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IPFS News Link • Economics: Austrian

Krugman Acknowledges Murphy's Existence

• New York Time

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Comment by Justen Robertson
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The time to measure penises is long past. If the austrians are right, we are plunging headlong into a massive depression. If they are wrong, continued and increased market intervention will produce the oft-promised but apparently fleeting socialist utopia we've all been waiting for for 100 years since work was started on it. Where's Keynes to explain to me why the ~40% decrease in my purchasing power since I entered the work force, despite more than doubling my income, equals "stability"? Or to explain that fudging the numbers till you come up with 9% "real" unemployment is valid to the 30% of actual persons capable of working who do not have jobs? I don't know, but if he was here he'd probably be too busy consulting the bull and bear spirits to find out.