Why NYT Columnist Paul Krugman Is Mostly Right

Mon, 05/07/2012 - 01:53 EDT - Seeking Alpha

Shareholders Unite

By Shareholders Unite:Seeking Alpha contributor Michael T. Snyder wrote an article titled Why 'New York Times' Economist Paul Krugman Is Partly Right But Mostly Wrong. Let's go through the arguments one by one.
False prosperity

The false prosperity that the United States and Europe have been enjoying has been fueled by unprecedented amounts of debt. [Snyder]
There is no economic concept called 'false' prosperity. Yes, household borrowing has increased enormously, but this is private debt, and the result of private decisions. Many people still have to wake up to the fact that the collective outcome of private decisions don't always lead to a social optimum. Markets can fail as well.We have argued that the run-up of the household debt is largely the result of stagnating median wages (median wage earners have enjoyed very little of the benefits of increased labor productivity since the 1970s), which resulted in increased credit demand toComplete Story »

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Why 'New York Times' Economist Paul Krugman Is Partly Right But Mostly Wrong
By Michael T. Snyder: In recent days, New York Times economist Paul Krugman has been doing a whole bunch of interviews in which he has declared that the solution to our economic problems is very easy. Krugman says that all we need to do to get the global economy going again is for the governments of the world to start spending a lot more money.
The Incomes of Women Without Wages
Who is the median woman who doesn't earn a wage or a salary? The question arises because of something we did last year. Specifically, when we extracted data for this demographic category of American income earner from other data published by the U.S. Census Bureau.
Orszag and the NYT
Interesting news:
The wage premium at large firms
Do very wealthy CEOs yank potential wage gains away from median-like workers? The excellent Adam Ozimek writes to me:
Paul Krugman: China's Economic Growth May Kill Us All
Paul Krugman, the Nobel Prize winning economist and New York Times columnist, believes that China is a great example of human success.
The Loneliness of Paul Krugman
Via Kevin Drum, this profile of economist and New York Times columnist/blogger, Paul Krugman, is fas
Mo’ Money, Mo’ Demand
Steven Pearlstein has a long and well-argued column making the case for a primarily “structural” view of the downturn and pessimism about the prospects for rapid recovery. His bottom line:
Productivity Surging
From the BLS: Nonfarm business sector labor productivity increased at a 9.5 percent annual rate during the third quarter of 2009, the U.S. Bureau of Labor Statistics reported today.
NOBEL PRIZE: US economist Paul Krugman wins Nobel for economics
US economist Paul Krugman, a prolific New York Times columnist and fierce critic of Washington's economic policies, won the Nobel economics prize on Monday.

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Why NYT Columnist Paul Krugman Is Mostly Right

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