Contra Krugman

Krugman argues that an undemocratic, authoritarian regime is being built in the United States, and cites Sharpiegate and Trump's treatment of the auto industry as prime examples. Show notes for Ep. 205

We take listener questions in this episode, from Krugman's worst blunders, to how the Fed might return interest rates to their natural level, to a former Fed official's implication that the Federal Reserve ought to make Trump's reelection more difficult. Show notes for Ep. 204

Because Krugman is a bore, Tom and Bob field questions from the listeners. They handle objections about their recent arguments concerning the economics of slavery, clear up apparent contradictions in the libertarian handling of free trade and the welfare state, and explain Rothbard's view of debt repudiation. Show notes for Ep. 203

David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins Tom (Bob is on vacation) to explain what's really happening with the current inverted yield curve, as well as how to tell real growth from phony growth, and a lot more. Show notes for Ep. 202

The ordinarily serene Bob Murphy is genuinely outraged in this episode, in which we cover Krugman's casual claim that Donald Trump is trying to establish an "authoritarian, white nationalist regime." Needless to say, it does not matter what your opinion of Trump is. This idea is out of some sort of alternate reality that in no way corresponds to the real world, but which in classic Orwellian style is presented as if all reasonable people just know it to be true. Show notes for Ep. 201

Bob minds the store and explains what is interesting about Krugman's discussion on bonds vs. stocks as ways to forecast recession, how an inverted yield curve signals problems, and the precise way that Trump could be depressing investment. Yet even though these abstract discussions are instructive, Bob argues that they don't really work in the cases where Krugman deploys them. Show Notes for Ep. 200

Krugman says that since Trump's tax cuts amounted to nothing but a giveaway to wealthy shareholders, and since many of those are foreigners, the tax cuts amounted to a perverse foreign aid program. Show notes for Ep. 199

In an "op-ed from the future," Krugman speculates about a world in which "the rich" have access to life-extending technology. Should they be allowed to have it if not everyone can afford it? This episode gets to the heart of the left-liberal worldview. Show notes for Ep. 198

Krugman suggests that although it makes sense for much of the economy to be in private hands, there are some sectors where private control would yield perverse results. He devotes particular attention to so-called private prisons. So we set him straight. After all, that's why we're here. Show notes for Ep. 197

There aren't any real socialists running in the Democratic Party, says Krugman, because none of them want to abolish private ownership of the means of production. Republicans level the accusation because they're ignorant idiots. Krugman wonders what would happen if Republicans began to be routinely referred to as fascists (as if isn't happening every day). Show notes for Ep. 196

Krugman is horrified at Trump's pressure on the Federal Reserve to lower interest rates. Yet he thinks a case can be made for doing precisely that. What is Krugman to do? Show notes for Ep. 195

Krugman is very impressed by Elizabeth Warren, who he thinks has a whole bunch of very good, detailed policy proposals. This is precisely what the world needs more of, he says: public policy proposals based on the best scholarly literature. He proceeds to misrepresent that literature. We nail him. Show notes for Ep. 194

Krugman is horrified that Donald Trump has been critical of the National Health Service (NHS) in Britain. Why, the NHS is doing a great job! We put Krugman's arguments under a microscope. Show notes for Ep. 193

We do another Q&A episode this week, a good portion of which revolves around the Federal Reserve: the best ways to undermine it, how we might transition away from it, whether a reckoning has to come even if the Fed never raises interest rates, and a lot more. Plus: would we rather debate ten duck-sized Krugmans or one Krugman-sized duck? Show notes for Ep. 192

Bob flies solo to point out a shocking admission in Krugman's column: He actually thinks Democrats are lucky that Trump backed out of an infrastructure deal, even though Krugman also believes the deal would have helped the country. Bob goes on to explain what's wrong with Krugman's economic arguments for more government infrastructure spending. Show notes for Ep. 191

Bob and Tom take some outstanding and very important and helpful listener questions in this episode, such as: what is one legitimate contribution a Keynesian has made? Can trade deficits be bad? What are the best critiques of Austrian economics you've heard? And plenty more. Show notes for Ep. 190

The issue of international trade is not a simple one of a difference of opinion: Trump genuinely appears not to understand the subject. We sort it all out in this episode. Show notes for Ep. 189

After having predicted that the election of Trump would lead to economic hard times as far as the eye could see, Krugman's new line is that of course the economy is strong: federal deficits have been driving it! Show notes for Ep. 188

Krugman addresses the claim that Bernie Sanders, who until recently had been railing against "millionaires and billionaires," is a hypocrite since he's now a millionaire himself. Krugman proceeds to explain that among the super rich, most are right-wing and evil. Show notes for Ep. 187

Had the Mueller report truly vindicated Krugman, we can be certain his victory-lap column would have come swiftly. Now that he's finally gotten around to mentioning it after a curious delay, he's jumping on the bandwagon of the Orwellian "Mueller proves we were right all along" segment of the American media. Show notes for Ep. 186