{"id":6767,"date":"2015-03-23T18:28:07","date_gmt":"2015-03-23T23:28:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6767"},"modified":"2015-03-23T18:28:07","modified_gmt":"2015-03-23T23:28:07","slug":"paul-krugman-is-wrong-about-the-uk-and-borrowing","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6767","title":{"rendered":"Paul Krugman is wrong about the UK and borrowing"},"content":{"rendered":"<h3><a href=\"http:\/\/www.capx.co\/paul-krugman-is-wrong-about-the-uk-and-borrowing\/\" target=\"_blank\">Paul Krugman is wrong about the UK and borrowing<\/a><\/h3>\n<p>Paul Krugman once did something or other quite good on the economics of trade, winning him the Nobel Prize. He also wrote some rather good stuff in the 1990s about the euro and about how Japan might escape its then-malaise. Quite a lot of orthodox economists were (and remain) fans of his writings on these topics. But regarding his analysis of government deficit reduction programmes and the options European governments in particular have had \u2013 and more specifically about how, regardless of how much they might have been borrowing they should always borrow more\u2026not so much.<\/p>\n<p>Krugman\u2019s latest sally into European politico-economics is to bewail the state of \u201c<a href=\"http:\/\/www.nytimes.com\/2015\/03\/23\/opinion\/paul-krugman-britains-terrible-no-good-economic-discourse.html\">Britain\u2019s Terrible, No-Good Economic Discourse<\/a>\u201d in the run-up to the General Election. He tells his unfortunate American readers that \u201ceconomic discourse in Britain is dominated by a misleading fixation on budget deficits\u201d and that \u201cmedia organizations routinely present as fact propositions that are contentious if not just plain wrong\u201d.<\/p>\n<p>US readers should be aware that his \u201canalysis\u201d drifts between being contrary to the facts and being nonsense. Let\u2019s start with the stuff he says that is contrary to the facts. Setting aside for now whether such a fixation would be \u201cmisleading\u201d, economic discourse in Britain simply isn\u2019t dominated by a fixation with government budget deficits.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman is wrong about the UK and borrowing Paul Krugman once did something or other quite good on the economics of trade, winning him the Nobel Prize. He also wrote some rather good stuff in the 1990s about the euro and about how Japan might escape its then-malaise. Quite a lot of orthodox economists [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,4365,93,195,201,614,820],"class_list":["post-6767","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-borrowing","tag-britain","tag-debt","tag-deficit","tag-paul-krugman","tag-uk"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6767"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6767\/revisions"}],"predecessor-version":[{"id":6768,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6767\/revisions\/6768"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}