Paul Krugman on the euro

A very good piece: and I don\’t say that just because I agree with almost all of it.

3 thoughts on “Paul Krugman on the euro”

  1. Except for this: “Because the idea of the euro had gripped the imagination of European elites. Except in Britain, where Gordon Brown persuaded Tony Blair not to join”

    Brown was not motivated by doubt over the merits of the euro but by an overriding need to obstruct anything Blair might wish. Hence the ‘5 tests’ so impenetrable that they only ever existed to frustrate rather than strictly regulate the circumstances when we might have joined the euro.

    A case, surely, like that of the stopped clock which is right twice a day in perpetuity.

  2. It saddens to read an excellent Krugman piece, because it reminds us that he is an excellent economist, a brilliant writer, and a superb popularizer of economic ideas – and yet he routinely squanders his talents.

    Ah well. Great piece, regardless.

  3. There is good Krugman and there is bad Krugman. Good Krugman’s pieces (like this one) are extremely intelligent, clear, well researched, thoughtful, and informative. And there is bad Krugman, who writes lazy, poorly researched partisan screeds for the New York Times. Surely good Krugman must know how bad the stuff bad Krugman writes is, at which point one must conclude that he is intellectually dishonest.

    I do recall when he started writing for the NYT, he occasionally put pieces about economics on his website, with observations that “My editors preferred I write about something domestic rather than the Latin American debt crisis” and similar. His editors at the NYT are guilty of encouraging him to be bad Krugman, but why does he do it?

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