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Establishment-favorite economist Paul Krugman has declared the obvious: “I was wrong about inflation.”
Issued from his prestigious perch at The New York Times , Krugman’s confession centers on what he describes as an early-2021 economic debate over the consequences of the $1.9 trillion American Rescue Plan Act enacted on March 11 of that year: “Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call.” For those of us who’ve been right about inflation, the satisfaction of Krugman’s mea culpa doesn’t linger much beyond the headline. That’s because, as John Sexton writes at Hot Air , “Krugman spends the entire column explaining how the people who were right…were right for the wrong reasons.”
What’s more, Krugman completely ignores the people who were right for the right reasons. In Krugman’s world, Austrian economists and adherents didn’t even participate in the discourse: “This wasn’t a debate between opposing economic ideologies. Just about all the prominent players, from Larry Summers to Dean Baker, were Keynesian economists, with more or less center-left political leanings.” It’s not just the Austrians who shall not be spoken of, even the substance of their ideas are glaringly absent. Critically, nowhere does Krugman mention the Federal Reserve , or acknowledge that anyone predicted inflation would surge because the trillions of dollars in the stimulus plans were being created out of thin air.
An intellectually honest treatment of the topic would at least mention the money-supply argument and then make a case why it wasn’t validated. Instead, Krugman uses his 500-word allowance to imagine a 2021 debate limited to the cool kids in the Keynesian tree-fort — and to explain how, even though he was wrong, he was actually kinda right too.
And so, […]
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