Krugman has a Hangover

Brad DeLong gives a nice overview of Austrian business cycle theory and points out (correctly) that in recent columns Paul Krugman has put forward a variant of the theory.  (Krugman has also done this before in explaining the recession of 2001.)  All of this is most puzzling since Krugman also wrote a famously nasty attack on Hayekian/Hangover business cycle theory calling it "about as worthy of serious study as the phlogiston theory of fire."


Comments for this post are closed