Liberals love Paul Krugman, the unapologetically progressive economist and New York Times columnist who never met a tax hike or Keynesian government spending program that he didn’t like. He is lionized by progressives as the go-to authority on all matters of economic policy, and his Nobel Prize is routinely shoved in the faces of dissenters as the ultimate “shut up”.
But in reality, Krugman is often very, very wrong. Hilariously wrong. Wrong to the point of mockery.
I think it’s time to start an official Paul Krugman Hall of Shame, something that we can all bookmark for our own amusement. I’ll start it with three notable Krugman observations:
The growth of the Internet will slow drastically, as the flaw in “Metcalfe’s law”–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.
What Mr. Romney and everyone else should know is that the Veterans Health Administration is a huge policy success story, which offers important lessons for future health reform.
Commenters, feel free to submit your own Krugman quotes …