In the world of politics, however, the actual content of an academic movement may be less important than the way it affects the tone of the discussio… - Paul Krugman
" "In the world of politics, however, the actual content of an academic movement may be less important than the way it affects the tone of the discussion. During the 1970s there was a growing public sense of disillusionment with government, which first fed grass-roots tax revolts in California and , then helped elect Ronald Reagan. And there was also a determined effort by a few extremely conservative journalists and politicians to promote radical tax-cutting plans. No matter how careful the research of conservative public finance theorists like Martin Feldstein might be, in that political climate it was inevitable that it would be widely seen as basically confirming popular prejudices. There was a huge intellectual gulf between Feldstein or Boskin and the sweeping claims of Arthur Laffer; but in the public mind, they were in effect allies.
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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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In this part of the lecture I have argued that a number of works in development economics written during the 1950s contained, more or less explicitly and more or less self-consciously, a theory in which strategic complementarity played a key role in development: external economies arose from a circular relationship in which the decision to invest in large-scale production depended on the size of the market, and the size of the market depended on the decision to invest. Whatever the practical relevance of this theory, it made perfectly good logical sense. Yet this was subsequently abandoned, to such an extent that classic papers in the field began to seem, as the physicist Wolfgang Pauli used to say, "not even wrong" — simply incomprehensible.
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