Ep. 225 The Final Episode
On this final episode of Contra Krugman after nearly five years, we analyze Krugman's horrified response to state reopenings after the lockdowns. Show notes for Ep. 225
Jun 10, 2020•55 min
Contra Krugman
Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!
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Episodes
Ep. 224 Krugman Bravely Comes Out Against Killing Workers
With his usual magnanimity, Krugman declares that the epidemiologists have been completely accurate in their warnings during the pandemic, whereas those who want to reopen the economy are trying to kill workers. Tom and Bob beg to differ. Show notes for Ep. 224
May 23, 2020•42 min
Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007
In his attempt to praise Powell and criticize Trump, Krugman admits that the "real economy" is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed's emergency actions. Krugman says this pattern holds not only for our post-covid world, but ever since the mid-2000s. He thus ironically agrees with Austrian critics who've warned for years that the Fed was blowing up massive asset bubbles. Show notes for Ep. 223...
May 11, 2020•28 min
Ep. 222 Why Won't We Listen to the Experts?
Krugman is unhappy that the "right wing" is more apt to listen to people he considers quacks than to people he considers experts, and he says the COVID-19 problem is yet another example. We are unconvinced. Show notes for Ep. 222
Apr 26, 2020•37 min
Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman
Guest co-host Richard Ebeling -- who was one of Bob's own economics professors -- joins me to discuss Krugman's qualified support for the $2 trillion coronavirus relief bill recently signed into law, and why we shouldn't be cheering. Show notes for Ep. 221
Apr 11, 2020•33 min
Ep. 220 Coronavirus Economics
This episode delves into all the key questions surrounding the economics of the coronavirus crisis: bailouts, Federal Reserve policy, payments to individuals, the effects of the shutdown, and more. Show notes for Ep. 220
Mar 29, 2020•1 hr 13 min
Ep. 219 Krugman Wants Perpetual Deficits
In a perhaps surprising move for someone who said "deficits matter again" upon Trump's election, Krugman now makes the case for perpetual budget deficits in the range of 4% of GDP. This will facilitate much-needed "stimulus spending" in an era of weak growth and low inflation. Tom and Bob point out the fallacies in this thinking. Show notes for Ep. 219
Mar 14, 2020•28 min
Ep. 218 We Need Financial Regulation, Says Krugman
What really matters, says Krugman, is financial regulation. And only Elizabeth Warren can deliver, because Bernie will expend his political capital on unwinnable issues, and Bloomberg's heart isn't in it. We respond, as usual. Show notes for Ep. 218
Mar 01, 2020•37 min
Ep. 217 Do Deficits Help Depressed Economies?
Krugman complains that during the Obama years, when deficit spending was desperately needed, obstructionist Republicans opposed it out of what they claimed was principle, but was mere spite. Now, he says, with a Republican in the White House, they couldn't care less about deficits. What's really going on here? That's our topic for this episode. Show notes for Ep. 217
Feb 16, 2020•34 min
Ep. 216 Krugman Hearts Greta Thunberg
Krugman says Greta Thunberg is closer the economics mainstream than are her critics. Quite a few whoppers to deal with in this one, as you can surely imagine. Show notes for Ep. 216
Feb 03, 2020•38 min
Ep. 215 Don't Worry About the Deficit!
That's Krugman's message now. Interestingly, back in 2003 the very indicators he's now using to tell us not to worry were actually less pronounced, and yet back then he was warning of a "fiscal train wreck." In any case, today we discuss what the genuine problems with the deficit are, and why it makes perfect sense to be concerned about it. Show notes for Ep. 215
Jan 19, 2020•36 min
Ep. 214 Austerity Is Just What the World's Economies Needed
Krugman blames the "austerity" that began a decade ago for ensuing economic ills and political instability. This is a fashionable enough view, but the evidence against it is more or less overwhelming. Enjoy! Show notes for Ep. 214
Jan 06, 2020•35 min
Ep. 213 Trump's Tariff War a Flop?
Although details are still emerging, a deal has evidently been reached between China and the United States regarding trade. Did Trump accomplish anything (from his standpoint)? Was the whole thing a waste of time and resources? Did it create uncertainty in the business world? What should we think about trade deficits? It's all in here, folks. Show notes for Ep. 213
Dec 23, 2019•35 min
Ep. 212 Trump, Crony Capitalism, and Impeachment
We discuss the impeachment, Krugman's selective praise for whistleblowers, and what the correct approach to the problem of "crony capitalism" should be. Show notes for Ep. 212
Dec 07, 2019•36 min
Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?
We recorded this episode before a live audience at -- of all places -- the Austrian central bank in Vienna, where the Austrian Economics Center held a two-day academic conference. We respond to Krugman's key claim: namely, that Eurosclerosis is long over, and that Europe can no longer be cited with any plausibility as evidence that significant social spending and regulation retard employment. Show notes for Ep. 211
Nov 25, 2019•42 min
Ep. 210 Elizabeth Warren's Fiscal Fantasies
Krugman is impressed by the detail and alleged seriousness of Elizabeth Warren's Medicare for All plan and how it will be paid for. Bob and Tom, by contrast, are not so impressed. Show notes for Ep. 210
Nov 09, 2019•33 min
Ep. 209 Robots Aren't the Problem
Krugman criticizes Democrats who think automation is behind American job losses. But just when he's sounding sensible, he jumps back into "inadequate spending" being the problem. Show notes for Ep. 209
Oct 27, 2019•31 min
Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!
We got a lot of requests for an episode on debt after Krugman tweeted that "debt is money we owe to ourselves." What's the real truth? Show notes for Ep. 208
Oct 13, 2019•30 min
Ep. 207 Krugman Embraces Warren, Discards Economics
Historian and podcast host Brion McClanahan joins Bob to discuss Krugman's defense of Elizabeth Warren against the big bad plutocrats, who apparently are threatening to support Trump if she's the Democratic nominee. Krugman dismisses the possibility that these wealthy people might oppose Warren's wealth tax, and instead suggests that the real reason they hate Warren is that she hurt their feelings. Show notes for Ep. 207
Oct 05, 2019•44 min
Ep. 206 Are You Deranged for Opposing Regulation?
Krugman says people on the political right get inordinately worked up over minor regulations that have a clear public benefit, and that such people now have a champion in the White House. Could there be a reason other than derangement for why people get upset about various kinds of regulation? Bob and Tom discuss. Show notes for Ep. 206
Sep 21, 2019•32 min
Ep. 205 Is This Evidence of an Authoritarian Regime?
Krugman argues that an undemocratic, authoritarian regime is being built in the United States, and cites Sharpiegate and Trump's treatment of the auto industry as prime examples. Show notes for Ep. 205
Sep 14, 2019•32 min
Ep. 204 Krugman's Worst Blunders
We take listener questions in this episode, from Krugman's worst blunders, to how the Fed might return interest rates to their natural level, to a former Fed official's implication that the Federal Reserve ought to make Trump's reelection more difficult. Show notes for Ep. 204
Sep 08, 2019•37 min
Ep. 203 Deeper Economic Analysis of Slavery, Free Trade vs. Welfare, and Debt Repudiation
Because Krugman is a bore, Tom and Bob field questions from the listeners. They handle objections about their recent arguments concerning the economics of slavery, clear up apparent contradictions in the libertarian handling of free trade and the welfare state, and explain Rothbard's view of debt repudiation. Show notes for Ep. 203
Aug 31, 2019•38 min
Ep. 202 David Stockman on Western Regimes Entering Cuckoo Land
David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins Tom (Bob is on vacation) to explain what's really happening with the current inverted yield curve, as well as how to tell real growth from phony growth, and a lot more. Show notes for Ep. 202
Aug 23, 2019•29 min
Ep. 201 The White Nationalist Hoax
The ordinarily serene Bob Murphy is genuinely outraged in this episode, in which we cover Krugman's casual claim that Donald Trump is trying to establish an "authoritarian, white nationalist regime." Needless to say, it does not matter what your opinion of Trump is. This idea is out of some sort of alternate reality that in no way corresponds to the real world, but which in classic Orwellian style is presented as if all reasonable people just know it to be true. Show notes for Ep. 201...
Aug 17, 2019•38 min
Ep. 200 Krugman on Bonds & Uncertainty: Interesting, But Still Wrong
Bob minds the store and explains what is interesting about Krugman's discussion on bonds vs. stocks as ways to forecast recession, how an inverted yield curve signals problems, and the precise way that Trump could be depressing investment. Yet even though these abstract discussions are instructive, Bob argues that they don't really work in the cases where Krugman deploys them. Show Notes for Ep. 200
Aug 10, 2019•48 min
Ep. 199 Krugman: Trump's Tax Cuts Make the 1% -- and Rich Foreigners -- Richer
Krugman says that since Trump's tax cuts amounted to nothing but a giveaway to wealthy shareholders, and since many of those are foreigners, the tax cuts amounted to a perverse foreign aid program. Show notes for Ep. 199
Aug 03, 2019•35 min
Ep. 198 Should We Prevent the Rich from Living Longer?
In an "op-ed from the future," Krugman speculates about a world in which "the rich" have access to life-extending technology. Should they be allowed to have it if not everyone can afford it? This episode gets to the heart of the left-liberal worldview. Show notes for Ep. 198
Jul 26, 2019•33 min
Ep. 197 Is Privatization (Including Prisons) Expensive and Evil?
Krugman suggests that although it makes sense for much of the economy to be in private hands, there are some sectors where private control would yield perverse results. He devotes particular attention to so-called private prisons. So we set him straight. After all, that's why we're here. Show notes for Ep. 197
Jul 21, 2019•34 min
Ep. 196 There Aren't Any Socialists in the Democratic Party?
There aren't any real socialists running in the Democratic Party, says Krugman, because none of them want to abolish private ownership of the means of production. Republicans level the accusation because they're ignorant idiots. Krugman wonders what would happen if Republicans began to be routinely referred to as fascists (as if isn't happening every day). Show notes for Ep. 196
Jul 10, 2019•34 min
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