Not a bit of it! Laugh a minute, that's economics, if you know where to look which is why you should hang out with those reprobates at I Hate The Media. They have featured three stories on the 'dismal science' which started my day with a chortle and a chuckle, not least because they all relate to, arguably, the most dismally pig-ignorant economist in the world - Paul Krugman. This giant amongst economic pygmies was booked to speak at a function. Here is photo of the room!
Well, I give talks and I confess that my audiences are not exactly queuing round the block but a totally empty room I have yet to see!
But perhaps the 'God that is Krugman' is glad of a bit of R&R because he is still recovering from the tweeted battering he received at the hands of Toomas Ilves, the President of Estonia. Krugman, gazing down from his God-like perch in the heavens saw fit to belittle Estonia's economic policy despite the fact that almost alone amongst European countries it's economy is well on the way to revovery not least because under President Ilves's leadership it has followed policies directly opposite to those constantly advocated by Krugman. President Ilves was raised and educated in the USA and thus has a nice line in 'Noo Joisey' invective!
Finally, I will steal quote IHTM's own summary of the Reuters news that the Nobel committee, who once gave Krugman a Nobel prize in economics - do stop giggling! - find themselves, er, short of cash and have been forced to cut the size of their prizes. They should ask Krugman for some advice. No doubt he would urge them to just borrow some more. But here's IHTM's take on it:
Guess who’s been overspending. The Nobel Foundation, which awarded Peace Prizes to Al Gore and Barack Obama and an Economics Prize to Paul Krugman, has been running a deficit for ten years. Now the prizes will have to be cut 20%. Put that in your Keynesian crack pipe and smoke it you leftwing Scandanavian wankers.
Yeeees, I think that about sums it up, couldn't have put it better myself!
Correction: My e-pal, 'Webbers', has sent in a factual correction to this post which, of course, means he's banned! Just because I can't read, spell or comprehend there's no need to humiliate me before my readership. It's all in the 'Comments' - until I figure out how you delete 'Comments'! Facts - heh!
That's the nice thing about this economic crisis. All these God-like people crashing in flames.
Posted by: backofanenvelope | Tuesday, 12 June 2012 at 09:31
Yes, but unfortunately so are a few 'mere mortals'!
Posted by: David Duff | Tuesday, 12 June 2012 at 10:49
That'll be President Toomas ILVES, not LIVES. Yes, he is indeed 'un vrai bon oeuf'.
"It doesn't matter what they say about you as long as they spell your name right."
Posted by: Webwrights | Tuesday, 12 June 2012 at 10:57
Sorry to come back immediately, but I was suspicious about the Krugman report. It struck me as curious that a such a humiliating empty room didn't rate a gloating mention in any of the Krugman-sceptical press. Yes, I too think he's an idiot - worse, a dangerously plausible, hectoring, thin-skinned, humourless idiot - but I went back to source material.
Film of the keynote discussion can be found by masochists at http://www.netrootsnation.org/austerity-no-more-economy-for-99/. Krugman comes on at 22 minutes into the video. In the subsequent 5 minutes he makes a lot of noise, but says little. The hall was not empty. The video-link the IHTM and others have pictured was to a smaller room at the convention centre or elsewhere.
Posted by: Webwrights | Tuesday, 12 June 2012 at 11:19
Pah! That'll teach me to quote from news reports. But what the hell, 'Webbers', why spoil a good joke with irritating facts?
Posted by: David Duff | Tuesday, 12 June 2012 at 11:24
Perhaps because you call me 'Webbers' ;-)
Posted by: Webwrights | Tuesday, 12 June 2012 at 12:06
"The Nobel Foundation, which awarded Peace Prizes to Al Gore and Barack Obama and an Economics Prize to Paul Krugman,...": oh balls Duffers. The economics prize isn't a Nobel, it was invented by the Swedish Central Bank as a celebration of the oily self-regard of the economics profession, and in acknowledgement of their physics envy.
Posted by: dearieme | Tuesday, 12 June 2012 at 12:39
"physics envy"! I've heard of 'penis envy' but that's a new one on me, DM.
I keep telling you, 'Webbers', you're banned! Doesn't anyone pay any attention to me on this site?
Posted by: David Duff | Tuesday, 12 June 2012 at 13:45
Oh ignorant me, I read the Sun now and then and the Parish Magazine too so I am fairly well 'up'. But checking Google for 'the 100 most cited economists' Mr Krugman is 17th - but I had hardly heard of most of the others. So then I checked out 'the 100 most cited scientists' and I had not heard of most of them either. Something funny going on....
Posted by: rogerh | Tuesday, 12 June 2012 at 13:47
WHAT?! Do you mean to say my name wasn't up there somewhere near the top?
Posted by: David Duff | Tuesday, 12 June 2012 at 14:02
"WHAT?! Do you mean to say my name wasn't up there somewhere near the top?
Shoulda used this search engine - Professor David Duff, #3!
http://works.bepress.com/shi_ling_hsu/17/
Posted by: JK | Tuesday, 12 June 2012 at 17:22
Bloody hell! The man's obviously a total prat and, I insist upon it, absolutely no relation even if I do have (alleged) Canadian antecedents!
Posted by: David Duff | Tuesday, 12 June 2012 at 19:55