A Great Quote from Brad Delong...
As Brad Delong put it:
"If the past decade has taught me anything, it has taught me that mistakes are avoided if you follow two rules:
1. Remember that Paul Krugman is right.
2. If your analysis leads you to conclude that Paul Krugman is wrong, refer to rule #1."
Now, of course, Paul Krugman is not always right but his predictions and modeling have been incredible to say the least. As we head back into malaise or recession or stagnation or whatever you call slow to no growth with long-term high levels of unemployment, as noted this post. As the second half slowdown roots itself, we all will continue to see if this continues to be true.
"If the past decade has taught me anything, it has taught me that mistakes are avoided if you follow two rules:
1. Remember that Paul Krugman is right.
2. If your analysis leads you to conclude that Paul Krugman is wrong, refer to rule #1."
Now, of course, Paul Krugman is not always right but his predictions and modeling have been incredible to say the least. As we head back into malaise or recession or stagnation or whatever you call slow to no growth with long-term high levels of unemployment, as noted this post. As the second half slowdown roots itself, we all will continue to see if this continues to be true.
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