Samuel Brittan on Paul Krugman

FT columnist Samuel Brittan reviews Krugman’s latest book, and – with two reservations – likes the message.

The remedy for too little spending is more spending. Everything else is commentary.

This is the moral I draw from Paul Krugman’s End This Depression Now!  ….

It is difficult to imagine Mr Krugman cheering for the Republicans. Nevertheless I cannot sufficiently emphasise that there is nothing essentially “leftwing” about his analysis.  ….

There is nothing new about the hostility of conventional opinion to the Krugman message. Keynes faced similar hostility when he tried to rescue capitalism from the Depression. He regarded his General Theory as “moderately conservative in its implications” and consistent with an economy run on private enterprise principles. ….

Mr Krugman’s thesis … should be read on the basis of its evidence, not on its alleged ideological baggage.

Samuel Brittan, “You don’t need to be a lefty to support Krugman“, Financial Times, 8 June 2012.

Sir Samuel, one of Margaret Thatcher’s favourite economists, is definitely not a ‘lefty’. His reservations are in the full column, available ungated at the link above.


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