Best sentence I've read all day. Megan McArdle:
Deflation can result in what's known as a liquidity trap, a concept pioneered by liberal economist John Maynard Keynes and best elucidated by liberal economist Paul Krugman back before he left economics writing to focus on his hatred of George W. Bush.
I've been fascinated with the notion that Krugman might win a Nobel because of his trade models. They're so facile. Clearly the place to be as an economist a few decades ago was trade. Apparently no one had done anything on it since Ricardo.
[I should note that I own one of Krugman's texts, which is surprisingly good.]
Posted by Evan @ 09/06/07 03:10 AM
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