Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Thursday, 27 May 2010
Krugman on the recession.
Yesterday I quoted Winston Churchill on the 1929 crash (see below). Today a much more succinct quote from Krugman on the present recession.
“shibboleths and conventional wisdom are blocking all routes out of this slump”.
That says it all. (I got that quote from Billyblog.)