A friend posted in one of my Viber groups a recent paper in Business Insider, “Nobel laureate Paul Krugman predicts a swift, sustained economic recovery once vaccines are out.”
I quickly laughed at "Krugman predicts." Here are some of Krugman past predictions:
(1) Paul Krugman: Trump will bring global recession
By Adam Cancryn, Politico, Nov. 9, 2016
https://www.politico.com/story/2016/11/krugman-trump-global-recession-2016-231055
"So we are very probably looking at a global recession, with no end in sight."
(2) Trump Slump Coming?
by Paul Krugman, NYT, Nov. 14, 2016
"Installing Donald Trump in the White House is an epic mistake. In the long run, its consequences may well be apocalyptic, if only because we have probably lost our last, best chance to rein in runaway climate change."
Krugman made quack predictions, he mixed his emotional angst + political outburst + crystal ball type predictions, 100% false econ predictions in 2016.
Was there a US recession, global recession as Krugman predicted, when Trump assumed Presidency from January 2017? Far out. We compare GDP growth of his beloved Obama-Biden 2nd term (2013-2016) and Trump period (2017-2019, and the nine other major economies in the world.
Average GDP growth in %, 10 largest economies
|
Country |
2013-2016 |
2017-2019 |
|
US |
2.3 |
2.5 |
|
China |
7.2 |
6.6 |
|
Japan |
1.0 |
1.0 |
|
Germany |
1.6 |
1.5 |
|
India |
7.5 |
5.8 |
|
UK |
2.3 |
1.6 |
|
France |
0.9 |
1.9 |
|
Italy |
0.1 |
0.9 |
|
Brazil |
-0.8 |
1.3 |
|
Canada |
1.7 |
2.3 |
Source: IMF WEO 2020
On #2, "runaway climate change", see this beautiful chart from Bjorn Lomborg, climate-related deaths and risks from 1920 to 2020 are declining, not rising.
“Welfare in the 21st century: Increasing development, reducing inequality, the impact of climate change, and the cost of climate policies”
by Bjorn Lomborg, April 2020 (35 pages)
https://www.sciencedirect.com/science/article/pii/S0040162520304157
(3) Capitalism, Socialism, and Unfreedom
by Paul Krugman, NYT, Aug. 26, 2018.
Also this paper, "A data-driven end to capitalism as
we know it"
by Andy Mukherjee, Bloomberg Opinion, BusinessWorld Dec.
28, 2020.
Krugman of NYT praised more government-mandated social protection and unions, praised Denmark "socialism" not Venezuela. Mukherjee of Bloomberg praised eternal state surveilance if tech will bring the people in 21st century capitalism.
Me wonders why more people seem to wish socialism and
more state dictatorship, more econ central planning and income confiscation to
force equality and income redistribution. These socmeds -- Viber, FB, IG,
Twitter,... -- are driven by capitalism and profit motive. These are hurting
people? That's why they want to end
capitalism or further restrict it and hand over more pol and econ power to sgovt
that produces nothing really productive, just more regulations, taxation and
endless subsidies?
Me thinks people who aspire to end or restrict market capitalism (not state capitalism, big govt + big business cronyism) also aspire to be the global or national central planners, social engineers, socialist bureaucrats and politicians.
-------------
See also:
Pol. Ideology 76, A Nation Of Free Men Or Free Things, July 06, 2019
Pol Ideology 77, On monopolies, M&A's and virtual government, Nov. 27, 2019
Pol. Ideology 78, Milton Friedman and China, October 26, 2020
Jayant Bhandari on the US elections, December 05, 2020.
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