Jeff Tucker and Paul Krugman both have recent material on the worsening economy. Neither are surprised by it at all. Both men blame bad policy decisions. Both believe this is exactly what you would expect, given their theoretical positions. Both suggest that if we want to see things turn up, we should follow their policy prescriptions
One of three things is going on here:
1. One of the two men does not understand his theory or the data he is looking at and is wrong.
2. Both men understand their theories and the data they are looking at, but the data is consistent with both theories, or
3. Neither of them understand their theory or the data and both are wrong.
Which do readers think it is?
Friday, July 2, 2010
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