3 ms·

I Was Wrong About Inflation

6 points by cmod 4y ago

nabla9 4y ago
Honesty and good analysis. That's why Krugman is worth reading on economics.
rvz 4y ago
Of course he was wrong. Yet another confession brought to you by the one who saw the internet's impact on the economy being been no greater than fax machines even by 2005. [0] Not only that prediction was demonstrably wrong, but he has become very famous for that, than winning his Nobel Prize in Economics. As soon as you search his name, a record of incorrect predictions and now his finest error for everyone to see. A looney toon that cannot get anything right on predictions. [0] http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html http://web.archive.org/web/19980610100009/www.redherring.com...
- colinmhayes 4y ago
  Really not as simple as you make it seem. Many top economists supported the fiscal and monetary policy the trump and Biden administration undertook, it’s not like Krugman was some quack that no one agreed with. I thought this was a thoughtful piece explaining their thought process then and what they got wrong, but can’t disagree that it’s fun to dunk on Paul for that fax machine stuff.
- deleted 4y ago
  [deleted]
- nabla9 4y ago
  You are being made fun of. Paul Krugman Got Something Very Right About the Internet, the Fax Machine and the Economy https://www.bloomberg.com/news/articles/2021-05-24/paul-krugman-got-something-very-right-about-the-internet-the-fax-machine-and-the-economy?sref=vuYGislZ https://www.bloomberg.com/news/articles/2021-05-24/paul-krug...
  - rvz 4y ago
    ? I don't think so. The whole world is still laughing at Krugman, the Bloomberg writer and all of his spin doctors trying to save his record of poorly aged predictions with deflection pieces. It's extremely hilarious to see even after that very weak Bloomberg piece from last year, we continue to see the faithful followers attempting to defend a record of indefensible and deranged predictions. I don't even need to repeat that old 1998 quote here again since we are past that. Even decades later after that quote, he admitted he was incorrect on his own prediction. So this Bloomberg piece defending him, is quite frankly a desperate attempt at spinning what he meant at the time. He was wrong, admitted it publicly, everyone today knows he got it wrong and that was that in history. So fast forward to 2022, after admitting he called inflation wrong last year, what did he say this time? [0] 'Inflation in the United States has probably peaked.' and even before that in 2021, 'Don't panic about inflation.' as he doubled down on that last year. Once again, he confessed on that wrong prediction after another in this NYT piece. So there you have it. Perhaps he and his supporters need to sit this decade out, before they repeatedly embarrass themselves again. [0] https://twitter.com/paulkrugman/status/1530257168078974976 https://twitter.com/paulkrugman/status/1530257168078974976

6 points by cmod 4y ago

Honesty and good analysis. That's why Krugman is worth reading on economics.

rvz 4y ago

Of course he was wrong. Yet another confession brought to you by the one who saw the internet's impact on the economy being been no greater than fax machines even by 2005. [0] Not only that prediction was demonstrably wrong, but he has become very famous for that, than winning his Nobel Prize in Economics. As soon as you search his name, a record of incorrect predictions and now his finest error for everyone to see. A looney toon that cannot get anything right on predictions. [0] http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html http://web.archive.org/web/19980610100009/www.redherring.com...

colinmhayes 4y ago
Really not as simple as you make it seem. Many top economists supported the fiscal and monetary policy the trump and Biden administration undertook, it’s not like Krugman was some quack that no one agreed with. I thought this was a thoughtful piece explaining their thought process then and what they got wrong, but can’t disagree that it’s fun to dunk on Paul for that fax machine stuff.
deleted 4y ago
[deleted]
nabla9 4y ago
You are being made fun of. Paul Krugman Got Something Very Right About the Internet, the Fax Machine and the Economy https://www.bloomberg.com/news/articles/2021-05-24/paul-krugman-got-something-very-right-about-the-internet-the-fax-machine-and-the-economy?sref=vuYGislZ https://www.bloomberg.com/news/articles/2021-05-24/paul-krug...
- rvz 4y ago
  ? I don't think so. The whole world is still laughing at Krugman, the Bloomberg writer and all of his spin doctors trying to save his record of poorly aged predictions with deflection pieces. It's extremely hilarious to see even after that very weak Bloomberg piece from last year, we continue to see the faithful followers attempting to defend a record of indefensible and deranged predictions. I don't even need to repeat that old 1998 quote here again since we are past that. Even decades later after that quote, he admitted he was incorrect on his own prediction. So this Bloomberg piece defending him, is quite frankly a desperate attempt at spinning what he meant at the time. He was wrong, admitted it publicly, everyone today knows he got it wrong and that was that in history. So fast forward to 2022, after admitting he called inflation wrong last year, what did he say this time? [0] 'Inflation in the United States has probably peaked.' and even before that in 2021, 'Don't panic about inflation.' as he doubled down on that last year. Once again, he confessed on that wrong prediction after another in this NYT piece. So there you have it. Perhaps he and his supporters need to sit this decade out, before they repeatedly embarrass themselves again. [0] https://twitter.com/paulkrugman/status/1530257168078974976 https://twitter.com/paulkrugman/status/1530257168078974976