From the first commenter:"But you make a good point Russ, When has Krugman ever called for lowering deficit spending?"My god, they really just make it too easy sometimes.
Aiden, I guess I'm not familiar enough with his history of deficit opinions. I know he was opposed to deficits during W administration, but has since said he was wrong. When else has he called for lower deficits?
He said/wrote that he was wrong that the deficits would cause a rates to go up, not that it wasn't a good idea to oppose them.Source:http://krugman.blogs.nytimes.com/2010/09/01/mistakes/It is pretty easy to check his history of opinions using his blog and pkarchive.orgThere is also a difference between admitting a mistake and changing your view in the face of new data and accumulated knowledge. There are actually more things that he has changed his mind about - for example in the beginning of Japans lost decade he was against fiscal policy in a liquidity trap (leaving the job for monetary). Though his views on the ZLB haven't changed since around 2000. Krugman is one of the best, its really hard to challenge his record of both integrity and foresight.
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Daniel Kuehn is a doctoral candidate and adjunct professor in the Economics Department at American University. He has a master's degree in public policy from George Washington University.