## Wednesday, October 27, 2010

### Who caused the 2008 financial crisis

Paul Krugman, New York Times, August 2nd, 2002

For his great contributions to the economy in 2008, Paul Krugman received the 2008 Nobel Memorial Prize in Economics.

The Keynesians will never learn the lesson. It's up to the others to learn their lesson and to treat Keynesianism on par with an infectious disease.

Via Peter Cresswell

Off-topic: Prague Orloj

The 600th anniversary of the Prague Astronomical Clock: a cool 10-minute light show.

1. To be fair. Krugman's comment was supposed to be tongue-in-cheek.

Not that he hasn't done his share to frag things up.

2. Dear Aaron,

he may have tried to make the article more entertaining but the content was meant seriously. Check the fast comments where this is discussed.

Until or unless you will provide at least an equally detailed justification of your hypothesis that it was tongue-in-cheek, and what he meant, is it OK for me to simply ignore your comment as a manifest and unjustified falsity?

Thanks,
Luboš

3. Yes. I don't know where I got the idea. And I can't find support for it. Unfortunately, I can't read the fast comments where I am (blocked), but I don't need to.

4. 2005 follow up post: http://query.nytimes.com/gst/fullpage.html?res=9507E4D61039F934A15756C0A9639C8B63

What I don't get is how he can advocate more easing now with "nothing to replace housing".