Friday, February 27, 2004
He's back: New York Times columnist Paul Krugman has returned from his all-to-short vacation.
And he's made some news with this comment:
Let me spare you the usual economist's sermon on the virtues of free trade, except to say this: although old fallacies about international trade have been making a comeback lately (yes, Senator Charles Schumer, that means you), it is as true as ever that the U.S. economy would be poorer and less productive if we turned our back on world markets. [emphasis added]
That little comment is probably the most negative thing Krugman has said about a Democrat since he started writing for the Times. Yes, it seems pretty tame, but Krugman has seldom said a discouraging word to a Democrat.
Of course, if you read the rest of Krugman's column, he goes out of his way to praise Democrat presidential candidate Sen. John Kerry for his support of free trade. This despite Kerry's overheated rhetoric regarding "Benedict Arnold" corporations.
Oh, and if you ever doubted that Krugman was a pompous ass, this line should suffice as definitive proof.
"Trade often produces losers as well as winners," declares the best-selling textbook in international economics (by Maurice Obstfeld and yours truly).
Well, duh. If that's as insightful as Krugman's book gets, then who is the target audience? Elementary school students?