Should Paul Krugman Return his Nobel Prize?

[What_Goes_Up]

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Should Paul Krugman Return his Nobel Prize?
12.06.2011
Benedikt Jóhannesson

Paul Krugman, Nobel Prize winner in 2008, has shown special interest in Iceland. Or should I say, he often uses Iceland as evidence that his theories are right. That would be fine if he stuck to the facts. Unfortunately, he just states that Iceland is on its way out of the woods, regardless of what is happening here.

Now if Krugman were an ordinary Nobel Prize winner, this would not matter much. I imagine most of them write articles in their scientific journals, evaluated by peers. Most likely Mr. Krugman’s academic work is of value. However, Krugman is known to the public for his column in the New York Times. I see that often his articles are very high on the most read list. Many probably think: “This guy got a Nobel Prize. He must know what he is saying.”

And he probably does. That does not mean what he says is correct.

Krugman’s commented on the Icelandic economy when the banks started tumbling in the fall of 2008. He praised the government for putting up money to buy a 75% share in Glitnir bank: "Notice, by the way, that it was an equity injection rather than a purchase of bad debt; I approve.“

A few days later the deal fell through and Glitnir was the first Icelandic bank to go bankrupt.

…(cont’d)

[Rick_Flair]

Krugman is fighting on so many fronts its hard to believe he has the time to keep up on everything he writes about.
But for my money he has been consistently excellent.

The guy has been like a one man army in calling bullshit on right wing Republican spin about US fiscal policy and general economic policy since the crash.

His analysis of Paul Ryan’s healthplan- where he called it what it is- disengenous rubbish was brilliant. He seems to have a genuine empathy for the plight of ordinary Americans which sets him at odds with many of the money grasping slime balls at his level of academia in the US.

If anything they should add a Pulitzer to that Nobel prize.