I Can Question The Free Market And Not Be A Wild Man

Paul Krugman

Photo: NYtimes.com

Just a thought suggested by some economic discussions I’ve followed, including the comments on this blog: many people seem to have a hard time accepting that there are intermediate positions, in particular that you can question free-market, hard-money dogma without being a wild man. To say that some inflation can sometimes be a good thing does not mean advocating hyperinflation; to call for deficit spending in slumps does not mean saying that debt and deficits never matter; and so on.This inability to make distinctions was really on display in response to my recent Argentina post. My point was that you really can’t use Argentina to make a case that default is always a disaster, since Argentina had a strong recovery after default. I would have thought that was a clear and simple point. But apparently many people believed that I was claiming that

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