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Krugman's bad predictions
Fox News ^ | April 12, 2012 | John Lott

Posted on 04/13/2012 6:09:36 AM PDT by richardb72

Few prominent economists have a worse record predicting the impact of Obama’s economic policies than Paul Krugman. Writing for the New York Times and touting his close “genuine contact” with the “smart” economists and others in the Obama administration and the Democratic congressional leadership, Krugman has been, and remains, Obama’s most important champion. Not only has he been defending Obama’s Keynesian-type deficit-spending, but he has been advocating still more of these same failed policies.

The economy just can’t gain ground. Thirty-four months since the "recovery" started in June 2009 and the actual number of jobs have increased by just 0.4%. Hardly making up for the 5.5 percent drop in jobs from the peak. Given Krugman’s continued prominence in supporting Obama during the coming election, the best way of evaluating the advice is going to give voters is to see how accurate his claims have been up to this point.

It is important to realize just how terrible Krugman’s record has been. He predicted on CNBC: “I am still guessing that we will peak out at around 9 percent [unemployment] and that would be late this year.” He assured listeners that double-digit unemployment was “not the most likely event” and “Actually, we are already seeing some positive effects [from the Stimulus].” . . .

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; Government; Politics/Elections
KEYWORDS: economy; johnlott; mediabias; nytimes; obama; paulkrugman; stimulus; unemployment

1 posted on 04/13/2012 6:09:40 AM PDT by richardb72
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To: richardb72
and the basis for his Nobel Prize in Economics is?

All I can say is the standards for Nobel Prizes in economics must be nonexistent!

2 posted on 04/13/2012 6:19:45 AM PDT by Reily
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To: Reily

Krugman’s Nobel Prize was in international trade theory. Specifically, for the pattern of trade that emerges when there are economies of scale in production, there are cost of transportation and differences in consumer tastes. Bottom line: there will be cross-border (or, back-and-forth) trade goods deemed similar by statisticians. but differing in ways important to consumers. For example, the U.S. will tend to export large vehicles, farm and construction equipment and aerospace equipment, while Japan will tend to export small cars. His was fine work. His Keynesian macroeconomics, however, is looney tunes.


3 posted on 04/13/2012 6:25:34 AM PDT by Redmen4ever
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To: Reily

It looks like you must be socialist, redistributionist and get lots of face time in the media. With those qualifications you are a shoe in for a Nobel economics prize. Remember, these are the same people who gave Obama a peace prize one month into his term of office.


4 posted on 04/13/2012 6:26:07 AM PDT by circlecity
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To: richardb72

Bump


5 posted on 04/13/2012 6:30:56 AM PDT by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: circlecity
Me a socialist? au contraire!

I can name several free market economists and one mathematician who have one Nobel Prizes in economics.

6 posted on 04/13/2012 6:31:29 AM PDT by Reily
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To: richardb72
Being a liberal means never having to say you were wrong......EVER!


7 posted on 04/13/2012 6:32:50 AM PDT by capt. norm (Blessed are they who can laugh at themselves for they shall never run out of material. c)
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To: Redmen4ever
So he is a micro-economist then!

“...His Keynesian macroeconomics, however, is looney tunes.
...” <— Which is driven by his ideology!

8 posted on 04/13/2012 6:34:00 AM PDT by Reily
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To: Redmen4ever

That was back when he did economics. He’s been doing strictly political propagandist for over a decade.


9 posted on 04/13/2012 6:34:20 AM PDT by free me (heartless)
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To: Reily

I wasn’t calling you a socialist - I was listing the attributes which will qualify one for a Nobel in economics. Poorly worded post. But who are the conservative economists in the last 20 years who have won Nobel prizes?


10 posted on 04/13/2012 6:34:46 AM PDT by circlecity
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To: Reily
The Nobel has very high standards. Carter won, Gore won, and Barry earned one preemptively. Image Hosted by ImageShack.us

11 posted on 04/13/2012 6:37:16 AM PDT by School of Rational Thought (Fun for women ages 21 through 35)
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To: richardb72; sickoflibs

Krugman couldn’t predict a snowstorm in Antarctica.


12 posted on 04/13/2012 6:38:06 AM PDT by Impy (Don't call me red.)
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To: circlecity
James Buchanan just down the road from me at George Mason U. (Though I think he is emeritus now!) At one time not too long ago the GMU Econ department had 3 of the top 10 economists in the country and 2 Nobel Prize winners. It is a very free market oriented department. Walter Williams (who does conservative political columns and subbsitutes for Rush) is or was the chair of that department.

And there have been other free market oriented economist when that prize recently. I would have to do some research to pull up their names. I am not an economists so I don't follow that field's “movers and shakers” very closely!

13 posted on 04/13/2012 6:42:20 AM PDT by Reily
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To: richardb72
How many people remember anyone’s predictions about any topic from a year ago?
14 posted on 04/13/2012 6:44:13 AM PDT by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: School of Rational Thought
so did Arafat but that's the Peace Prize which is NOT part of the original Nobel bequest or intent. Also it is awarded by a committee of Norwegians not by a committee of Swedes.
15 posted on 04/13/2012 6:46:27 AM PDT by Reily
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To: richardb72
Krugman must be glad that he never bet his money to back up his claims of “evil” or “deliberate” misinformation, but he never tempered his rhetoric.

Why would he? His employer encourages his reprehensible rhetoric.

As far as I know, he still stands by his contention that Sarah Palin is responsible for the shooting of Gabby Giffords and the murder of the others that day.

This, despite the fact that it is now known that Laughner was a mentally disturbed Karl Marx fan, who began stalking Giffords when Palin was mayor of a small town in Alaska.

But it's still Palin's fault, according to this dipshit.

16 posted on 04/13/2012 6:57:49 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: School of Rational Thought

Why did you leave out yasser arafat?


17 posted on 04/13/2012 7:01:26 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: richardb72

Krugman is irrelevant. Sure, he has credentials and a pretty resume. [shrug] That’s about it. But, given his default setting; what you end up with is kinda like having a smokin’ hot cheerleader working for a 0-10 team: Interesting, at times, but not that helpful.


18 posted on 04/13/2012 7:02:57 AM PDT by OkiMusashi (Beware the fury of a patient man. --- John Dryden)
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To: Reily

the standard is... you must have a (D) after you name.


19 posted on 04/13/2012 7:03:47 AM PDT by TexasFreeper2009 (Go Newt!)
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To: School of Rational Thought

>> Carter won, Gore won, and Barry earned one preemptively <<

You’re confusing the Nobel Peace Prize, which is awarded by the Norwegian parliament, with the Nobel Economics Prize, which is awarded by the Central Bank of Sweden.

The Economics Prize has been handed out almost always on the basis of solid scientific work (Arthur Lewis was the only glaring exception I can remember), and has been received by a slew of free market economists like Milton Friedman, George Stigler, Theodore Schultz, Gary Becker, James Buchanan and Friedrich Hayek. When leftwingers like Krugman and Gunnar Myrdal have received the Economics Prize, they’ve generally been recognized on the basis of scholarly work that’s respected across the political spectrum.

On the other hand, the “Peace” Prize has been awarded to a decidely mixed bag of (a) worthy and (b)markedly disgraceful recipients.

Among the worthy recipients of the peace prize have been Norman Borlaug, Aung San Suu-Kyi, Gen. George Marshall, Albert Schweitzer, Andrei Sakharov, Lech Walesa, Mother Teresa and Liu Xiao-Bo. A finer group of humanitarians would be hard to name.

But then, there have been a bunch of absolutely disgraceful selections like Jimmy Carter, Baraq Øbama, Al Gore, Rigoberta Menchu, Yasser Arafat, Kofi Annan and Mohammed el-Baradei.

Bottom Line:

When it comes to the “Peace” Prize, the bad selections pretty much cancel out the good.


20 posted on 04/13/2012 7:05:04 AM PDT by Hawthorn
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To: richardb72

News Bulletin!

NASA has just announced that space aliens are planning to attack and we need a massive buildup to counter the space alien threat!

‘Economist’ Paul Krugman and president obama overjoyed at the news.


21 posted on 04/13/2012 7:25:32 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: richardb72
The reason(s) why Jughead can continue to get everything wrong in support of the Obama regime is because he is never held up and made responsible for his failed record and policies. Remember, liberal failure is never a failure per se, it is the unrealistic intent that is held up, not the realistic failed results!

Jughead the old media has lost what credibility they had over the Treyvon lies and race baiting!

Never again!

22 posted on 04/13/2012 7:31:41 AM PDT by paratrooper82 (We are kicking Ass in Afghanistan, soon we will be home to kick some more Asses in Congress!)
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To: Hawthorn

“The Economics Prize has been handed out almost always on the basis of solid scientific work (Arthur Lewis was the only glaring exception I can remember)”

Although Arthur Lewis was a Social Democrat, he did very solid work in economic development for which he was rightly awarded the Nobel Prize (IMO).


23 posted on 04/13/2012 12:13:14 PM PDT by riverdawg
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To: riverdawg

>> Although Arthur Lewis was a Social Democrat, he did very solid work in economic development for which he was rightly awarded the Nobel Prize (IMO). <<

I must respectfully disagree. I was truly appalled when the Nobel Committee split the 1979 economics prize between Ted Schultz and Sir Arthur, and my opinion has never since wavered. The two men’s basic outlooks on economic development were virtually 180° out of phase with one another, and I viewed it as an insult to Schultz that the Committee paired him with Lewis.

To make a long story short, by 1979 Schultz’s analytical framework on the productivity of peasant agriculture had been verified time and again by empirical work, while Sir Arthur’s belief in a “zero marginal product” in agriculture had already failed the empirical test and was being rejected by one competent development economist after another. Today, Lewis’ theory is all but forgotten, while Schultz’s contributions live on — not only his work on the economics of agriculture, but even more importantly on the economics of human capital.

If I wanted to be kind to Lewis, I guess I’d say that he was perhaps the first economist in the post-WW2 era to articulate a logically coherent, systematic and “holistic” theory of economic development for third-world countries. Hurrah! But the trouble is, his beautiful theory simply didn’t measure up to facts on the ground, and it led to bad policies in many countries.

Schultz, on the other hand, changed the way most development economists view peasant agriculture and pioneered the kind of thinking that supported the Green Revolution. And more or less at the same time, he and his acolytes (both colleagues and students) at the University of Chicago created a new discipline, the economics of human capital.


24 posted on 04/13/2012 2:10:11 PM PDT by Hawthorn
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To: richardb72
We are coming perilously close to Carter's stagflation at the end of the seventies, an economic dead end which required Paul Volker's major surgery to remedy.

Obama is flirting with disaster, politically, unless he is willing to bend his stiff-necked ideology to the demands of reality. However there is no strong reason to believe he will do so.

25 posted on 04/13/2012 5:22:25 PM PDT by hinckley buzzard
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To: Redmen4ever
You summary of Krugman's claim to fame is a good illustration of the definition of an expert: Someone who knows more and more about less and less. Stephen "paint the roofs and highways white" Chu is another classic.
26 posted on 04/13/2012 5:25:05 PM PDT by hinckley buzzard
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To: Reily
Could start with Milton Friedman?
27 posted on 04/13/2012 5:26:37 PM PDT by hinckley buzzard
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To: Reily
Could start with Milton Friedman?
28 posted on 04/13/2012 5:26:37 PM PDT by hinckley buzzard
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To: Hawthorn
You could add Le Duc Tho, who at least had the integrity to refuse it, since he was about to unleash genocidal hell on South Vietnam. And didn't Menchu win it for literature, with her phoney baloney diary?
29 posted on 04/13/2012 5:31:17 PM PDT by hinckley buzzard
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To: hinckley buzzard

>> didn’t Menchu win it for literature, with her phoney baloney diary? <<

You’ve got it. The Committee’s original decision to award her the prize was bad enough in the first place — although I suppose it was understandable if you look at such matters with a leftwing perspective.

But what was most deeply disgraceful, and not understandable even if you can imagine yourself as a full-blown Democratic Socialist, was the Committee’s failure to revoke the prize once Rigoberta’s “literary” fraud had been fully exposed.

But then we’re talking about Norway, a quaint and charming country with plenty of delightful people — and where Democratic Socialist ideology still is able to survive and even to thrive thanks to the nation’s virtually unlimited supplies of offshore petroleum and natural gas.

(Moreover, at least a few things about Norway are worth emulating. For example, it’s among only three countries in the whole world where you can walk into a restaurant and LEGALLY eat whale-meat steak. Needless to say, this situation drives the neighboring Swedish and Danish enviros crazy, and it’s one of several factors that keeps Norway out of the EU.)


30 posted on 04/14/2012 7:09:43 AM PDT by Hawthorn
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Thanks DJ MacWoW for posting this:

More politically incorrect Halloween costumes | Posted on 10/28/2011 5:01:04 PM PDT by Keltik | 12 posted on 10/28/2011 5:47:30 PM PDT by DJ MacWoW

31 posted on 04/15/2012 8:00:12 PM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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32 posted on 04/15/2012 8:00:21 PM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks richardb72.


33 posted on 04/15/2012 8:00:58 PM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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