When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Tuesday, September 27, 2011

More Paul Krugman on highly educated ignorance

Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com: Yes, I've noted it before, but it's a real sign of the times we live in that one of the foremost "real experts" (Nobel prize winner in economics, Professor at Princeton, etc.) has this to say:

"Yes, the political world is deeply dysfunctional — but what’s equally remarkable is just how terrible the judgment of the supposed experts has been. It’s not just the complete failure to foresee this crisis. Fancy international organizations have been persistently offering disastrous advice, counseling austerity and interest rate hikes just as the recovery, such as it is, stumbles. Politicians say dumb things about monetary policy — but so does the ECB.
The point is that what we need are the right ideas, not the right sort of people. . . . and the dignified men in suits are often no better than the rabble-rousers."


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects