“[W]e’re talking as if a billion dollars was a lot of money. In a $15 trillion economy, it’s not… [T]he fact of the matter is, this president hasn’t managed to get very much of what he wanted done. It’s terribly unfair that he’s being judged on the failure of the economy to respond to policies, which have been largely dictated by a hostile Congress.” “Friedrich Hayek is not an important figure in the history of macroeconomics.” “You know that Republicans will yell about the evils of partisanship whenever anyone tries to make a connection between the rhetoric of Beck, Limbaugh, etc. and the violence I fear we’re going to see in the months and years ahead. But violent acts are what happen when you create a climate of hate. And it’s long past time for the GOP’s leaders to take a stand against the hate-mongers.” The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment. (This might be the funniest one of all time) However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant. As I've often said, you can shop online and find whatever you're looking for, but bookstores are where you find what you weren't looking for. I would love to hear the liberal opinion on this one. Economics is not a morality play.
https://www.washingtontimes.com/news/2017/mar/28/editorial-a-dunce-cap-for-paul-krugman/ when it was coming clear that Donald Trump, against the predictions of every pollster with a clipboard, had been elected president of the United States. He finished writing a column for The New York Times early on the morning after, assuring his readers that the world’s stock markets, which were slumping at the time, would “never” recover. He said the election of such an “irresponsible, ignorant” man would inflict “the mother of all adverse effects” on the economy. “So we are very probably looking at a global recession, with no end in sight.” What a joke the Nobel prize is.
Anyone who knows anything realised as a kid that economists are worse than soothsayers with a bowl of runes. They are good at explaining what other economists are up to. Who give a shit, its a reputation coin toss, best seller, woops, wrong three calls in a row. The only fool is the person who listens to one.