Tuesday, September 15, 2009

Re-embracing Keynes








Don't worry, I am not embracing Keynes (yet); this is one of the section names in How Did Economists Get It So Wrong, a recent longish Paul Krugman article. I have no regard for Krugman and his brand of economics, but credit should go where it is due. While the article predictably has a Keynesian moral, it is also a good piece of writing done mostly on the even keel. Some of it surely resonated strongly with my own beliefs. For instance:
Indeed, home buyers generally do carefully compare prices — that is, they compare the price of their potential purchase with the prices of other houses. But this says nothing about whether the overall price of houses is justified.
Read it.

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