Just another manifestation of how you should spend or give away all your money before you die. Otherwise some idiot will use the prestige of your foundation to exhort their political views. Paul Krugman is a unrepentant partisan hack.
Gore followed by Krugman confirms that the Nobel Prize is going downhill fast.
There is a very good Spengler article in the Asia Times suggesting that Reuven Brenner would have been a much more logical choice. His thesis is that Krugmen’s work dealt with small signal theory of economics where linear thinking applies. In real life it is large seismic dislocations that drive the economy.
Spengler writes:
In a series of books beginning in 1983 with History: The Human Gamble and culminating with his latest volume, A World of Chance: Betting on Religion, Games, Wall Street [1], Brenner yanks economics inside-out by placing risky behavior at the center of the economic model.
In Brenner’s model, survival means maintaining one’s social status, one’s place in the pecking order or the corporate food chain, because falling behind decreases the likelihood of survival. Rivalry is the driving force, not an abstract measure of utility. There is something profoundly Biblical in this view: "I considered all labor and all excelling in work, that it is a man’s rivalry with his neighbor. This also is vanity and a striving after wind." – Ecclesiastes 4:4.
0 Comments