It's getting fun to comment on Paul Krugman's posts and columns. The Unwisdom of Elites allows to continue the general critique of the modern economic thought. If one agrees that the elites are responsible for the current and past recessions and other negative economic outcomes s/he must also admit that this kind of mad behavior could be possible only in the context of absolutely irrelevant economic theory. The mainstream economics claims a number of unjustified guesses as real links in developed economies. Since it does not work in reality, the elites can easily ignore these guesses. To give an opposite example, the elites do no ignore laws of physics and thus do not fly planes with empirically unproved quality. Therefore, the Krugman's critique of the elites is void as based on guesses.
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