There are few political commentators who excite such passion (whether admiration or, on the other end, rage) as New York Timescolumnist Paul Krugman. The reason seems obvious: He writes directly about one of the most central issues in politics—the economy—and does so decisively and definitively. The man is, after all, a Nobel laureate in the field. But unlike so many other scientists and experts, he also happens to have a way with words and little inclination to pull punches.
Krugman's latest book, End This Depression Now!, makes a strong case that the current focus on cutting budget deficits is misplaced. An economic crisis like this, with lingering high unemployment, demands a big infusion of government stimulus, argues Krugman. In contrast, cutting spending or imposing austerity only worsens things—just as we've seen of late across Europe.
How sure is Krugman about all of this? And how do we know that he's right, and his very, very-sure-of-themselves opponents are actually dead wrong?
I recently had the privilege of interviewing Krugman about precisely this for 30 minutes on thePoint of Inquiry podcast, which I cohost. Because we focus on science, I framed the discussion around what counts as science in economics—and conversely, what counts as pseudoscience. For example, I asked, how about the idea that cutting taxes increases revenue to the government? Krugman's response: "That's pure crank…nobody believes that, except the entire Republican party." (Ouch.)
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