Economics dorkfight: Mankiw versus Krugman BLOODMATCH

It’s hard to distinguish when an American economist is telling you what they sincerely believe, and, when they are lodged deeply into the percieved demand of their political tribe. My view of all of them has crashed. I had no idea how incapable they were of 1. addressing current conditions. 2. acting like something other than pedantic, theory-stuffed grad students.

Oh, and then there’s the cat fights. The one you highlight here is only the latest.

I’m happy to give all of them points at varying times. But it’s getting harder to wade through the snark, and the intellectual dishonesty. Mankiw and Krugman both have built long records of being for something until the demands of their tribe suggest maybe they should be against it.

Your post was great!

G

What a great debate! Really! Or maybe I’m the lone economist in the room? A debate of such proportions has probably not been seen since Tycho Brahe lost a nose in a duel over a math equation. The information age touch of blogging vs. NYT is interesting as well, though not as interesting as Paul Krugman having to wear a silver nose for the rest of his life.
To try and weigh in a little on the debate (I am lightweight between these two heavyweights), it seems that this debate is about when and where we are in the ‘recession’ and whether the Obama administration can deduce it to say when the rebound will occur. So, I guess, do you ‘hope’ that they can figure it out or is such analysis beyond Obama’s superman abilities? I am playing it safe . . . and sitting on the fence (and keeping my nose!): while Okun’s law, giving way to an increase in output (Y) after a period of higher unemployment, makes sense, all else being equal. Yet, to say WHEN this will happen may be a bit presumptuous. 15% growth doesn’t seem absurd, especially if investments are made to increase productivity. Yet, with interest rates low, investment falling, liquidity drying up, and (under-the-mattress) savings increasing . . . where will consumption be? Also, productivity in what? There are many questions and I hope this spurs bitter intellectual debate on all sides . . . maybe even thoughts and ideas and possibly even an interest from a pretty ineffectual population, which in turn will cause a new era of thinkers, hard workers, and nerdy protest music. At least this debate has pushed a few smart people to discuss what and where the future is and how to align ourselves to it, which is our job in the end, right?
Anyone need another credit card?