No. of Recommendations: 7
Nostalgianomics, again

"Krugman recognizes, in a dig at conservative ’50s nostalgia, that the days of his boyhood were also “the days when minorities and women knew their place, gays stayed firmly in the closet and congressmen asked, ‘Are you now or have you ever been?’” But then he serves up some ’50s nostalgia of his own. “America in the 1950s made the rich pay their fair share; it gave workers the power to bargain for decent wages and benefits; yet contrary to right-wing propaganda then and now, it prospered. And we can do that again.”

This is nothing new from Krugman. Indeed, a few years back I wrote a paper entitled “Paul Krugman’s Nostalgianomics.” It’s true that the quarter-century after World War II was a kind of Golden Age for the American economy, with rapid productivity growth matched by strong income gains across the socioeconomic spectrum. But it doesn’t follow that the economic policies of that era are a good model for us now — any more than China’s spectacular growth in recent decades means that we would grow faster if we just instituted rampant corruption and oppressive autocracy."

LOL. Krugman got pwned!

The rest of the article is pretty good too.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.