Tuesday, May 05, 2009

Krugman and "Falling Wages"

To Krugman, there are no "fundamentals" in an economy. Instead, it is just a Big Blob in which capital magically appears and goods just fly onto our shelves. Furthermore, he cannot even differentiate between nominal and real wages. The guy is hopeless, and it tells us something about the state of "elite" economics in the academic world.

read more | digg story

No comments: