list his Nobel on eBay now if were alive? The Nobel in economics is now, officially, a bad joke.

stuart · 1 year ago

Firstly it wasnt interventionism that cause the crisis, it was the lack of regulation. Secondly the role of economists isnt to be a cheer squad for free markets but rather to analysis the effect of different policies. Economics is a decision making tool that needs to be taken into account when governments made policy decisions (including whether or not to regulate). Krugman has helped in refining that tool and thus deserves the award, and his role in bringing economics to the masses should be applauded.

Also, Marx did make some important economic breakthroughs, it was his political philosophy that was sub par, and Nobel prizes cant be awarded postumously