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Quote of the Day:
"In the past few days, I have pointed out that he has no right at all to castigate me or anyone else for real or imagined mistakes of prognostication. But the fact that Paul Krugman is often wrong is not the most important thing. It is his utter disregard for the norms of civility that is crucial here. I am not alone in being dismayed by Krugman's "spectacularly uncivil behavior". It is "my duty, as I see it, is to make my case as best I honestly can," Krugman has written, "not [to] put on a decorous show of civilized discussion." Well, I am here to tell him that "civilized discussion" matters. It matters because vitriolic language of the sort he uses is a key part of what is wrong with America today. As an eminent economist said to me last week, people are afraid of Krugman. More "decorous" but perhaps equally intelligent academics simply elect not to enter a public sphere that he and his parasitical online pals are intent on poisoning. I agree with Raghuram Rajan, one of the few economists who authentically anticipated the financial crisis: Krugman's is "the paranoid style in economics":
All too often, the path to easy influence is to impugn the other side's motives and methods ... Instead of fostering public dialogue and educating the public, the public is often left in the dark. And it discourages younger, less credentialed economists from entering the public discourse.
Where I come from, however, we do not fear bullies. We despise them. And we do so because we understand that what motivates their bullying is a deep sense of insecurity. Unfortunately for Krugtron the Invincible, his ultimate nightmare has just become a reality. By applying the methods of the historian - by quoting and contextualizing his own published words - I believe I have now made him what he richly deserves to be: a figure of fun, whose predictions (and proscriptions) no one should ever again take seriously." --Niall Ferguson
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