I get a kick out of this.
by Robert Wenzel
Now that Paul Krugman has completely failed in spotting the turnaround in the economy, and he has to know that serious price inflation is breathing down his neck (when he has been warning about deflation), is Krugman secretly reading Austrian economic texts to understand the economy?
Check this out. Hardcore Keynesian Krugman just wrote this at his blog:
A while back I read Lionel Robbins’s 1934 book The Great Depression; as I pointed out, it was a Very Serious Person’s book for its era. Its solution was a return to the gold standard — which would have made things worse — and free trade, which was basically irrelevant to the problem of insufficient demand.
He, of course, has to diss it as a "Very Serious Person's" book and this type of Austrian thinking "hopeless". But why is he reading it?