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Contra Krugman

Ep. 38 When Businessmen Are Clueless About the Economy

Contra Krugman

Tom Woods

News, Business News

4.7824 Ratings

🗓️ 5 June 2016

⏱️ 27 minutes

🧾️ Download transcript

Summary

This week, Krugman makes one decent point: successful businessmen aren't necessarily any good on economics. No argument there. Krugman doesn't quite get why his insight is true, but at least it's something. Bob and Tom discuss (1) why government can't be run like a business, (2) why falling wages need not be a catastrophe for "aggregate demand," (3) whether it makes sense to speak of a "manager" of the economy, and more.

Show notes for Ep. 38

Transcript

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0:00.0

Welcome to the podcast that takes apart Paul Krugman's New York Times column.

0:07.6

Join us as Tom Woods and Bob Murphy teach economics by uncovering and dissecting the arrows of Krugman.

0:13.5

Nobel Prize winner, newspaper columnist, and Destroyer of Nations.

0:17.5

It's time for Contra Krugman.

0:22.6

Contra Krugman, episode 38.

0:26.9

Hello, everybody. Welcome to another episode of Contra Krugman. I'm Tom Woods with Bob Murphy,

0:31.6

and we're talking today about, yes, it's true. It's a Trump column from Kroogman, but it makes some interesting points that

0:41.5

we can talk about that aren't necessarily connected to Trump as an individual, but it has to do

0:46.4

with the general subject of whether businessmen naturally have some insight into the economy

0:52.4

because they're businessmen.

0:58.0

And oddly enough, Krugman comes down with the correct answer here,

1:01.3

that there's no necessary connection between business success.

1:05.2

And by the way, he questions the degree of business success that Trump has had.

1:13.5

But nevertheless, his point is that there is no necessary connection between these things even though the general public has this inchoate feeling that there must be Bob I'm going to jump

1:19.8

right into the summary of the column if I may you may is that all right yes all right

1:24.6

you have my permission all right good blessing in fact I. You have my permission. All right, good. Blessing, in fact.

1:28.8

I just, we've made clear who really runs the podcast here.

1:32.6

All right.

1:33.1

It's the May 27th, 2016 column.

1:35.8

It's called Trump's Delusions of Competence.

1:38.6

And those of you who have the more sophisticated version of the Contra Krugman

1:42.5

drinking game, where it's, you don't drink just every time

...

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