The open-minded Krugman

I didn’t expect this ever to happen, but I have to say something nice about Paul Krugman’s comments on his New York Times blog. Well, there is actually a lot of positive to say about Paul Krugman, but we just tend to forget it when he is giving us free market economists a hard time. However, the story today is not about what we think, but “where” we express our views and share our research.

As I have tried to argue in my paper “Market Monetarism – the second Monetarist counter-revolution” Market Monetarism is a school of economic thought basically born and shaped in the blogosphere.

Krugman has a positive view on what the blogosphere has done to open up the economic profession and haow the blogoshere is helping improve economic research.

Here is Krugman:

“What the blogs have done, in a way, is open up that process. Twenty years ago it was possible and even normal to get research into circulation and have everyone talking about it without having gone through the refereeing process – but you had to be part of a certain circle, and basically had to have graduated from a prestigious department, to be part of that game. Now you can break in from anywhere; although there’s still at any given time a sort of magic circle that’s hard to get into, it’s less formal and less defined by where you sit or where you went to school.

Since there’s some kind of conservation principle here, the fact that it’s easier for people with less formal credentials to get heard means that people who have those credentials are less guaranteed of respectful treatment. So yes, we’ve seen some famous names run into firestorms of criticism — *justified* criticism – even as some “nobodies” become players. That’s a good thing! Famous economists have been saying foolish things forever; now they get called on it.

And this process has showed what things are really like. If some famous economists seem to be showing themselves intellectually naked, it’s not really a change in their wardrobe, it’s the fact that it’s easier than it used to be for little boys to get a word in.”

So here we go again – I agree with Krugman. The blogosphere is opening up our profession and Krugman deserves credit for taking this debate serious. Have a look at Krugman’s comment here and share you views both here and on Krugman’s blog.

PS Krugman is still wrong about fiscal policy and his odd views of China – after all he is just a Keynesian, but nonetheless quite open-minded and probably more open-minded that I am…

HT Benjamin “Mr. PR” Cole

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1 Comment

  1. Benjamin Cole

     /  October 18, 2011

    I recommend readers go to the Krugman post, and write a comment, using the words “Market Monetarism.” The more we pound out the words “market monetarism,” the more recognition it will get (right now we are under threat even at Wikipedia).

    I think Krugman is largely referring to the Market Monetarists…who else is saying anything new?


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