This entry was posted on Wednesday, December 16th, 2009 at 5:44 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
I love this by Paul Krugman in the NYT about the economic crisis, but could equally apply to many others:-
When I first began writing for The Times, I was naïve about many things. But my biggest misconception was this: I actually believed that influential people could be moved by evidence, that they would change their views if events completely refuted their beliefs
One Response to “Paul Krugman’s naivity”
Leave a Reply
web design by Datadial Ltd.
December 17th, 2009 at 5:05 pm
A major manifestation of Krugman’s continuing naïveté is that he confuses his leftist ideology with “facts.”
As a Ph.D. in Economics from Princeton, Krugman surely knows and understands the Law of Mean Reversion. As I’ve been saying since 2003, applying the Law of Mean Reversion to stock prices and housing prices that both still have very far to fall, and will do so with 100% certainty. These are “facts” that are unrelated to ideology, so they hold no interest for Krugman.
Krugman’s forecasts and analyses have been consistently ideological and almost consistently wrong for years. These are “facts” as well, but not facts that Krugman will be discussing in his column.
John J. Xenakis
GenerationalDynamics.com