Contra Krugman: Smashing the Errors of America's Most Famous Keynesian

by Robert P. Murphy

WITH A FOREWORD BY RON PAUL If you believe in the unhampered free market, the New York Times' Paul Krugman thinks you're an idiot. This book is a relentless assault on the ideas of Krugman, and on the Keynesian economics that would have the government direct the economy in order to maximize prosperity and prevent recessions. In fact, the more they try to manage the economy the worse they make it -- as during the housing bubble years, when the Fed and the federal government colluded to gin up the housing market in order to keep the economy robust after 9/11. Oops. Unfortunately for Krugman and his followers, Krugman is able to declare victory for Keynesianism only by citing highly selective data, by ignoring or misrepresenting his own predictions, or by misstating the views of his opponents. Krugman even claims to have predicted the housing bubble -- after having called for the very policies that created it. Economist Robert Murphy (Ph.D., NYU) has an uncanny ability to recall Krugman's columns and interviews, and puts his command of this material to devastating use in this book. As Murphy shows, in no way whatever can it be said that Keynesian analysis has won the day. To the contrary, the Austrian School -- which has been critical of government intervention, particularly central banking -- has been vindicated in episode after episode. Topics The Great Depression
Obamacare
Krugman's Predictions
Monetary Policy
Climate Change
Financial "Reform"
Employment and Wages
The Minimum Wage
Business Cycles
Stimulus

Read this book and never lose a debate again.

Genres: Economics, Politics

600 pages, Paperback

Published August 13, 2018

About the author

Robert P. "Bob" Murphy is an Austrian School economist and anarcho-capitalist.

Reviews

[Void lon iXaarii · Rating 5 out of 5]

+, +, +, +, + One of the many wonderful qualities of this book is that you don't really need to be familiar with a lot of complex economics to see the Kontradictions, as what felt like >80% of the time the author wins his arguments simply by pointing back to Krugman's own writing where either that in his usual "political flexibility" he would bend the facts to suggest another outcome more fitting to his then interests or that in those earlier writings, be it academic papers or school manual, he actually presents the facts with better reasoning. It's nice that the whole book is actually written with a kind of respect for Krugman's intellect even if that sometimes points to how he lies while elegantly maintaining plausible deniability in some ways.

+, +, + For those who can't afford the book or just want a taster the podcast is freely available in places such as contrakrugman.com or other platforms (I & my wife enjoy Player FM), however I find the book superior for those looking for more condensed reasoning as the podcast might displease some with it's many jokes among friends, back references and jabs and all round delightful but specialty humor among the two widely accomplished author hosts.

-, + some subjects may have aged a few years now, however while that may make them uninteresting for purposes of contemporary political entertainment they should make for extra interest for those in search of truth, as if human society always accepts predictions about the future from witty orators as true but then never go back to see either how they played out or how the same people twist their words based on new political convenience that's quite :(

+, +, + the book covers a surprisingly wide range of subjects from the political to the academic economics to climate change to healthcare, all in a succinct and logical way, allowing views from multiple sides besides being highly entertaining.

+, +, +, +, + while personally being nowhere near the level of having an argument with either Krugman or Murphy and at times feeling it tough to follow them I find it such a delight to see their positions in argumentative and even violent conflict and from this safe distance to observe and be able to form an opinion on such high subjects. Overall my impression is that the author as well as in general the Austrian/Misesian school is much muuuch more familiar and knowledgeable in the Keynesian school's arguments while the other side constantly misses the points or seems to not know/understand them thus generally fighting against straw puppet arguments and imaginary windmills.

[Tiago Dias · Rating 5 out of 5]

A great book to understand the key differences between Keynesian economics and Austrian economics applied to topics very relevant today (monetary stimulus, fiscal stimulus, carbon taxes, minimum wage policy, healthcare systems, etc.). Even though the author is from the Austrian school he always compares the merits of both schools and presents data evidence that supports both to analyze each of the topics.

[Jimmy Morrison · Rating 5 out of 5]

When Paul Krugman wakes up from his nightmares, he curses Bob Murphy.

[Daniel Moss · Rating 4 out of 5]

The sushi roll essay is priceless.

[Ji Davis · Rating 4 out of 5]

Great book, but surely someone could check the graphs when in black and white can’t actually be interpreted as blue or red lines…

[Jim Ecock · Rating 1 out of 5]

Please don't make the same mistake.

I really wish I stopped reading this book when I realized I was not going to learn anything about economics. I'd put it down then pick it up again in the hopes it would get better. It's just a set of gripes.