If you’ve been binge watching YouTube lately, as I normally do on a cold winter’s night in my lonely microapartment, you may have see an advert for a new economics master class by none other than Nobel Prize winning economist, Paul Krugman. This was very exciting news for me, as Paul Krugman has always been a source of inspiration and wisdom for as long as I can remember, and as someone who has been sounding the alarm about our weak and ineffective monetary policy and the impending economic collapse that may occur as a result, he is perfectly placed to explain and warn us about the looming Trumpocalypse.
If you haven’t seen the promotion yet, here it is:
Paul Krugman has long stressed the importance of “demand” in the economy, and how “wanting things” is the basis of all economic growth, rather than innovation, invention of new tools and finding more efficient ways of producing things that we want. When the economy slows down, it is because people stop wanting things in the here and now, tighten their belts and start saving for the future. When this happens, the government needs to step in and spend money for people, to make it seem like people do want things in the here and now when they actually don’t. In response to this artificial demand, businesses will then start making more of the short term things that people don’t want, which will eventually kickstart the economy, make us richer, and make us actually want those things. This is the principle of “aggregate demand” and “Keynesian multipliers”, which Paul Krugman specializes in.
Some say this begs the question, why isn’t Africa super wealthy, as they seem to have the most voracious appetite for short-term spending? But the point here is that you need a functioning modern economy to start with, and as we all know, due to colonialism, slavery and mass immigration of the smartest people of color into other countries, these functioning economies tend to be located elsewhere.
Unfortunately, various lunatics at the so called “Australian School of Economics”, likely based out of Adelaide or some shithole like Canberra, have been misinforming people that economic crashes are somehow due to “misallocation of capital” driven by central planning. In other words, governments and central banks moving investment out of parts of the economy that satisfy a larger demand, into areas that satisfy a smaller demand, much like John Maynard Keynes and Paul Krugman’s solution to economic setbacks above. The Aussies have this so back to front that it’s laughable that anyone even listens to them.
Paul Krugman’s economics masterclass not only explains the basics of economics, the importance of privately-owned central banks, the need for accredited for-profit primary dealer banks, and the concept of central planning for optimum economic growth; it also explains current economic trends and shows you how to interpret accredited economics reports at places like the Accredited Times, using the principles that you learn throughout the course.
You can find Krugman’s Masterclass here. I encourage everyone to sign up for this course so that you can become one of the experts who not only reads the Economist or Wall Street Journal, but also understands it. I know I’ll be enrolling for this masterclass, and I’ve even gone out and bought a new pair of oversized spectacles, just for the occasion. Everyone needs to know about economics, and this is hands down the best way for the intelligent layman to get their hands dirty and start thinking like a Nobel Prize winning economist. Thanks Paul – this course is exactly what we need.
He sick because he malarkey hisself a couple times a week in NY Times.
Ah right I did’t know that. It’s really surprising to me that Krugman’s economic models didn’t help an actual company perform well when theoretically they help the economy perform extremely well. I guess that’s just the nature of the economy – sometimes even the best people don’t get things right.
That looks is quite popular in the upper echelons of society I hear.
Africans have been “wanting” a US level standard of living since they discovered that there was something to life beyond running from Muslim slavers, avoiding fellow Black cannibals and turning over logs for worms and other edible crawlies
They have yet to get there!
#racist
As a Boomer, I absolutely love Paul Krugman and I think his worldview nicely summarizes my generation’s perspective. That is to say, the paradox of thrift is real, and Keynes was right. The paradox states that an increase in autonomous saving leads to a decrease in aggregate demand and thus a decrease in gross output which will in turn lower total saving. That’s why Boomers like myself love to spend, whether by running up our own credit card debt, or by voting for spendthrift public officials who will use the public purse on behalf of future generations who have no say in the matter. As a style note, I also like to wear turtle necks; they have a way of making the person wearing them look like they’re smart in a gay sort of way, which is cool because homosexuality is beautiful.
Turtle necks are really trendy and sophisticated – perfect for a middle class dinner party. If you think about it, a paradox is always false, and mathematicians would treat any theory that led to a paradox as provably false via reductio ad absurdum. But now we live in the wonderful age of quantum magic and advanced economics, where paradoxes can actually be true, even though they’re logically inconsistent.
Yes, some might argue that economics is a deductive science much like mathematics. The argument goes that we can know, a priori, the laws of economics and that contradictions thereof, such as the paradox of thrift, are the result of a misapplication of the axioms of economics. In the case of the paradox of thrift, the logical problem arises when the act of saving is misunderstood as hoarding, instead of an indirect act of consumption (since money saved is still in circulation due to lending). But that is neither here nor there. There is a trendier way to understand economics called behavioral economics. This new way of thinking about economics is really cool because it presupposes that people are irrational and stupid and ought to be guided by wise bureaucrats who are decidedly not irrational or stupid. What matters is building models that can be implemented using Python and R with cool data visualizations that can be presented in Ted talks.
Agreed. I wonder how quantum computing is going to impact economics? I’m sure some of those economic models could do with some unexpected Schrodinger outputs, that are both one thing and another thing at the same time until we know that they’re the wrong thing.
That sounds really exciting. I think using obscure math to over complicate economics is the way to go, which clearly isn’t a contradiction of the law of parsimony. Good science is by its very nature overly complicated and difficult to grasp but for an initiated few.
Yes, science is about making things as complicated and convoluted as possible to make it hard for less smart people with supposedly “logical” brains to understand, as they simply cannot grasp the nuances and contradictions in our amazing theories. This proves how smart we are, which is the ultimate goal of science – proving that you’re smart.
why you dole out so many whoppers? you don’t work for BK, you’re not a democrat candidate. WTF???
I think it’s really brave and insightful that Krugman has chosen to raise awareness for an unfairly stigmatized disease like AIDS in this way. As a Boomer, I can’t help but feel like we haven’t done enough to spread AIDS.
This is true, but while we must ensure that the populations of western countries decrease in order to combat climate change, we also need to ensure that the populations of the countries from where refugees come from continue to grow unchecked through massive amounts of foreign aid. This in conjunction with open borders will ensure we collect the Medicare and Social Security taxes needed to make our entitlement programs solvent again.
“Blinky”
Failed economist. Moron PhD. Ersatz columnist.
I suppose you bastards wanna give Tulsi a manslaughter charge for Kamala, when in fact it was mulatto Obama ridin’ dirty on that girlie.
Quitting the Presidential race is not the end of the world. She still has many to “service” before she can run again.
Wearing adult diapers while receiving Nobel Prize can protect against AIDS.
He’s been wrong so many times, his audacity and not his wisdom (or lack thereof) is what impresses me. I guess idiots will follow idiots…..