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Old 03-11-2013, 06:26 PM   #45
KevinNYC
Toronto Mayor Rob Ford
 
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Default Re: Will it be a tragedy if Romney is elected and is given credit for a econmic recover

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Originally Posted by joe
As far as Paul Krugman goes.. were you aware of this?:
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Austrian economist Bob Murphy has challenged Krugman to a public debate on Austrian vs. Keynesian business cycle theory. He has set up a campaign, which currently has raised $60,000 in pledges. If Krugman actually debates Murphy, then the money goes to a food bank in New York City. If Krugman never debates, no one's credit card is ever charged; people are only going to be charged for their pledge, when Krugman actually debates.

Should be a great debate, almost the exact same one that we're having. Too bad Krugman is either too arrogant or too scared to respond. $60,000 for homeless shelters for a 1 hour debate.. and Krugman won't do it. Hm.

http://krugmandebate.com/

Thanks for bringing me to the attention of Bob Murphy. In lieu of the debate with Krugman, Murphy did participate in an experiment that should shed some light on his economic model.

He made a bet in December 2009, that within the next three years inflation would hit double digits. It did not and he lost $500. He was then criticized by Berkeley economics professor Brad Delong for not rethinking his beliefs in light of the evidence.

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The most terrifying thing of all is that being completely, comprehensively, unmistakably, fundamentally, fatally, totally wrong has not led Robert Murphy to rethink or modify any of his analytical positions or ideological beliefs by even one iota.

I mean, one would expect an announcement on his weblog like: "I have been totally wrong, about everything. I am closing down this weblog for five years to avoid misleading readers while I intellectually retool. You will find me sitting at the feet of Paul Krguman, chanting 'om mani padme hum' until I achieve enlightenment."

If you look up robert murphy and inflation bet you see a lot blogs commenting on this.

In short both Krugman and Murphy staked out a claim as to what would happen in the near future based on their economic beliefs and the future turned out to validate Krugman's economic beliefs while doing the opposite for Murphy's. So what better example can we find of which economic model has a predictive ability.
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