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Subject:  Paul Krugman’s Nostalgianomics, again Date:  11/20/2012  5:29 PM
Author:  MadCapitalist Number:  656182 of 886350

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.
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