Ep. 99 Krugman Doesn’t Get What Happened in 2008

11 August 2017     |     Tom Woods     |     10

Krugman claims the downturn of 2008 was caused by inadequate “demand.” The Austrians claim the downturn was more complicated: it involved problems in particular sectors that had been artificially expanded, not a system-wide problem of not enough spending.

Thankfully, we can resolve this dispute swiftly enough — and we do, in this episode.

Krugman Column

Structural Unemployment: Yes, It Was Humbug” (August 4, 2017)

Contra Columns

Austrians Can Explain the Boom and the Bust,” by Bob Murphy
Putting Austrian Business-Cycle Theory to the Test,” by Bob Murphy
My Reply to Krugman on Austrian Business-Cycle Theory,” by Bob Murphy


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