Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Krugman’

Donald the Unready

Posted by hkarner - 20. Januar 2017

Date: 20-01-2017KRUGMAN4
Source: The New York Times by Paul Krugman

Betsy DeVos, whom Donald Trump has nominated as education secretary, doesn’t know basic education terms, doesn’t know about federal statutes governing special education, but thinks school officials should carry guns to defend against grizzly bears.

Monica Crowley, selected as deputy national security adviser, withdrew after it was revealed that much of her past writing was plagiarized. Many other national security positions remain unfilled, and it’s unclear how much if any of the briefing materials prepared by the outgoing administration have even been read.

Meanwhile Rex Tillerson, selected as secretary of state, casually declared that America would block Chinese access to bases in the South China Sea, apparently unaware that he was in effect threatening to go to war if China called his bluff.

Do you see a pattern here? Den Rest des Beitrags lesen »

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Von der Verantwortung des Ökonomen für die eigene Disziplin

Posted by hkarner - 4. Januar 2017

Georg Quaas, 23. Dez. 2016, Ökonomenstimmequaas-homepage

Georg Quaas ist Mitarbeiter am Institut für Empirische Wirtschaftsforschung der Universität Leipzig und nimmt dort selbständig die Aufgaben eines Dozenten in Lehre und Forschung wahr.

Die Ökonomik hat ein Image-Problem. Das liegt auch am Umgang der Ökonomen mit der eigenen Wissenschaft, wie dieser Beitrag zeigt.

Im fünften Kapitel seines Buches „Der Mythos vom globalen Wirtschaftskrieg“ rechnet Paul Krugman mit den auflagenstärksten Autoren seines Landes ab, die sich mit dem Thema Welthandel befassen. Er wirft ihnen vor, dass sie beim Leser (oder Fernsehzuschauer)[ 1 ] ein völlig falsches Bild von der Weltwirtschaft (und von der Position der USA darin) erzeugen. Der internationale Handel werde nicht als eine allseits vorteilhafte, friedliche Tätigkeit, sondern als ein Ort des Kampfes dargestellt. Diese Einschätzung könne zu gefährlichen Konsequenzen führen, indem protektionistische Haltungen und Tendenzen gefördert werden.

Krugman’s publizistische Auseinandersetzung mit einem Teil seiner Kollegen und mit einem maßgebenden Politiker (Bill Clinton) ist nicht unser Kampf. Die Volkswirtschaften der Schweiz, Österreichs und Deutschlands haben einen hohen Offenheitsgrad. Weit und breit ist kaum ein volkswirtschaftlicher Experte zu sehen, der protektionistischen Argumenten das Wort redet.[ 2 ] Von der holländischen Krankheit sind die schwächeren Südländer betroffen, denen mit sehr langfristigen Krediten unter die Arme gegriffen wird. Die Nordländer profitieren von einer – unter ihren volkswirtschaftlichen Bedingungen gesehen – unterbewerteten Währung. Die Politik versucht, sich gegen den wachsenden Protektionismus im internationalen Handel zu wehren.[ 3 ] Den Rest des Beitrags lesen »

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Inequality and Skin in the Game

Posted by hkarner - 2. Januar 2017

– INCERTO – 27/12/2016


Inequality and Skin in the Game

The Static and the Dynamic — How to go bankrupt and be loved by the many –Piketty’s equals

Inequality vs Inequality

There is inequality and inequality.

The first is the inequality people tolerate, such as one’s understanding compared to that of people deemed heroes, say Einstein, Michelangelo, or the recluse mathematician Grisha Perelman, in comparison to whom one has no difficulty acknowledging a large surplus. This applies to entrepreneurs, artists, soldiers, heroes, the singer Bob Dylan, Socrates, the current local celebrity chef, some Roman Emperor of good repute, say Marcus Aurelius; in short those for whom one can naturally be a “fan”. You may like to imitate them, you may aspire to be like them; but you don’t resent them.

The second is the inequality people find intolerable because the subject appears to be just a person like you, except that he has been playing the system, and getting himself into rent seeking, acquiring privileges that are not warranted –and although he has something you would not mind having (which may include his Russian girlfriend), he is exactly the type of whom you cannot possibly become a fan. The latter category includes bankers, bureaucrats who get rich, former senators shilling for the evil firm Monsanto, clean-shaven chief executives who wear ties, and talking heads on television making outsized bonuses. You don’t just envy them; you take umbrage at their fame, and the sight of their expensive or even semi-expensive car trigger some feeling of bitterness. They make you feel smaller. Den Rest des Beitrags lesen »

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What Happened on Election Day

Posted by hkarner - 10. November 2016

Date: 09-11-2016
Source: The New York Times By PAUL KRUGMANKrugman_BBF_2010_Shankbone cc

How the election and Donald Trump’s victory looks to Opinion writers.

Paul Krugman: Our Unknown Country

We still don’t know who will win the electoral college, although as I write this it looks — incredibly, horribly — as if the odds now favor Donald J. Trump. What we do know is that people like me, and probably like most readers of The New York Times, truly didn’t understand the country we live in. We thought that our fellow citizens would not, in the end, vote for a candidate so manifestly unqualified for high office, so temperamentally unsound, so scary yet ludicrous.

We thought that the nation, while far from having transcended racial prejudice and misogyny, had become vastly more open and tolerant over time.

We thought that the great majority of Americans valued democratic norms and the rule of law.

It turns out that we were wrong. There turn out to be a huge number of people — white people, living mainly in rural areas — who don’t share at all our idea of what America is about. For them, it is about blood and soil, about traditional patriarchy and racial hierarchy. And there were many other people who might not share those anti-democratic values, but who nonetheless were willing to vote for anyone bearing the Republican label.

I don’t know how we go forward from here. Is America a failed state and society? It looks truly possible. I guess we have to pick ourselves up and try to find a way forward, but this has been a night of terrible revelations, and I don’t think it’s self-indulgent to feel quite a lot of despair.

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Predators in Arms

Posted by hkarner - 11. Oktober 2016

Date: 10-10-2016Krugman_BBF_2010_Shankbone cc
Source: The New York Times by Paul Krugman

As many people are pointing out, Republicans now trying to distance themselves from Donald Trump need to explain why The Tape was a breaking point, when so many previous incidents weren’t. On Saturday, explaining why he was withdrawing his endorsement, Senator John McCain cited “comments on prisoners of war, the Khan Gold Star family, Judge Curiel and earlier inappropriate comments about women” — and that leaves out Mexicans as rapists, calls for a Muslim ban, and much more. So, Senator McCain, what took you so long?

One excuse we’re now hearing is that the new revelations are qualitatively different — that disrespect for women is one thing, but boasting about sexual assault brings it to another level. It’s a weak defense, since Mr. Trump has in effect been promising violence against minorities all along. His insistence last week that the Central Park Five, who were exonerated by DNA evidence, were guilty and should have been executed was even worse than The Tape, but drew hardly any denunciations from his party. Den Rest des Beitrags lesen »

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Interview mit Paul Krugman «Ich bin der Schweizerischen Nationalbank dankbar»

Posted by hkarner - 3. Oktober 2016

NZZ am Sonntagvon Sebastian Bräuer 25.9.2016, 08:00 Uhr
Nobelpreisträger Paul Krugman hält die Negativzinsen in der Schweiz für ein wertvolles Experiment. Das Freihandelsabkommen zwischen der EU und den USA lehnt er ab.
KRUGMAN4«Wer nie falsch liegt, geht nicht genug intellektuelle Risiken ein»: Paul Krugman verteidigt seinen Pessimismus in der Euro-Krise. (Zürich, 22.9 2016)

NZZ am Sonntag: Sie kritisieren praktisch alle wirtschaftspolitischen Entscheide. Warum übernehmen Sie nicht selbst Verantwortung?

Paul Krugman: Vor 25 Jahren wäre ich vielleicht interessiert an einem politischen Amt gewesen. Heute nicht mehr. Ich bin sehr zufrieden mit meinem Leben. Und ich habe keine Lust, den ganzen Tag in Besprechungen zu sitzen.

Auch nicht, wenn eine Präsidentin Hillary Clinton Sie als Finanzminister umwirbt?

Für den Job des Finanzministers wäre ich nicht qualifiziert. Alles andere wäre es nicht wert. Es gibt kaum einen besseren Job, als Kolumnist bei der «New York Times» zu sein.

Kürzlich warnten Sie, dass sich bei den US-Wahlen Ereignisse von 2000 wiederholen könnten. Wie meinten Sie das?

Es ist doch verrückt. Ein Kandidat, Trump, lügt ständig. Aber er kommt damit durch. Bei seiner Gegnerin, Clinton, wird jedes Wort auf die Goldwaage gelegt. So war es damals auch bei Bush gegen Al Gore. Den Rest des Beitrags lesen »

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Subject: Thugs and Kisses

Posted by hkarner - 13. September 2016

Date: 12-09-2016
Source: The New York Times: Paul KrugmanKrugman_BBF_2010_Shankbone cc

First of all, let’s get this straight: The Russian Federation of 2016 is not the Soviet Union of 1986. True, it covers most of the same territory and is run by some of the same thugs. But the Marxist ideology is gone, and so is the superpower status. We’re talking about a more or less ordinary corrupt petrostate here, although admittedly a big one that happens to have nukes.

I mention all of this because Donald Trump’s effusive praise for Vladimir Putin — which actually reflects a fairly common sentiment on the right — seems to have confused some people.

On one side, some express puzzlement over the spectacle of right-wingers — the kind of people who used to yell “America, love it or leave it!” — praising a Russian regime. On the other side, a few people on the left are anti-anti-Putinists, denouncing criticism of Mr. Trump’s Putin-love as “red-baiting.”

But today’s Russia isn’t Communist, or even leftist; it’s just an authoritarian state, with a cult of personality around its strongman, that showers benefits on an immensely wealthy oligarchy while brutally suppressing opposition and criticism.

And that, of course, is what many on the right admire. Den Rest des Beitrags lesen »

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The Water Next Time

Posted by hkarner - 22. August 2016

Date: 22-08-2016
Source: The New York Times: Paul KrugmanKrugman_BBF_2010_Shankbone cc

A disaster area is no place for political theater. The governor of flood-ravaged Louisiana asked President Obama to postpone a personal visit while relief efforts were still underway. (Meanwhile, by all accounts, the substantive federal response has been infinitely superior to the Bush administration’s response to Katrina.) He made the same request to Donald Trump, declaring, reasonably, that while aid would be welcome, a visit for the sake of a photo op would not.

Sure enough, the G.O.P. candidate flew in, shook some hands, signed some autographs, and was filmed taking boxes of Play-Doh out of a truck. If he wrote a check, neither his campaign nor anyone else has mentioned it. Heckuva job, Donnie!

But boorish, self-centered behavior is the least of it. By far the bigger issue is that even as Mr. Trump made a ham-handed (and cheapskate) effort to exploit Louisiana’s latest disaster for political gain, he continued to stake out a policy position that will make such disasters increasingly frequent. Den Rest des Beitrags lesen »

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Time to Borrow

Posted by hkarner - 9. August 2016

Date: 08-08-2016Krugman_BBF_2010_Shankbone cc
Source: The New York Times by Paul Krugman

The campaign still has three ugly months to go, but the odds — 83 percent odds, according to the New York Times’s model — are that it will end with the election of a sane, sensible president. So what should she do to boost America’s economy, which is doing better than most of the world but is still falling far short of where it should be?

There are, of course, many ways our economic policy could be improved. But the most important thing we need is sharply increased public investment in everything from energy to transportation to wastewater treatment.

How should we pay for this investment? We shouldn’t — not now, or any time soon. Right now there is an overwhelming case for more government borrowing.

Let me walk through this case, then address some of the usual objections. Den Rest des Beitrags lesen »

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Trump the Neocons

Posted by hkarner - 26. Juli 2016

By  Hudson, 

“Trump Policy Will Unravel Traditional Neocons,” TRNN, July 23, 2016.

SHARMINI PERIES, EXECUTIVE PRODUCER, TRNN: It’s the Real News Network. I’m Sharmini Peries coming to you from Baltimore.

On Friday, just after the Republican National Congress wrapped up with its presidential candidate, Donald Trump, Paul Krugman of the New York Times penned an article titled “Donald Trump: The Siberian Candidate.” He said in it, if elected, would Donald Trump be Vladimir Putin’s man in the White House? Krugman himself is worried as ludicrous and outrageous as the question sounds, the Trump campaign’s recent behavior has quite a few foreign policy experts wondering, he says, just what kind of hold Mr. Putin has over the Republican nominee, and whether that influence will continue if he wins.

Well, let’s unravel that statement with Michael Hudson. He’s joining us from New York. Michael is a distinguished research professor of economics at the University of Missouri Kansas City. His latest book is Killing the Host: How Financial Parasites and Debt Bondage Destroyed the Global Economy. Thank you so much for joining us, Michael.

MICHAEL HUDSON: It’s good to be here, Sharmini. It’s been an exciting week.

PERIES: So let’s take a look at this article by Paul Krugman. Where is he going with this analysis about the Siberian candidate?

HUDSON: Well, Krugman has joined the ranks of the neocons, as well as the neoliberals, and they’re terrified that they’re losing control of the Republican Party. For the last half-century the Republican Party has been pro-Cold War, corporatist. And Trump has actually, is reversing that. Reversing the whole traditional platform. And that really worries the neocons.

Until his speech, the whole Republican Convention, every speaker had avoided dealing with economic policy issues. No one referred to the party platform, which isn’t very good. And it was mostly an attack on Hillary. Chants of “lock her up.” And Trump children, aimed to try to humanize him and make him look like a loving man. Den Rest des Beitrags lesen »

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