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Contra Krugman

Contra Krugman

Tom Woods

News, News & Politics, Business News

4.7822 Ratings

Overview

Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!

225 Episodes

Ep. 225 The Final Episode

On this final episode of Contra Krugman after nearly five years, we analyze Krugman's horrified response to state reopenings after the lockdowns. Show notes for Ep. 225

Transcribed - Published: 10 June 2020

Ep. 224 Krugman Bravely Comes Out Against Killing Workers

With his usual magnanimity, Krugman declares that the epidemiologists have been completely accurate in their warnings during the pandemic, whereas those who want to reopen the economy are trying to kill workers. Tom and Bob beg to differ. Show notes for Ep. 224

Transcribed - Published: 23 May 2020

Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007

In his attempt to praise Powell and criticize Trump, Krugman admits that the "real economy" is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed's emergency actions. Krugman says this pattern holds not only for our post-covid world, but ever since the mid-2000s. He thus ironically agrees with Austrian critics who've warned for years that the Fed was blowing up massive asset bubbles. Show notes for Ep. 223

Transcribed - Published: 11 May 2020

Ep. 222 Why Won't We Listen to the Experts?

Krugman is unhappy that the "right wing" is more apt to listen to people he considers quacks than to people he considers experts, and he says the COVID-19 problem is yet another example. We are unconvinced. Show notes for Ep. 222

Transcribed - Published: 26 April 2020

Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman

Guest co-host Richard Ebeling -- who was one of Bob's own economics professors -- joins me to discuss Krugman's qualified support for the $2 trillion coronavirus relief bill recently signed into law, and why we shouldn't be cheering. Show notes for Ep. 221

Transcribed - Published: 11 April 2020

Ep. 220 Coronavirus Economics

This episode delves into all the key questions surrounding the economics of the coronavirus crisis: bailouts, Federal Reserve policy, payments to individuals, the effects of the shutdown, and more. Show notes for Ep. 220

Transcribed - Published: 29 March 2020

Ep. 219 Krugman Wants Perpetual Deficits

In a perhaps surprising move for someone who said "deficits matter again" upon Trump's election, Krugman now makes the case for perpetual budget deficits in the range of 4% of GDP. This will facilitate much-needed "stimulus spending" in an era of weak growth and low inflation. Tom and Bob point out the fallacies in this thinking. Show notes for Ep. 219

Transcribed - Published: 14 March 2020

Ep. 218 We Need Financial Regulation, Says Krugman

What really matters, says Krugman, is financial regulation. And only Elizabeth Warren can deliver, because Bernie will expend his political capital on unwinnable issues, and Bloomberg's heart isn't in it. We respond, as usual. Show notes for Ep. 218

Transcribed - Published: 1 March 2020

Ep. 217 Do Deficits Help Depressed Economies?

Krugman complains that during the Obama years, when deficit spending was desperately needed, obstructionist Republicans opposed it out of what they claimed was principle, but was mere spite. Now, he says, with a Republican in the White House, they couldn't care less about deficits. What's really going on here? That's our topic for this episode. Show notes for Ep. 217

Transcribed - Published: 16 February 2020

Ep. 216 Krugman Hearts Greta Thunberg

Krugman says Greta Thunberg is closer the economics mainstream than are her critics. Quite a few whoppers to deal with in this one, as you can surely imagine. Show notes for Ep. 216

Transcribed - Published: 3 February 2020

Ep. 215 Don't Worry About the Deficit!

That's Krugman's message now. Interestingly, back in 2003 the very indicators he's now using to tell us not to worry were actually less pronounced, and yet back then he was warning of a "fiscal train wreck." In any case, today we discuss what the genuine problems with the deficit are, and why it makes perfect sense to be concerned about it. Show notes for Ep. 215

Transcribed - Published: 19 January 2020

Ep. 214 Austerity Is Just What the World's Economies Needed

Krugman blames the "austerity" that began a decade ago for ensuing economic ills and political instability. This is a fashionable enough view, but the evidence against it is more or less overwhelming. Enjoy! Show notes for Ep. 214

Transcribed - Published: 6 January 2020

Ep. 213 Trump's Tariff War a Flop?

Although details are still emerging, a deal has evidently been reached between China and the United States regarding trade. Did Trump accomplish anything (from his standpoint)? Was the whole thing a waste of time and resources? Did it create uncertainty in the business world? What should we think about trade deficits? It's all in here, folks. Show notes for Ep. 213

Transcribed - Published: 23 December 2019

Ep. 212 Trump, Crony Capitalism, and Impeachment

We discuss the impeachment, Krugman's selective praise for whistleblowers, and what the correct approach to the problem of "crony capitalism" should be. Show notes for Ep. 212

Transcribed - Published: 7 December 2019

Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?

We recorded this episode before a live audience at -- of all places -- the Austrian central bank in Vienna, where the Austrian Economics Center held a two-day academic conference. We respond to Krugman's key claim: namely, that Eurosclerosis is long over, and that Europe can no longer be cited with any plausibility as evidence that significant social spending and regulation retard employment. Show notes for Ep. 211

Transcribed - Published: 25 November 2019

Ep. 210 Elizabeth Warren's Fiscal Fantasies

Krugman is impressed by the detail and alleged seriousness of Elizabeth Warren's Medicare for All plan and how it will be paid for. Bob and Tom, by contrast, are not so impressed. Show notes for Ep. 210

Transcribed - Published: 9 November 2019

Ep. 209 Robots Aren't the Problem

Krugman criticizes Democrats who think automation is behind American job losses. But just when he's sounding sensible, he jumps back into "inadequate spending" being the problem. Show notes for Ep. 209

Transcribed - Published: 27 October 2019

Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!

We got a lot of requests for an episode on debt after Krugman tweeted that "debt is money we owe to ourselves." What's the real truth? Show notes for Ep. 208

Transcribed - Published: 13 October 2019

Ep. 207 Krugman Embraces Warren, Discards Economics

Historian and podcast host Brion McClanahan joins Bob to discuss Krugman's defense of Elizabeth Warren against the big bad plutocrats, who apparently are threatening to support Trump if she's the Democratic nominee. Krugman dismisses the possibility that these wealthy people might oppose Warren's wealth tax, and instead suggests that the real reason they hate Warren is that she hurt their feelings. Show notes for Ep. 207

Transcribed - Published: 5 October 2019

Ep. 206 Are You Deranged for Opposing Regulation?

Krugman says people on the political right get inordinately worked up over minor regulations that have a clear public benefit, and that such people now have a champion in the White House. Could there be a reason other than derangement for why people get upset about various kinds of regulation? Bob and Tom discuss. Show notes for Ep. 206

Transcribed - Published: 21 September 2019

Ep. 205 Is This Evidence of an Authoritarian Regime?

Krugman argues that an undemocratic, authoritarian regime is being built in the United States, and cites Sharpiegate and Trump's treatment of the auto industry as prime examples. Show notes for Ep. 205

Transcribed - Published: 14 September 2019

Ep. 204 Krugman's Worst Blunders

We take listener questions in this episode, from Krugman's worst blunders, to how the Fed might return interest rates to their natural level, to a former Fed official's implication that the Federal Reserve ought to make Trump's reelection more difficult. Show notes for Ep. 204

Transcribed - Published: 8 September 2019

Ep. 203 Deeper Economic Analysis of Slavery, Free Trade vs. Welfare, and Debt Repudiation

Because Krugman is a bore, Tom and Bob field questions from the listeners. They handle objections about their recent arguments concerning the economics of slavery, clear up apparent contradictions in the libertarian handling of free trade and the welfare state, and explain Rothbard's view of debt repudiation. Show notes for Ep. 203

Transcribed - Published: 31 August 2019

Ep. 202 David Stockman on Western Regimes Entering Cuckoo Land

David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins Tom (Bob is on vacation) to explain what's really happening with the current inverted yield curve, as well as how to tell real growth from phony growth, and a lot more. Show notes for Ep. 202

Transcribed - Published: 23 August 2019

Ep. 201 The White Nationalist Hoax

The ordinarily serene Bob Murphy is genuinely outraged in this episode, in which we cover Krugman's casual claim that Donald Trump is trying to establish an "authoritarian, white nationalist regime." Needless to say, it does not matter what your opinion of Trump is. This idea is out of some sort of alternate reality that in no way corresponds to the real world, but which in classic Orwellian style is presented as if all reasonable people just know it to be true. Show notes for Ep. 201

Transcribed - Published: 17 August 2019

Ep. 200 Krugman on Bonds & Uncertainty: Interesting, But Still Wrong

Bob minds the store and explains what is interesting about Krugman's discussion on bonds vs. stocks as ways to forecast recession, how an inverted yield curve signals problems, and the precise way that Trump could be depressing investment. Yet even though these abstract discussions are instructive, Bob argues that they don't really work in the cases where Krugman deploys them. Show Notes for Ep. 200

Transcribed - Published: 10 August 2019

Ep. 199 Krugman: Trump's Tax Cuts Make the 1% -- and Rich Foreigners -- Richer

Krugman says that since Trump's tax cuts amounted to nothing but a giveaway to wealthy shareholders, and since many of those are foreigners, the tax cuts amounted to a perverse foreign aid program. Show notes for Ep. 199

Transcribed - Published: 3 August 2019

Ep. 198 Should We Prevent the Rich from Living Longer?

In an "op-ed from the future," Krugman speculates about a world in which "the rich" have access to life-extending technology. Should they be allowed to have it if not everyone can afford it? This episode gets to the heart of the left-liberal worldview. Show notes for Ep. 198

Transcribed - Published: 26 July 2019

Ep. 197 Is Privatization (Including Prisons) Expensive and Evil?

Krugman suggests that although it makes sense for much of the economy to be in private hands, there are some sectors where private control would yield perverse results. He devotes particular attention to so-called private prisons. So we set him straight. After all, that's why we're here. Show notes for Ep. 197

Transcribed - Published: 21 July 2019

Ep. 196 There Aren't Any Socialists in the Democratic Party?

There aren't any real socialists running in the Democratic Party, says Krugman, because none of them want to abolish private ownership of the means of production. Republicans level the accusation because they're ignorant idiots. Krugman wonders what would happen if Republicans began to be routinely referred to as fascists (as if isn't happening every day). Show notes for Ep. 196

Transcribed - Published: 10 July 2019

Ep. 195 Trump Demands Lower Interest Rates; Krugman's Head Explodes

Krugman is horrified at Trump's pressure on the Federal Reserve to lower interest rates. Yet he thinks a case can be made for doing precisely that. What is Krugman to do? Show notes for Ep. 195

Transcribed - Published: 28 June 2019

Ep. 194 Elizabeth Warren Has Some Great Ideas

Krugman is very impressed by Elizabeth Warren, who he thinks has a whole bunch of very good, detailed policy proposals. This is precisely what the world needs more of, he says: public policy proposals based on the best scholarly literature. He proceeds to misrepresent that literature. We nail him. Show notes for Ep. 194

Transcribed - Published: 22 June 2019

Ep. 193 How Dare Trump Criticize Britain's National Health Service

Krugman is horrified that Donald Trump has been critical of the National Health Service (NHS) in Britain. Why, the NHS is doing a great job! We put Krugman's arguments under a microscope. Show notes for Ep. 193

Transcribed - Published: 15 June 2019

Ep. 192 Your Deepest Questions About the Fed Answered

We do another Q&A episode this week, a good portion of which revolves around the Federal Reserve: the best ways to undermine it, how we might transition away from it, whether a reckoning has to come even if the Fed never raises interest rates, and a lot more. Plus: would we rather debate ten duck-sized Krugmans or one Krugman-sized duck? Show notes for Ep. 192

Transcribed - Published: 8 June 2019

Ep. 191 Krugman Admits Hurting Trump Better Than Helping the Country, When It Comes to Infrastructure

Bob flies solo to point out a shocking admission in Krugman's column: He actually thinks Democrats are lucky that Trump backed out of an infrastructure deal, even though Krugman also believes the deal would have helped the country. Bob goes on to explain what's wrong with Krugman's economic arguments for more government infrastructure spending. Show notes for Ep. 191

Transcribed - Published: 3 June 2019

Ep. 190 Universal Basic Income, Trade Deficits, and Other Areas of Confusion

Bob and Tom take some outstanding and very important and helpful listener questions in this episode, such as: what is one legitimate contribution a Keynesian has made? Can trade deficits be bad? What are the best critiques of Austrian economics you've heard? And plenty more. Show notes for Ep. 190

Transcribed - Published: 25 May 2019

Ep. 189 The Truth About Trump and the Tariffs

The issue of international trade is not a simple one of a difference of opinion: Trump genuinely appears not to understand the subject. We sort it all out in this episode. Show notes for Ep. 189

Transcribed - Published: 19 May 2019

Ep. 188 Trump's Economy Proves Keynesianism is Right, Says Krugman

After having predicted that the election of Trump would lead to economic hard times as far as the eye could see, Krugman's new line is that of course the economy is strong: federal deficits have been driving it! Show notes for Ep. 188

Transcribed - Published: 10 May 2019

Ep. 187 It's OK for Bernie to Be Rich Because He's Not Evil

Krugman addresses the claim that Bernie Sanders, who until recently had been railing against "millionaires and billionaires," is a hypocrite since he's now a millionaire himself. Krugman proceeds to explain that among the super rich, most are right-wing and evil. Show notes for Ep. 187

Transcribed - Published: 5 May 2019

Ep. 186 Krugman Finally Mentions Mueller -- and It's Straight Outta Orwell

Had the Mueller report truly vindicated Krugman, we can be certain his victory-lap column would have come swiftly. Now that he's finally gotten around to mentioning it after a curious delay, he's jumping on the bandwagon of the Orwellian "Mueller proves we were right all along" segment of the American media. Show notes for Ep. 186

Transcribed - Published: 28 April 2019

Ep. 185 David Stockman Joins Us to Shred Economist's Love Letter to the Fed

Greg Mankiw, a professor of economics at Harvard, wrote an article for the New York Times urging America to preserve the Federal Reserve he loves. And what is that? A nonpolitical, nonpartisan, scientific economic management agency staffed by selfless advocates for the public good. David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins us to dismantle it. Show notes for Ep. 185

Transcribed - Published: 23 April 2019

Ep. 184 What Is Trump Doing to the Fed?

Krugman is very unhappy about the nominations of Stephen Moore and Herman Cain to the Federal Reserve's Board of Governors. (Cain's nomination now seems likely to be abortive.) Krugman devotes particular attention to Moore, whom he considers a partisan hack who changes his recommended policy depending on who is in power. We consider Krugman's accusations, and also discuss what the best monetary policy is regardless of the state of the economy. Show notes for Ep. 184

Transcribed - Published: 14 April 2019

Ep. 183 Contra Ocasio-Cortez

Alexandria Ocasio-Cortez, the controversial left-wing member of Congress, got into a Twitter war when she observed that a mere croissant at La Guardia Airport goes for $7, yet some people think $15 is too much to ask for a whole hour of human labor! She started it, we finish it. Show notes for Ep. 183

Transcribed - Published: 6 April 2019

Ep. 182 Hooray for the Minimum Wage? How Economists Went Off Track

In paying his respects to the recently deceased Alan Krueger, author of the widely discussed 1994 Card-Krueger study on the minimum wage, Krugman praises him for changing the way economists think about that subject. According to Krugman/Krueger, the labor market is more complicated than we thought, and increases in the minimum wage appear to have little to no effects on employment. Here's our reply to all this. Show notes for Ep. 182

Transcribed - Published: 30 March 2019

Ep. 181 Don't Blame Robots for Low Wages

Krugman starts off more or less all right in this one, arguing that robots aren't the reason wages aren't higher. But then he goes off into cloud cuckoo land, blaming the problem on a decline in labor unions. We also discuss the controversy about the connection (now broken, say some) between productivity and wages. Show notes for Ep. 181

Transcribed - Published: 23 March 2019

Ep. 180 Are We Full of Irrational Rage? (This One's a Doozy)

Krugman can't get over the stupid things his opponents get upset about, and how full of irrational rage they are -- quite unlike today's left, you understand. Show notes for Ep. 180

Transcribed - Published: 16 March 2019

Ep. 179 How to Defeat a Smear Attack Against You

This week, although we do cover Krugman a bit, we use a recent Caitlin Johnstone article as a springboard for discussion. With social media and traditional media in swarm mode against perpetrators of thoughtcrime, what is the best approach to maintain one's good name? Show notes for Ep. 179

Transcribed - Published: 9 March 2019

Ep. 178 Let's Socialize the Family, Say Warren and Krugman

This week Krugman endorses Elizabeth Warren's plan for subsidized child care at the federal level. It's so cheap, and it would help so many people! Meh. Show notes for Ep. 178

Transcribed - Published: 4 March 2019

Ep. 177 Semi-Sensible Krugman vs. Modern Monetary Theory (MMT)

Modern Monetary Theory (MMT) is picking up steam (thanks to Alexandria Ocasio-Cortez and Bernie Sanders), to the point that even Krugman is alarmed. Yes, he says, you will have to raise taxes to pay for what progressives want. This is the episode folks have been asking us for. Show notes for Ep. 177

Transcribed - Published: 23 February 2019

Ep. 176 Trump vs. Socialism?

Socialism isn't all that radical, insists Krugman. Plus: virtually all people who call themselves socialists just want to be like Denmark, not Venezuela or the Soviet Union. They just want poor people cared for! Anyone who thinks nicey-nice socialism like this could lead to bad outcomes is crazy and unreasonable, he says. So, as usual, we respond. Show notes for Ep. 176

Transcribed - Published: 14 February 2019

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