The Return of Depression Economics Component 1 (of 3): The sum of all fears
Speaker: Professor Paul Krugman Chair: Howard Davies This occasion was recorded on 8 June 2009 in Old Theatre, Old Developing The international economic crisis has shaken a lot of what we believed we knew about economics. Over three consecutive evenings, Professor Krugman will cover the causes of the crisis the deeply vexed question of how and when the world economic climate can recover and the implications of the entire mess for economics and economists. Paul Krugman is centenary professor at LSE and professor of economics and international affairs at Woodrow Wilson School, Princeton University. In 2008 he was awarded the Nobel Prize in Economic Sciences.
What a well spoken idiot! He talks a lot but offers little concrete. I would like to award him a Nobel prize in idiocy. If the average person did like he suggests and kept going further into? debt bankruptcy is inevitable.
I just hope they can continue this idiocy so I can increase my insurance against Keynesian economics in the form of physical silver and gold.
Fiat currencies will have to be abandoned soon, there will be so much paper, I pity the poor trees that died for no cause.
Wish I? could see the slides!
@madn0rman Also the govt. loves fudging the numbers every time they might expose their malfeasance. If you simply use the same govt. methodology employed by Volker, you would find an inflation rate? around 9 percent per annum! Damn lies and statistics!
@madn0rman Exactly! The negative real interest rate is? proof of the bankruptcy of the keynesian school. They have been reduced to the point of paying people to accept their paper pulp. The interest rate(price of money) should be a function of supply and demand just like any other commodity. Paul Krugman’s work will seem ridiculous to our posterity.
Im using an MNL model to answer a new? question: why do Austrian schoolers troll youtube so much? Hypothesis: having done nothing in the field for the last 70 years they have very little to do.
This guy has no clue! Not? a single, tiny clue!
why would anyone save money at 0% interest?!!! especially when inflation is at 2+% The paradox of thrift doesn’t seem to explain? this – this guy seems to talk yet explains very little!
@bumzo Not to mention the Federal Reserves refusal to perform it’s intended function? by allowing banks to collapse. this has been confirmed by Bernenke Himself.
@KypHeM-I agree with you, but I think he should be Treasury Secretary, or at LEAST the main economic? adviser for the current administration.
@bumzo? Exactly right.
This guy needs to read Horizontalists and Verticalists by Basil Moore. This discussion of money is so confused. Loans create deposits and then banks go to the Federal Reserve to get? the required level of reserves. He has the causality all backwards, the money supply shrank in the Great Depression because nobody was willing to borrow money and everybody repaid their debt, effectively destroying money.
uuuuhn! uuuuhn! uuuuhn! uuuuhn!? Explains important stuffs. uuuuhn! uuuuhn! uuuuhn! uuuuhn! Explains important stuffs. / Repeat.
Taxing and spending has never worked in the modern era, ever,? ever, ever. It is the Southern Europe policy that the UK an the USA is following.
Whereas in Northern Europe they have no defecits, less people on welfare, more people working, less state involvement, less poverty…all down to good education, free markets and none corrupt governance.
Obama and Brown could learn alot.
I HATE THIS? NINNY!!!
krugman for? president!
Please note? that my book Keynes Hayek: The Clash That Shaped Modern Economics is published by W.W.Norton in October.
Professor John B.Taylor says that: “Nicholas Wapshott brings the Keynes-Hayek fight of the 20th century back to life, making the clash both entertaining and highly relevant for understanding economic crises of the 21st century.”
Read an extract at: sites.google.com/site/wapshottkeyneshayek/
Nicholas Wapshott