When the economy isn’t showing any signs of movement, you might think that economists don’t have a lot to talk about. However, that point of view neglects one very important part of the ol’ dismal science –economists always have to make work for themselves in order to remain employed. That gets us to some arcane debates over things most people I know think are pretty obvious.
Paul Krugman often gives us a good popular entry point into these debates, and his last column is no different. Longtime readers will note that I have never been a fan of Krugman (putting it kindly), but I want to note that in this article he is actively promoting the handle “Depression” for our economic state. But I want to take issue with him over three main topics: The length of this Depression, the nature of Keynsianism, and the simple fact that my term “Managed Depression” is way cooler than his “Lesser Depression”.