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Whose image is on this? (Mt. 22) |
- I am not an economist. For better or worse, I dropped out of the one economics class I took in my undergrad because 1) I changed my major (from journalism to English) and didn't need it anymore and 2) the teacher was terrible.
- I don't know who Paul Krugman is other than what the page whose link I'm about to post tells me. He's a self-described liberal, has a blog on the NY Times site (a column in the paper too?), and writes about economics.
- My reflections will not be coming from the field of academic study categorized as "Economics" with its various competing theories that are then put into practice in the world.
Now on with the post! In Paul Krugman's NY Times blog, "The Conscience of a Liberal," he posted something whose mere title gave me pause: Economics Is Not A Morality Play. In this short piece, he makes a few subsequent statements that also make me scratch my head. Namely these:
- "(E)conomics is not a morality play. It’s not a happy story in which virtue is rewarded and vice punished. The market economy is a system for organizing activity — a pretty good system most of the time, though not always — with no special moral significance." (emphasis in original)
- On our current economic situation, demanding what he describes as "depression economics": "This is a situation in which virtue becomes vice and prudence is folly; what we need above all is for someone to spend more, even if the spending isn’t particularly wise."
- "(I)t would have been much better if the Depression had been ended with massive spending on useful things, on roads and railroads and schools and parks. But the political consensus for spending on a sufficient scale never materialized; we needed Hitler and Hirohito instead."
Read on after the break for more on why I'm scratching my head...