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To: Reily

Krugman’s Nobel Prize was in international trade theory. Specifically, for the pattern of trade that emerges when there are economies of scale in production, there are cost of transportation and differences in consumer tastes. Bottom line: there will be cross-border (or, back-and-forth) trade goods deemed similar by statisticians. but differing in ways important to consumers. For example, the U.S. will tend to export large vehicles, farm and construction equipment and aerospace equipment, while Japan will tend to export small cars. His was fine work. His Keynesian macroeconomics, however, is looney tunes.


3 posted on 04/13/2012 6:25:34 AM PDT by Redmen4ever
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To: Redmen4ever
So he is a micro-economist then!

“...His Keynesian macroeconomics, however, is looney tunes.
...” <— Which is driven by his ideology!

8 posted on 04/13/2012 6:34:00 AM PDT by Reily
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To: Redmen4ever

That was back when he did economics. He’s been doing strictly political propagandist for over a decade.


9 posted on 04/13/2012 6:34:20 AM PDT by free me (heartless)
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To: Redmen4ever
You summary of Krugman's claim to fame is a good illustration of the definition of an expert: Someone who knows more and more about less and less. Stephen "paint the roofs and highways white" Chu is another classic.
26 posted on 04/13/2012 5:25:05 PM PDT by hinckley buzzard
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