Will Paul Krugman debate an Austrian economist?

Lockstep

Will Paul Krugman be Shamed Into Debating an Austrian Economics Wunderkind?

Any thoughts on this?
I find Krugman an interesting writer but havn't seen him speak before: dunno if he's as good in a debate as he is as a writer.

Would be an interesting debate all the same.

Économiste Monétaire

Headline should read: 'Nobel laureate for trade and economic geography debates randomer on two business cycle theories that no one really cares about'. Ed Prescott will feel left out.

Économiste Monétaire

Here's a video with Krugman debating Robert Barro (33 mins in).

Austerity

Économiste Monétaire wrote: »

Headline should read: 'Nobel laureate for trade and economic geography debates randomer on two business cycle theories that no one really cares about'. Ed Prescott will feel left out.

The Austrians seem to have an uncanny ability to be right in many(not all off course) of their predictions. They seem to have been spot on about what would happen to commodities and the USD. They warned about the unsustainable housing bubble in the US etc.

Économiste Monétaire

Austerity wrote: »

The Austrians seem to have an uncanny ability to be right in many(not all off course) of their predictions. They seem to have been spot on about what would happen to commodities and the USD. They warned about the unsustainable housing bubble in the US etc.

So did Bob Shiller; ergo, N-K economics rules? Schiff made a lot of money based on his prediction(s), right?

What USD prediction are you referring to?

Time Magazine

Économiste Monétaire wrote: »

Headline should read: 'Nobel laureate for trade and economic geography debates randomer on two business cycle theories that no one really cares about'. Ed Prescott will feel left out.

To be fair, this randomer got his PhD in NYU and he is, apparently, the poster child of Austrian economics. That article refers to him as the "Austrian Wunderkid". So where was his first job? Chicago? Princeton?

Visiting Assistant Professor, Hillsdale College, Michigan. No, I've never heard of it either.

I really don't want to be snobby about this but if this is the best that the Austrians have got in terms of cutting-edge economic analysis, they really are in a bad way.

southsiderosie

I've seen Krugman on political chat shows. He is much more effective as a writer (whether you agree with him or not). This kind of set-up seems like a lose-lose for him.

Économiste Monétaire

Krugman isn't even a hydraulic Keynesian, to my mind, so practically this seems like a non-runner; you need to separate the economist from the NY Times columnist. He's not going to stand up and say: the supply side doesn't matter in business cycles; the only way to 'fix' a recession is through government expenditure; or that the Phillips Curve is an indisputable law of economics that offers a (permanent) exploitable trade-off for policy makers.

I'd like to see Krugman and Cochrane duke it out, though.

southsiderosie

Économiste Monétaire wrote: »

Krugman isn't even a hydraulic Keynesian, to my mind, so practically this seems like a non-runner; you need to separate the economist from the NY Times columnist. He's not going to stand up and say: the supply side doesn't matter in business cycles; the only way to 'fix' a recession is through government expenditure; or that the Phillips Curve is an indisputable law of economics that offers a (permanent) exploitable trade-off for policy makers.

I'd like to see Krugman and Cochrane duke it out, though.

I went to a talk two years ago where Robert Solow and Greg Mankiw were the panelists. Now THAT was interesting!

Économiste Monétaire

southsiderosie wrote: »

I went to a talk two years ago where Robert Solow and Greg Mankiw were the panelists. Now THAT was interesting!

Nice. It's interesting that both Mankiw and Solow fall under the broad Keynesian banner, but don't agree on a lot of issues. I don't know if this more attributable to a generational gap, or simply left-right political perspectives.

southsiderosie

Économiste Monétaire wrote: »

Nice. It's interesting that both Mankiw and Solow fall under the broad Keynesian banner, but don't agree on a lot of issues. I don't know if this more attributable to a generational gap, or simply left-right political perspectives.

Solow is unapologetically leftist. The talk was on "Economic Policies for the New President", and the first thing he said was "Well, I'm just going to say it: I think Barack Obama is great!" The room cracked up. But Mankiw worked for Bush, so I guess it balanced out.

Time Magazine

southsiderosie wrote: »

I went to a talk two years ago where Robert Solow and Greg Mankiw were the panelists. Now THAT was interesting!

Okay okay okay, but did Solow take Greg Mankiw seriously?

</econ-nerd>

Finnbar01

Économiste Monétaire wrote: »

Krugman isn't even a hydraulic Keynesian, to my mind, so practically this seems like a non-runner; you need to separate the economist from the NY Times columnist. He's not going to stand up and say: the supply side doesn't matter in business cycles; the only way to 'fix' a recession is through government expenditure; or that the Phillips Curve is an indisputable law of economics that offers a (permanent) exploitable trade-off for policy makers.

I'd like to see Krugman and Cochrane duke it out, though.

I would like to see Krugman and Schiff duke it out.

Finnbar01

Time Magazine wrote: »

To be fair, this randomer got his PhD in NYU and he is, apparently, the poster child of Austrian economics. That article refers to him as the "Austrian Wunderkid". So where was his first job? Chicago? Princeton?

Visiting Assistant Professor, Hillsdale College, Michigan. No, I've never heard of it either.

I really don't want to be snobby about this but if this is the best that the Austrians have got in terms of cutting-edge economic analysis, they really are in a bad way.

Well over the last couple of years I don't care much for PhD's and where they were gotten.

Time Magazine

Finnbar01 wrote: »

Well over the last couple of years I don't care much for PhD's and where they were gotten.

I think the last couple of years have shown how vacuous the Austrian assumptions about free markets are.

And altogether aside from the implications about the contributions of those lower down the talent ladder if those at the top weren't of much use, it is not coincidental that the Austrians are challenging a Nobel Prize-winning Princeton professor to this debate.

To me it's a bit like if a bunch of socialists were bigging up some dude who works in Dundalk IT to a debate with Krugman, and being completely condescending about it in the process.

southsiderosie

Time Magazine wrote: »

Okay okay okay, but did Solow take Greg Mankiw seriously?

</econ-nerd>

Um, it seemed pretty congenial, but Mankiw was a student at MIT, so I'm sure they have been going back and forth for the last two decades. I vaguely remember Solow being more interested in stressing big structural changes in the economy, innovation, etc. TBH I had just blown a big interview right before I went to the talk and was absolutely gutted, so I don't remember most of the details.

Time Magazine

southsiderosie wrote: »

Um, it seemed pretty congenial, but Mankiw was a student at MIT, so I'm sure they have been going back and forth for the last two decades.

It was a nerd joke

Économiste Monétaire

Adj R^2 = 0.01

southsiderosie

Time Magazine wrote: »

It was a nerd joke

Haha, I'm a nerd too...just not THAT kind of nerd!

/scurries back to politics

Time Magazine

Économiste Monétaire wrote: »

Adj R^2 = 0.01

Least of the issues in that paper. They assume [latex]\displaystyle \frac{\partial TFP_i}{\partial t} = \frac{\partial TFP_j}{\partial t} \forall i,j[/latex].

Austerity

Most posts that you read on Paul Krugman's own blog seems to be about how increased spending somehow will save the economy. This man is a one trick pony. SPEND SPEND SPEND. Take on more and more debt. Stimulus, stimulus, stimulus. This is the only way to save the economy. How can anyone take this jackass seriously?

Économiste Monétaire

Austerity wrote: »

Most posts that you read on Paul Krugman's own blog seems to be about how increased spending somehow will save the economy. This man is a one trick pony. SPEND SPEND SPEND. Take on more and more debt. Stimulus, stimulus, stimulus. This is the only way to save the economy. How can anyone take this jackass seriously?

Banned.

Lockstep

Thanks for the responses folks, very helpful.