Contra Krugman

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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!

Bob Murphy and Tom Woods


    • Jun 10, 2020 LATEST EPISODE
    • every other week NEW EPISODES
    • 38m AVG DURATION
    • 225 EPISODES


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    Latest episodes from Contra Krugman

    Ep. 225 The Final Episode

    Play Episode Listen Later Jun 10, 2020 55:29


    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

    Ep. 224 Krugman Bravely Comes Out Against Killing Workers

    Play Episode Listen Later May 23, 2020 42:26


    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

    Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007

    Play Episode Listen Later May 11, 2020 28:21


    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

    Ep. 222 Why Won't We Listen to the Experts?

    Play Episode Listen Later Apr 25, 2020 36:58


    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

    Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman

    Play Episode Listen Later Apr 11, 2020 32:51


    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

    Ep. 220 Coronavirus Economics

    Play Episode Listen Later Mar 28, 2020 73:26


    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

    Ep. 219 Krugman Wants Perpetual Deficits

    Play Episode Listen Later Mar 14, 2020 28:06


    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

    Ep. 218 We Need Financial Regulation, Says Krugman

    Play Episode Listen Later Feb 29, 2020 37:29


    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

    Ep. 217 Do Deficits Help Depressed Economies?

    Play Episode Listen Later Feb 15, 2020 33:42


    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

    Ep. 216 Krugman Hearts Greta Thunberg

    Play Episode Listen Later Feb 2, 2020 38:02


    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

    Ep. 215 Don't Worry About the Deficit!

    Play Episode Listen Later Jan 18, 2020 36:08


    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

    Ep. 214 Austerity Is Just What the World's Economies Needed

    Play Episode Listen Later Jan 5, 2020 35:20


    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

    Ep. 213 Trump's Tariff War a Flop?

    Play Episode Listen Later Dec 22, 2019 34:30


    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

    Ep. 212 Trump, Crony Capitalism, and Impeachment

    Play Episode Listen Later Dec 7, 2019 35:59


    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

    Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?

    Play Episode Listen Later Nov 25, 2019 42:11


    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

    Ep. 210 Elizabeth Warren's Fiscal Fantasies

    Play Episode Listen Later Nov 8, 2019 32:48


    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

    Ep. 209 Robots Aren't the Problem

    Play Episode Listen Later Oct 26, 2019 30:32


    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

    Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!

    Play Episode Listen Later Oct 12, 2019 30:09


    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

    Ep. 207 Krugman Embraces Warren, Discards Economics

    Play Episode Listen Later Oct 5, 2019 44:05


    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

    Ep. 206 Are You Deranged for Opposing Regulation?

    Play Episode Listen Later Sep 21, 2019 32:07


    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

    Ep. 205 Is This Evidence of an Authoritarian Regime?

    Play Episode Listen Later Sep 14, 2019 31:39


    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

    Ep. 204 Krugman's Worst Blunders

    Play Episode Listen Later Sep 7, 2019 37:07


    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

    Ep. 203 Deeper Economic Analysis of Slavery, Free Trade vs. Welfare, and Debt Repudiation

    Play Episode Listen Later Aug 31, 2019 38:02


    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

    Ep. 202 David Stockman on Western Regimes Entering Cuckoo Land

    Play Episode Listen Later Aug 23, 2019 28:30


    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

    Ep. 201 The White Nationalist Hoax

    Play Episode Listen Later Aug 17, 2019 37:37


    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

    Ep. 200 Krugman on Bonds & Uncertainty: Interesting, But Still Wrong

    Play Episode Listen Later Aug 10, 2019 47:59


    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

    Ep. 199 Krugman: Trump's Tax Cuts Make the 1% -- and Rich Foreigners -- Richer

    Play Episode Listen Later Aug 3, 2019 34:37


    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

    Ep. 198 Should We Prevent the Rich from Living Longer?

    Play Episode Listen Later Jul 26, 2019 33:21


    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

    Ep. 197 Is Privatization (Including Prisons) Expensive and Evil?

    Play Episode Listen Later Jul 20, 2019 33:57


    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

    Ep. 196 There Aren't Any Socialists in the Democratic Party?

    Play Episode Listen Later Jul 10, 2019 34:10


    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

    Ep. 195 Trump Demands Lower Interest Rates; Krugman's Head Explodes

    Play Episode Listen Later Jun 28, 2019 35:32


    Krugman is horrified at Trump's pressure on the Federal Reserve to lower interest rates. Yet he thinks a case can be made for doing precisely that. What is Krugman to do? Show notes for Ep. 195

    Ep. 194 Elizabeth Warren Has Some Great Ideas

    Play Episode Listen Later Jun 22, 2019 35:18


    Krugman is very impressed by Elizabeth Warren, who he thinks has a whole bunch of very good, detailed policy proposals. This is precisely what the world needs more of, he says: public policy proposals based on the best scholarly literature. He proceeds to misrepresent that literature. We nail him. Show notes for Ep. 194

    Ep. 193 How Dare Trump Criticize Britain's National Health Service

    Play Episode Listen Later Jun 15, 2019 37:09


    Krugman is horrified that Donald Trump has been critical of the National Health Service (NHS) in Britain. Why, the NHS is doing a great job! We put Krugman's arguments under a microscope. Show notes for Ep. 193

    Ep. 192 Your Deepest Questions About the Fed Answered

    Play Episode Listen Later Jun 7, 2019 33:48


    We do another Q&A episode this week, a good portion of which revolves around the Federal Reserve: the best ways to undermine it, how we might transition away from it, whether a reckoning has to come even if the Fed never raises interest rates, and a lot more. Plus: would we rather debate ten duck-sized Krugmans or one Krugman-sized duck? Show notes for Ep. 192

    Ep. 191 Krugman Admits Hurting Trump Better Than Helping the Country, When It Comes to Infrastructure

    Play Episode Listen Later Jun 2, 2019 27:35


    Bob flies solo to point out a shocking admission in Krugman's column: He actually thinks Democrats are lucky that Trump backed out of an infrastructure deal, even though Krugman also believes the deal would have helped the country. Bob goes on to explain what's wrong with Krugman's economic arguments for more government infrastructure spending. Show notes for Ep. 191

    Ep. 190 Universal Basic Income, Trade Deficits, and Other Areas of Confusion

    Play Episode Listen Later May 25, 2019 39:49


    Bob and Tom take some outstanding and very important and helpful listener questions in this episode, such as: what is one legitimate contribution a Keynesian has made? Can trade deficits be bad? What are the best critiques of Austrian economics you've heard? And plenty more. Show notes for Ep. 190

    Ep. 189 The Truth About Trump and the Tariffs

    Play Episode Listen Later May 19, 2019 34:27


    The issue of international trade is not a simple one of a difference of opinion: Trump genuinely appears not to understand the subject. We sort it all out in this episode. Show notes for Ep. 189

    Ep. 188 Trump's Economy Proves Keynesianism is Right, Says Krugman

    Play Episode Listen Later May 10, 2019 33:51


    After having predicted that the election of Trump would lead to economic hard times as far as the eye could see, Krugman's new line is that of course the economy is strong: federal deficits have been driving it! Show notes for Ep. 188

    Ep. 187 It's OK for Bernie to Be Rich Because He's Not Evil

    Play Episode Listen Later May 4, 2019 34:33


    Krugman addresses the claim that Bernie Sanders, who until recently had been railing against "millionaires and billionaires," is a hypocrite since he's now a millionaire himself. Krugman proceeds to explain that among the super rich, most are right-wing and evil. Show notes for Ep. 187

    Ep. 186 Krugman Finally Mentions Mueller -- and It's Straight Outta Orwell

    Play Episode Listen Later Apr 27, 2019 32:30


    Had the Mueller report truly vindicated Krugman, we can be certain his victory-lap column would have come swiftly. Now that he's finally gotten around to mentioning it after a curious delay, he's jumping on the bandwagon of the Orwellian "Mueller proves we were right all along" segment of the American media. Show notes for Ep. 186

    Ep. 185 David Stockman Joins Us to Shred Economist's Love Letter to the Fed

    Play Episode Listen Later Apr 22, 2019 50:33


    Greg Mankiw, a professor of economics at Harvard, wrote an article for the New York Times urging America to preserve the Federal Reserve he loves. And what is that? A nonpolitical, nonpartisan, scientific economic management agency staffed by selfless advocates for the public good. David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins us to dismantle it. Show notes for Ep. 185

    Ep. 184 What Is Trump Doing to the Fed?

    Play Episode Listen Later Apr 13, 2019 40:53


    Krugman is very unhappy about the nominations of Stephen Moore and Herman Cain to the Federal Reserve's Board of Governors. (Cain's nomination now seems likely to be abortive.) Krugman devotes particular attention to Moore, whom he considers a partisan hack who changes his recommended policy depending on who is in power. We consider Krugman's accusations, and also discuss what the best monetary policy is regardless of the state of the economy. Show notes for Ep. 184

    Ep. 183 Contra Ocasio-Cortez

    Play Episode Listen Later Apr 6, 2019 39:56


    Alexandria Ocasio-Cortez, the controversial left-wing member of Congress, got into a Twitter war when she observed that a mere croissant at La Guardia Airport goes for $7, yet some people think $15 is too much to ask for a whole hour of human labor! She started it, we finish it. Show notes for Ep. 183

    Ep. 182 Hooray for the Minimum Wage? How Economists Went Off Track

    Play Episode Listen Later Mar 30, 2019 39:05


    In paying his respects to the recently deceased Alan Krueger, author of the widely discussed 1994 Card-Krueger study on the minimum wage, Krugman praises him for changing the way economists think about that subject. According to Krugman/Krueger, the labor market is more complicated than we thought, and increases in the minimum wage appear to have little to no effects on employment. Here's our reply to all this. Show notes for Ep. 182

    Ep. 181 Don't Blame Robots for Low Wages

    Play Episode Listen Later Mar 22, 2019 39:29


    Krugman starts off more or less all right in this one, arguing that robots aren't the reason wages aren't higher. But then he goes off into cloud cuckoo land, blaming the problem on a decline in labor unions. We also discuss the controversy about the connection (now broken, say some) between productivity and wages. Show notes for Ep. 181

    Ep. 180 Are We Full of Irrational Rage? (This One's a Doozy)

    Play Episode Listen Later Mar 15, 2019 34:16


    Krugman can't get over the stupid things his opponents get upset about, and how full of irrational rage they are -- quite unlike today's left, you understand. Show notes for Ep. 180

    Ep. 179 How to Defeat a Smear Attack Against You

    Play Episode Listen Later Mar 9, 2019 43:13


    This week, although we do cover Krugman a bit, we use a recent Caitlin Johnstone article as a springboard for discussion. With social media and traditional media in swarm mode against perpetrators of thoughtcrime, what is the best approach to maintain one's good name? Show notes for Ep. 179

    Ep. 178 Let's Socialize the Family, Say Warren and Krugman

    Play Episode Listen Later Mar 3, 2019 31:12


    This week Krugman endorses Elizabeth Warren's plan for subsidized child care at the federal level. It's so cheap, and it would help so many people! Meh. Show notes for Ep. 178

    Ep. 177 Semi-Sensible Krugman vs. Modern Monetary Theory (MMT)

    Play Episode Listen Later Feb 23, 2019 41:04


    Modern Monetary Theory (MMT) is picking up steam (thanks to Alexandria Ocasio-Cortez and Bernie Sanders), to the point that even Krugman is alarmed. Yes, he says, you will have to raise taxes to pay for what progressives want. This is the episode folks have been asking us for. Show notes for Ep. 177

    Ep. 176 Trump vs. Socialism?

    Play Episode Listen Later Feb 14, 2019 48:04


    Socialism isn't all that radical, insists Krugman. Plus: virtually all people who call themselves socialists just want to be like Denmark, not Venezuela or the Soviet Union. They just want poor people cared for! Anyone who thinks nicey-nice socialism like this could lead to bad outcomes is crazy and unreasonable, he says. So, as usual, we respond. Show notes for Ep. 176

    Ep. 175 The Free Market: Unpopular Without Racism

    Play Episode Listen Later Feb 7, 2019 46:26


    Krugman says nobody really supports free-market (what he calls "conservative") economics. Racists tolerate it because it's the only way they can get their racism fix; the Republicans, who give them the racism they seek, cling to "conservative" economics, so racists grudgingly accept it. But most Americans are far left on economics, which is why Howard Schultz, who's trying to combine some kind of fiscal restraint with social liberalism, is encountering so much hostility. It's a nutty column, but it yielded a great, punchy episode. Show notes for Ep. 175

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