Nobelist paul krugman predicted an abrupt moment when. Economists carmen reinhart and kenneth rogoff have examined 200years worth of data from over 40 countries. Similar to reinhart and rogoff, krugman also marshals various economic statistics to. Paul samuelsons contributions to international economics.
Paul krugman, a princeton professor, received the nobel prize in 2008 for his research, and his columns in the new york times are read by many people. Obstfeld and rogoff is the definitive work on new keynesian openeconomy macro. The government should spend as much as is needed to restore employment to a level deemed acceptable. Paul krugman on the other hand essentially argues that public debt matters not at all. Rogoff had credibility thanks to a widely admired earlier book on the history of financial. The austerity chronicles by kenneth rogoff project. Intraindustry specialization and the gains from trade.
Cabot professor of public policy and professor of economics at harvard university. Paul samuelsons contributions to trade theory and international economics are simply breathtaking. Paul robin krugman born february 28, 1953 is an american economist, distinguished professor of economics at the graduate center of the city university of new york, and an oped columnist for the new york times. Kenneth rogoff, professor of economics and public policy at harvard university and recipient of the 2011 deutsche bank prize in financial economics, was the chief economist of the international monetary fund from 2001 to 2003. In short, they find, and have previously found, that growth dampens when debt hits 90 percent of gdp. Paul krugman of spectacularly uncivil behavior and the inaccurate allegation that. Reinhartrogoff and krugman square off again, but are they. Krugman its very hard to get inflation in a depressed economy. In fact, reinhartrogoff quickly achieved almost sacred status among selfproclaimed. Rogoff present a thorough historical and statistical tour of financial hubris through. Eight centuries of financial folly and author of the curse of cash. As recognized, experience and also encounter concerning session, entertainment, as well as expertise can be acquired by just checking out a publication this time is different. Rajan calls krugman paranoid for criticizing reinhart. Even without the excel errors and data fudging, the book was absurd as documented first by mmt economists and later by most others.
In the 1990s, krugman was an amazing trade economist, publishing revolutionary academic papers on trade theory, as well as. About us contact press in the media books careers terms of. Kenneth saul ken rogoff born march 22, 1953 is an american economist and chess grandmaster. Why paul krugman, others think reinhart and rogoff are. Krugman accused of uncivil behavior real time economics wsj. Matt yglesias comes remarkably close as did paul krugman to questioning the integrity of ken rogoff remember, elite economists are members of a protected class, so this is about as much opprobrium as one can expect to see coming from very serious people.
For more info, take a look at the krugman and obstfeld international economics text book. In the united states, economist paul krugman argued that even the. After posting a brief note on ken rogoffs piece in todays ft, i realized that it might be helpful to say a bit more about where i differ from him regular readers will know that im a huge admirer of kens work, both theoretical and empirical. Joseph stiglitz and kenneth rogoff discuss globalization. But, in krugmans view, the state in reality is corrupt and rentseeking and thus even though state intervention is good in theory, it is not advisable in practice. Stiglitz and other heavyweight champion economists in epic. Rogoff learned chess from his father at age six, but took up. That would be paul krugman who argued in 2008 that fiscal stimulus was a good idea, because the recession was a financial crisis recession and likely to be u shaped not v shaped. And i really wish he would either become more optimistic about things, or stop being right. The debate over public debt by paul krugman the new york.
Some of the best economists of our age, including larry summers, paul krugman, and my own colleague robert j. Eight centuries of financial folly, to which i gave five stars. Reinhart seem to have misunderstood the nature of this discussion. Welcome to all of you in the united states and around the world. Carmen reinhart and ken rogoff write huge, brutal letter to paul krugman. Indeed, this is a recurring theme of our 2009 book, this time is. However one swings on this debate, rogoffs lively rejoinder to. For all of the illuminating work reinhart and rogoff have done on the history of financial crises and their aftermaths, including their popular 2011 book this time is different. Professor of economics at mcgill university and moderator. But if you had a program of government spending plus an expansionary policy by the fed you could get that. In the latest round, harvard economists kenneth rogoff and carmen reinhart. Very briefly, carmen reinhart is a big deal economist at harvard university and ken rogoff, former international monetary fund economist, currently at harvard, is an even by paul solman photo by. Macroeconomics paul krugman 3rd edition macroeconomics paul krugman 3rd edition crj 700 canadair regional jet manuals, class 10 science full marks guide, answer key of lets practice geometry 2010, zar. In april 20, rogoff was at the center of worldwide attention with carmen reinhart coauthor of the book this time is different when their widely cited study growth in a time of debt was shown to contain computation errors which critics claim undermine its central thesis that too much debt causes recession.
In 2008, krugman was awarded the nobel memorial prize in economic sciences for his contributions to new trade theory and new economic geography. After posting a brief note on ken rogoff s piece in todays ft, i realized that it might be helpful to say a bit more about where i differ from him regular readers will know that im a huge admirer of ken s work, both theoretical and empirical. His father was a professor of radiology at the university of rochester. Even paul krugman, who had been striving hard to give reinhart and rogoff the benefit of the doubt, called it really, really bad. In many ways i have saved the best until last, but at the same time wish to not say too much here as i have a further article planned around the grand chess master, american economist, kenneth rogoff. Kenneth saul ken rogoff born march 22, 1953 is an american economist and chess. Carmen reinhart and kenneth rogoff the two economists whose paper on the negative effects of high debt loads was exposed as flawed by a grad student have written a long letter to paul. Rogoff learned chess from his father at age 6, but took up the game in. At the beginning of 2010, two harvard economists, carmen reinhart and kenneth rogoff, circulated a paper, growth in a time of debt, that purported to identify a critical.
Update, 4 january 2012 i just stumbled across this open letter to joseph stiglitz by kenneth rogoff writing as economic counsellor and director of research, international monetary fund. On average, write carmen reinhart and kenneth rogoff in their new book. In 2008, krugman was awarded the nobel memorial prize in economic sciences for his contributions to new trade theory and new economic. Paul krugman is an american economist and nobel laureate. Financial folly, economists carmen reinhart and kenneth rogoff show in this groundbreaking book, knows no boundaries and has no expiration date.
Kenneth rogoff is former chief economist at the imf and now professor at harvard university. These theorems tell us, of course, why trade liberalization tends to benefit the. Krugman is well known for following the theories of john maynard keynes and continually advocates for more inflation and government intervention in the economy. Many of you will recognise the name as his latest book the curse of cash was released over the summer. Nobel laureate, ny times columnist and princeton university professor learn more. I would say that many economists feel sorry for krugman rather than hate him, and are disappointed by his waste of talent. In 2008, krugman was awarded the nobel memorial prize in economic sciences for his contributions to new trade theory and new. Kenneth rogoff wikimili, the best wikipedia reader. Reinhart and rogoff the definitive empirical history of. Former head economist of the imf, coauthor of the bestselling book this time is different and harvard university professor. Krugman defines inflation as a measurement of prices and not the quantity of money and argues that printing money. Virtually every undergraduate or graduate student, anywhere in the world, will be asked to understand his stolpersamuelson and factorprice equalization theorems. Reply to reinhart and rogoffs nyt response to critics.
Reinhart and rogoff are not happy the new york times. Again, we had the example of japanand even aside from reinhartrogoff. It doesnt say this exactly, but my sense is that carmen reinhart and kenneth rogoffs latest paper on debt is something of a response to paul krugmans critique of their last paper on debt. May 28 bloomberg bloombergs sara eisen and erik schatzker offer the latest on the battle over a study by harvards kenneth rogoff and carmen reinhart as they slam princetons paul krugman. After stiglitz criticized the imf in his book, globalization and its discontents, rogoff. Kenneth rogoff professor of economics and thomas d. They found that those nations with gross debt in excess of 90 percent of gdp tend to grow about 1 percentage point slower than otherwise the u. Both are prominent economists, both have facial hair aplenty, and. Newser call it the battle of the beards, suggests robert samuelson of the washington post. He is also an oped columnist and blogger for the new york times. Rogoff is also the author and researcher of the excellent this time is different. Economists on both the right and left, from kenneth rogoff of harvard university to the times columnist paul krugman, are increasingly talking about the detrimental consequences of high concentrations of economic and political power concentrations that threaten the innovation that is supposed to be what makes unequal outcomes worth the price. Joseph stiglitz, winner of the 2001 nobel prize in economics and a former world bank chief economist, discussed his new book, globalization and its. Paul krugman is an oped columnist for the new york times.