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Not All Economists are Created Equal

December 12, 2009

# of Nobel Prize-winning economists signing letter opposing Fed audit: 5

# of Nobel Prize-winning economists signing letter supporting Fed audit: 0

And this isn’t the Barack Obama Nobel Peace Prize we’re talking about; this is the Nobel Prize in Economics, you know, the one Milton Friedman won because he was a pretty smart economist. As in, the prize awarded to the smartest economist in the world each year (or at least the one with the most significant contributions in research).

5 Comments leave one →
  1. Ariosto permalink
    December 13, 2009 2:32 am

    Exhibit A for why you shouldn’t care:


  2. cjm13 permalink
    December 13, 2009 5:25 am

    Krugman’s Nobel came for his work in international trade. The model he developed is some of the strongest evidence yet in favor of free trade, even between two nations whose goods production is largely similar. Thus, he won his Nobel for his most Republican point of view. He’s a crock when it comes to domestic policy, I agree, but don’t discredit the Nobel on the basis of one recipient alone, especially when that recipient’s honored work was in favor of what Republicans believe.

  3. Ariosto permalink
    December 13, 2009 1:38 pm

    You’re right about that area of his research, but it’s completely irrelevant for deciding whether you value his endorsement. His endorsement is valuable or invaluable based on his views as a whole, and you know that on the whole he is the most intellectually bankrupt Keynesian of his generation.

  4. cjm13 permalink
    December 13, 2009 3:41 pm

    Agreed; in this context, Krugman’s endorsement is completely useless. My argument is simply that just because Kruman won a Nobel is no reason to discredit all other Nobel winners. So, excluding Krugman, I guess we can make the score 4-0 in terms of number of Nobel winners who oppose vs. support the Fed audit. That still leaves the anti-Fed crowd in a significant credibility hole.

    Point is, you don’t have to be a Krugman Keynesian to oppose the Fed audit. In fact, Milton Friedman’s monetarism is founded largely on the notion that monetary policy is much better than fiscal policy for dealing with macroeconomic issues, and an independent Fed is crucial for well-functioning monetary policy. Indeed, one could argue that the best defense against Krugman-like arguments for more fiscal “stimulus” is an effective monetary policy.

  5. Ariosto permalink
    December 13, 2009 4:24 pm

    Let me know when you find one!

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