June 16, 2009
– Comments (12)
Krugman is dangerous.
The Nobel Prize in Economics is the "Sveriges Riksbank Nobel Memorial Prize."
Sveriges Riksbank "is Sweden’s central bank and a public authority under the Riksdag, the Swedish parliament. The Riksbank is responsible for conducting monetary policy, the objective of which is to maintain a low and stable level of inflation. The Bank also has the task of ensuring that payments in the economy can be made safely and efficiently."
That about says it all. I'm shocked that Hayek ever got his.
David in Qatar
In case people don't read the attached article that dwot posted:
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.- Paul Krugman, 2002
Can anyone explain how this nonsense gains general acceptance unless the goal is eventual self destruction????
his prize lecture
The establishment protects its own, alstry. It makes perfect sense when reflected against Rothbard's Anatomy of the State.
"Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences."
So the "Riksbank" has no say in who gets the price.
Not all Nobel Prizes are created equal:
Family members were shocked when they learned that Nobel had dictated that his fortune be used to establish the Nobel Prizes. They contested his will, but his final wishes were executed and the first awards were distributed in 1901, on the fifth anniversary of his death. The prize in economics, however, was established in 1968 by Riksbank, the Swedish bank, in honor of its 300th anniversary.
I think it's safe to say that they have tremendous influence.
yes, I know how the prize got instated. But considering the political climate, the controversy surrounding the prize in the first place, the fact that the Riksbank is a branch of government and the supposedly independent Royal Academy and the committee with at least some tenured professors.
So if they were applying pressure/influence the probability that someone would blow the whistle would be large and the fallout would be career-ending-bad for everyone involved.Obvisouly you could be right but I'm doubtful.
Way to go, Dave in Qatar - suggesting that the Nobel prize is rigged. Bravo.
I would humbly suggest the conspiracy is even wider. MIT granted his PhD, so clearly they're in on it. All the schools at which he has been a professor should be suspect, too: Yale, MIT, UC Berkley, LSE, Stanford, and currently Princeton. A real rogue's gallery there. The glaring omission of any work with Mises clearly shows that he's in league with the Trilateral commision and shadow government.
I'm wondering the same thing. The scale is simply too large and the idea too simplistic. Jack the economy on devaluation steroids to accomplish what? This is the down and dirty. Nobody will loan to us again, without charging a higher premium, if this is how our country does business.
I agree it should be refunded, great post.
And ones of all others since it is clear their economic "discoversies" are worthless garbage, sorry for strong word. Things are this guy and all other alive before him did not predict the largest sh&t of their life - our damn recession. What the hell this guy will be talking now for the rest of their lifes? How good their economic models are ?
REFUND IT, KRUGMAN ! Be honest.
Sweedish Academy is full of idiots. Do they have in rising order - Ph.D., Doctors degrees, Academy corresponding member and Academician degrees or just a Ph.D. like in US - the lowest degree any retard can get?
I think Taleb (of "Black Swan" fame, says it best): Nobel Prize of Economics is a SHAM: