Monday, October 22, 2007

Read About It In the New York Times

I saw Paul Krugman's new book at the local Borders the other day. Sorry, I'll save up my money for real economics, like perhaps Michael Lewis' upcoming The Real Price of Everything. In any case it warms the heart to see a review slamming him, in the New York Times no less.

Paul Krugman is a justly renowned professor of economics and international affairs at Princeton University. His abundant accolades include the John Bates Clark Medal, awarded biannually to an outstanding economist under the age of 40 — a distinction said to be predictive of, and perhaps even more prestigious than, receipt of the Nobel in economic science. His twice-weekly column in The New York Times routinely and authoritatively demystifies complex economic arcana.

And yet maybe Krugman is not really an economist — at least not according to the definition offered more than a century ago by Francis Amasa Walker, the first president of the American Economic Association, who wrote that laissez-faire “was not made the test of economic orthodoxy, merely. It was used to decide whether a man were an economist at all.”