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Comments on: The Silly Will Always Be With Us https://whynow.dumka.us/2010/07/01/the-silly-will-always-be-with-us/ On-line Opinion Magazine...OK, it's a blog Fri, 02 Jul 2010 05:09:50 +0000 hourly 1 https://wordpress.org/?v=6.4.3 By: Badtux https://whynow.dumka.us/2010/07/01/the-silly-will-always-be-with-us/comment-page-1/#comment-52742 Fri, 02 Jul 2010 05:09:50 +0000 http://whynow.dumka.us/?p=15250#comment-52742 There are two laws of economics that everybody should memorize. They’re called Brad Delong’s Laws of Economics, because economist Brad Delong ruefully formulated them upon finding out that, once again, his disagreement with a certain other economist ended up with him being wrong and the other economist being right. So, without further ado, Delong’s Laws of Economics:

1) Paul Krugman is right.
2) If your analysis leads you to conclude that Paul Krugman is wrong, refer to rule #1.
.

Needless to say, Kartik Athreya’s analysis violates rule #2. That is all :).

– Badtux the Economics Penguin

PS: In the post where Delong disagreed with Krugman and formulated these laws, he was wrong and Krugman was right — the bank bailout *was* a woefully inadequate band-aid. Now that we’re 16 months down the road, we find that these laws of economics still hold true :).

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