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27 November 2010

The Radicalization of P. Krugman

Has this economic crisis finally radicalized Paul Krugman?
But watching the failure of policy over the past three years, I find myself believing, more and more, that this failure has deep roots--that we were in some sense doomed to go through this. Specifically, I now suspect that the kind of moderate economic policy regime...I...support--a regime that by and large lets markets work, but in which the government is ready both to rein in excesses and fight slumps--is inherently unstable. It’s something that can last for a generation or so, but not much longer.
Finally! Now what, Paul?

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