Krugman is the bane of my existence
This article made me want to vomit.
A Nobel Prize?? Really??
I've noticed that Krugman never really gives rational arguments in his articles; he just says, they are obviously wrong and we are obviously right, and he usually pulls some ridiculous argument made by some no-name economists to "prove" how ridiculous anyone who doesn't believe in Keynesian economics is. In this article he quotes an economist who thinks people are unemployed because they want to be. One guy out there thinks that, and Krugman uses it as a pro-Keynes argument? Weak.
First of all, you would have to be an idiot or an academic to believe that the market is efficient. I'm 22 years old, and I've been actively investing for about a year. From the moment I started , I've understood that the market is irrational. It's not hard to see, and it's very easy to prove.
The funny thing is, we have a school of economics, the Austrian school, that works very well and that has done a much better job of explaining what is happening than all of this other used dogfood economic theory. Krugman has never admitted in any of his columns that this school of thought even exists. That's how he can continue to ignore the real problem, a lack of savings and excessive debt, and continue to champion increased deficits and wasteful government spending. How about instead of trying to create a new theory of everything that will ultimately fall apart again, we just use some common sense?
Thank god I'm out of school and no longer have to listen to my economics professors drone on about defunct theories that don't work in the real world.