The problem with economists is that they have no way conduct scientific experiment on monetary policies. Yes, there are data, but interpretation is everything.
Economists can have interpretations that fit the data but it turns out to be bollock.
Topic: Nobel economist Krugman on bitcoin and crypto-currencies. - page 3. (Read 10519 times)
I, for one, am very much curious about what Krugman would say about the economic aspects of Bitcoin.
And by the way, why all the disdain for Krugman expressed in this thread? As far as mainstream economists go, I have the utmost respect for him. He has been consistently been correct on his predictions and he has always been coherent with his arguments. Case in point: he clamored against the irresponsible build up of the deficit during the Bush years, because the Keynesian doctrine argues (correctly in my view) that during the "good times" one is supposed to reduce the debt so that a larger margin of maneuver is gained for increasing government spending during the "bad times". Remember that many other economists (Greenspan et al) were actually against having a government surplus and cheered on the irresponsible Bush tax cuts.
Another point of reflection for this forum's hivemind: despite goldbugs having for many years been constantly raving about hyper-inflation, the fact is the US continues to have a rate of inflation that is extremely low by historical standards. A rate so low that deflation is actually a bigger worry. This is exactly the sort of outcome that Krugman predicted given the liquidity trap situation the US found itself in after the 2008 crisis.
And by the way, why all the disdain for Krugman expressed in this thread? As far as mainstream economists go, I have the utmost respect for him. He has been consistently been correct on his predictions and he has always been coherent with his arguments. Case in point: he clamored against the irresponsible build up of the deficit during the Bush years, because the Keynesian doctrine argues (correctly in my view) that during the "good times" one is supposed to reduce the debt so that a larger margin of maneuver is gained for increasing government spending during the "bad times". Remember that many other economists (Greenspan et al) were actually against having a government surplus and cheered on the irresponsible Bush tax cuts.
Another point of reflection for this forum's hivemind: despite goldbugs having for many years been constantly raving about hyper-inflation, the fact is the US continues to have a rate of inflation that is extremely low by historical standards. A rate so low that deflation is actually a bigger worry. This is exactly the sort of outcome that Krugman predicted given the liquidity trap situation the US found itself in after the 2008 crisis.
Hmmm, it sounds like Krugman was able to keep his opinion short and concise this time. So is "" logically consistent?
Joking aside, I would very much like to hear about Krugman's opinion on Bitcoin. The title of this thread is comparable to the time I heard the Bitcoin.org founder was going to meet with the CIA (or whoever) to talk specifically about Bitcoin; I have no other info on the meeting with CIA nor its accuracy.
Joking aside, I would very much like to hear about Krugman's opinion on Bitcoin. The title of this thread is comparable to the time I heard the Bitcoin.org founder was going to meet with the CIA (or whoever) to talk specifically about Bitcoin; I have no other info on the meeting with CIA nor its accuracy.
http://forum.bitcoin.org/index.php?topic=6652.msg97181#msg97181
You talking about this?
Hmmm, it sounds like Krugman was able to keep his opinion short and concise this time. So is "" logically consistent?
Joking aside, I would very much like to hear about Krugman's opinion on Bitcoin. The title of this thread is comparable to the time I heard the Bitcoin.org founder was going to meet with the CIA (or whoever) to talk specifically about Bitcoin; I have no other info on the meeting with CIA nor its accuracy.
Joking aside, I would very much like to hear about Krugman's opinion on Bitcoin. The title of this thread is comparable to the time I heard the Bitcoin.org founder was going to meet with the CIA (or whoever) to talk specifically about Bitcoin; I have no other info on the meeting with CIA nor its accuracy.
Hmm. Krugman isn't usually this eloquent. Not usually this brief either. I think that quote is from an impostor.
Even if he did, it's as good as saying nothing. The guy is a Keynesian sham economist.
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