Comment on Paul Krugman on ‘VAT of Deplorables’
Paul Krugman argues: “This says that if he [Trump] somehow becomes president, and decides to take the job seriously, it won’t help — because his judgment in advisers, his notion of who constitutes an expert, is as bad as his judgment on the fly.”
What exactly is an economic expert?
“In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum, 1991)
Economists have no true theory. Economics is a failed science. What economists have to offer is political opinion without sound scientific foundation.
Paul Krugman still applies IS-LM* and this proves that his scientific judgment is “as bad as his judgment on the fly”.
* See ‘Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It’