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So why did spatial issues remain a blind spot for the economic profession? It was not a historical accident: there was something about spatial econom… - Paul Krugman
" "So why did spatial issues remain a blind spot for the economic profession? It was not a historical accident: there was something about spatial economics that made it inherently unfriendly terrain for the kind of modeling mainstream economists know how to do. That something was, as you might well guess, the problem of in the face of increasing returns, a problem that is even more acute in than in . In development the crucial role that high assigned to increasing returns was a hypothesis crucial to that doctrine, but not necessarily crucial to understanding development in general. One could do meaningful theorizing about developing countries, albeit not in the grand tradition, without sacrificing the convenient assumptions of constant returns and perfect competition. In spatial economics, however, you really cannot get started at all without finding a way to deal with scale economies and oligopolistic firms.
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About Paul Krugman
Paul Robin Krugman (born February 28, 1953) is an American New Keynesian economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and a former op-ed columnist for The New York Times.
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Paul Robin Krugman
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Paul R Krugman
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Additional quotes by Paul Krugman
It's tempting to give up—either to retreat to the ivory tower, or to start to play the policy entrepreneur game. After all, what is the use of sophisticated policy thinking or careful examination of the facts if simplistic ideas win every time?
One answer is simply that it would be wrong to give up. If the people with good ideas do not fight for them, they have no right to complain about the outcome.
But good ideas will still often lose to convenient nonsense. When that happens, every serious economist is ultimately sustained by a faith that the right ideas will eventually prevail.
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The phenomenon of recessions puzzled many economists in the early years of this century, and led many of them produce their worst work. Thorstein Veblen went from his brilliant Theory of the Leisure Class to write a really terrible book () purporting to explain economic slumps. Joseph Schumpeter, whose magnificent vision of the "creative destruction" inherent in capitalist growth continues to inspire many economists, wrote a turgid, almost meaningless two-volume study, Business Cycles. Marxists gleefully seized upon the biggest recession of all, the Great Depression of the 1930s, as evidence of the irrationality of capitalism; yet they never offered a good explanation of why and how such things happen, just assurances that socialism would cure them.
It fell to the British economist John Maynard Keynes to provide a clear story about what happens during a recession, and some useful advice about how to get out of one.
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