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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPaul Krugman, "The Making of an Ignoramus"
http://www.nytimes.com/2016/05/09/opinion/the-making-of-an-ignoramus.html?_r=1Truly, Donald Trump knows nothing. He is more ignorant about policy than you can possibly imagine, even when you take into account the fact that he is more ignorant than you can possibly imagine. But his ignorance isnt as unique as it may seem: In many ways, hes just doing a clumsy job of channeling nonsense widely popular in his party, and to some extent in the chattering classes more generally.
Last week the presumptive Republican presidential nominee hard to believe, but there it is finally revealed his plan to make America great again. Basically, it involves running the country like a failing casino: he could, he asserted, make a deal with creditors that would reduce the debt burden if his outlandish promises of economic growth dont work out.
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The Trump solution would, among other things, deprive the world economy of its most crucial safe asset, U.S. debt, at a time when safe assets are already in short supply.
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The important thing to realize, then, is that when Mr. Trump talks nonsense, hes usually just offering a bombastic version of a position thats widespread in his party. In fact, its remarkable how many ridiculous Trumpisms were previously espoused by Mitt Romney in 2012, from his claim that the true unemployment rate vastly exceeds official figures to his claim that he can bring prosperity by starting a trade war with China.
tonyt53
(5,737 posts)Trump reminds me of that Robin Williams movie where he ran for President.
yourpaljoey
(2,166 posts)FlatBaroque
(3,160 posts)bahrbearian
(13,466 posts)Botany
(70,524 posts)From wiki
Krugman earned his B.A. summa cum laude in economics from Yale University in 1974 and his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977 with a thesis titled Essays on flexible exchange rates. While at MIT he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in the summer of 1976, in the chaotic aftermath of the Carnation Revolution.[28] Krugman later praised his PhD thesis advisor, Rudi Dornbusch, as "one of the great economics teachers of all time", and that he "had the knack of inspiring students to pick up his enthusiasm and technique, but find their own paths".[29]
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Krugman joined the faculty of MIT in 1979. From 1982 to 1983, Krugman spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers. He rejoined MIT as a full professor in 1984. Krugman has also taught at Stanford, Yale, and the London School of Economics.[31]
In 2000, Krugman joined Princeton University as Professor of Economics and International Affairs. He is also currently Centenary Professor at the London School of Economics, and a member of the Group of Thirty international economic body.[4] He has been a research associate at the National Bureau of Economic Research since 1979.[32] Krugman was President of the Eastern Economic Association in 2010.[33] In February 2014, he announced he would be retiring from Princeton in June 2015 and would be joining the faculty at the Graduate Center of the City University of New York.[34]
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The Nobel Prize Committee stated that Krugman's main contribution is his analysis of the effects of economies of scale, combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity.[6] The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with the help of easy-to-read books and state-of-the-art syntheses. "Krugman was beyond doubt the key player in 'placing geographical analysis squarely in the economic mainstream' ... and in conferring it the central role it now assumes.