Krugman’s Nobel

by Will Wilkinson on October 13, 2008

It is incontestably well-deserved. My reaction was like Tyler’s. I was surprised that he got it while Bush was still in office, since that signals to many that he’s being rewarded for his ideology, not his work, which is a shame. But I very much like the idea of the committee honoring publicly-engaged economists. I’d like to see more economists (and philosophers, too!) of Krugman’s caliber taking such an active role in public intellectual life. I think he’s been a source of more confusion than clarity on economic inequality and politics, which is why I’m finishing a paper on the subject with Krugman as the foil. But if my paper is of any worth, it will be partly because Krugman has raised the issue so forcefully and brought it so much more attention. Of course, his heightened prestige certainly doesn’t make my job any easier. But that’s cool.

Also like Tyler, Krugman’s piece on “Ricardo’s Difficult Idea” is one of my favorite pieces of lucid economic explanation.

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    Hardly incontestably. I've often thought that, in the interest or promoting his ideas as superior, pointing out the fact that Hayek got a Nobel prize in economics was treading on shaky ground, because of the unabashed statism of several of the other economists who were also Nobel prize recipients.

    But this clinches it: Paul Krugman has been awarded a Nobel prize in economics. And what perfect timing! Interventionist policies have brought the U.S., and the world, to their knees financially. Who better to be lauded than a champion of leftism! Oh, the sweet irony.

    I know the Swedes have had their challenges with socialism, but how far left can they go before they've completely stripped a Nobel prize award of all its legitimacy? What's next, a posthumous Nobel for Marx? Playing "a big role in shaping the discourse in economics" is the central criterion for the Prize, after all.

    How much you would you bet that Hayek would list his Nobel on eBay now if were alive? The Nobel in economics is now, officially, a bad joke.
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    Firstly it wasnt interventionism that cause the crisis, it was the lack of regulation. Secondly the role of economists isnt to be a cheer squad for free markets but rather to analysis the effect of different policies. Economics is a decision making tool that needs to be taken into account when governments made policy decisions (including whether or not to regulate). Krugman has helped in refining that tool and thus deserves the award, and his role in bringing economics to the masses should be applauded.

    Also, Marx did make some important economic breakthroughs, it was his political philosophy that was sub par, and Nobel prizes cant be awarded postumously

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