Here's Krugman's explanation of what went wrong with the administration's leadership of the economy, and how it could be fixed.
The short version? "If they would just do what I say, we could run this economy thing no problem."
In other words, the perfectly predictable outcome that political leaders using political calculus won't choose the right actions to manage the unfathomably complicated beast known as the economy is boiled down to "I told you so." Mr. Krugman chooses to ignore reality - politicians always choose wrong, for two reasons. One, they don't know enough to "choose right." Krugman thinks he knows enought to run the economy, but that's because he's a typical human who doesn't know the limits of his ability; nothing unusual about that. Since no human's ever demonstrated the ability to run an economy, there's simply no basis in logic for believing that Krugman - or anyone else - knows either. In other words, Krugman suffers from the fatal conceit like most politicians. Two, politicians never do what's right. They do what's right for their political viability, IOW, they understand and practice Poltical Darwinism. If they did not, they would have another job. Knowing beyond a reasonable doubt that politicians will not choose right is why they should not have the power to make these choices in the first place. That's why the Constitution was written to ensure a limited government. Sadly, the Constitution, although a thing of beauty, wasn't "bullet proof."
http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=1&pagewanted=print
The short version? "If they would just do what I say, we could run this economy thing no problem."
In other words, the perfectly predictable outcome that political leaders using political calculus won't choose the right actions to manage the unfathomably complicated beast known as the economy is boiled down to "I told you so." Mr. Krugman chooses to ignore reality - politicians always choose wrong, for two reasons. One, they don't know enough to "choose right." Krugman thinks he knows enought to run the economy, but that's because he's a typical human who doesn't know the limits of his ability; nothing unusual about that. Since no human's ever demonstrated the ability to run an economy, there's simply no basis in logic for believing that Krugman - or anyone else - knows either. In other words, Krugman suffers from the fatal conceit like most politicians. Two, politicians never do what's right. They do what's right for their political viability, IOW, they understand and practice Poltical Darwinism. If they did not, they would have another job. Knowing beyond a reasonable doubt that politicians will not choose right is why they should not have the power to make these choices in the first place. That's why the Constitution was written to ensure a limited government. Sadly, the Constitution, although a thing of beauty, wasn't "bullet proof."
http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=1&pagewanted=print
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