Comments on: Paul Krugman Awarded Economics Nobel

New York Times Columnist And Princeton Professor Receives Prize For Work On Trade Patterns

[mediawatch50]

Congratulations, Mr. Krugman. Those of us who like our economics to be based on reality, salute you.

[missingamerica]

Next year Maureen Dowd and Mark Rich will certainly share the prize for Literature.

Posted by ozonmojo at 08:19 AM : Oct 13, 2008

Unless the Republicans retain control of the White House, in which case I would expect William Kristol to win the Nobels for both Literature and Peace ("fraternity among nations").

[brianbwb-2009]

Krugman will be proven wrong, as his theory is based on a premise that disregards the effects of corruption, for example what is cheaper about destroying and replacing melamine-laced milk products, or recalls due to flawed construction, and non existent safety and quality standards.

The hidden costs simply get passed on to correction efforts, liability claims settlements, and other rehabilitation.

Any economic theory that disregards the effects of corruption is flawed, as is the presumption that such corruption is anything less than the norm.

Maybe the Nobel committee should put a clause in the prize that gives them the right to a refund when their prize winners are proven wrong.

[ozonmojo]

Next year Maureen Dowd and Mark Rich will certainly share the prize for Literature.