By Lennart Wagemans
Paul Krugman once claimed that inflation was necessary for relative income equality. The truth is that inflation, by creating winners and losers, increases and exacerbates income inequality.
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101 sats \ 4 replies \ @kepford 29 Jul
Krugman. What a clown. For those that don't know check out the old Contra Krugman: Podcast that Refutes Krugman. When I started listening to that show I knew very little about economics. Learned a lot from the hosts.
The biggest take-away from that show for me was how dishonest Krugman is. The fact that he is the economist for the NYT is fitting. The NYT is an even bigger joke than Krugman.
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121 sats \ 3 replies \ @Undisciplined OP 29 Jul
I completely agree. Prior to that podcast, I was aware of many negative things about Krugman, including how poorly regarded he is amongst economists, but I did not realize what a brazen liar he is.
So many of those times on the show when they did the gimmick of revealing that a devastating critique of Krugman actually came from his own prior writing surprised me. The number of times he would cite a source that said the exact opposite of what he was claiming is absolutely disgusting.
When I was in undergrad macro, we had an assignment to find a couple of mainstream popular econ articles and write about them. One of the ones I picked was an old Krugman piece about Japan that is actually pretty good (he was an economist once, after all). My professor, a mainstream macro economist, said I couldn't use Krugman because "he's not an economist".
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76 sats \ 1 reply \ @Bell_curve 29 Jul
Nobel committee should claw back his prize
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76 sats \ 0 replies \ @Undisciplined OP 29 Jul
I actually think that work warranted the prize. It's not their fault he turned into an enormous partisan propagandist.
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42 sats \ 0 replies \ @kepford 29 Jul
That's hilarious!
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42 sats \ 1 reply \ @BlokchainB 29 Jul
And bailouts!
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50 sats \ 0 replies \ @Undisciplined OP 29 Jul
If we don't give rich people poor people's money, then really it's poor people who will be hurt the worst.
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21 sats \ 1 reply \ @freebookspls 29 Jul
Do I need an economics degree to know that elevating prices harm the poor more?
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0 sats \ 0 replies \ @Undisciplined OP 29 Jul
Ha! If anything, you might need a degree to think it doesn't.
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21 sats \ 1 reply \ @Bell_curve 29 Jul
Inflation exacerbates inequality
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21 sats \ 0 replies \ @Undisciplined OP 29 Jul
That's more accurate.
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