Imports make us rich: SF blogger wins Nobel

[matgb]

This is cool. Noted Science Fiction fan and blogger Paul Krugman has won the Nobel Memorial Prize for economics for studying:

the effects of free trade and globalization & the driving forces behind worldwide urbanization

or, in other words, making it fairly clear that imports make us rich, and exports are the boring shite we do to pay for them, something that's fairly well known to anyone that understands Ricardo. Shame that most journalists and politicians don't.

Comments

[srk1.livejournal.com]

"The return of depression economics" is probably worth a re-read in these times.

[matgb]

Hmm, a quick glance through Brad's review does seem to indicate relevence, yes—not really read his books, just his blog and columns on occasions. Time not being infinite is a bit of a problem.

[srk1.livejournal.com]

Most of his popular works are collections of columns ("The Accidental Theorist" and "Pop Internationalism" are good ones, "The Great Unravelling is less good as it strays away from economics and into political commentary, which is not his main strength). "The Return of Depression Economics" is a proper book of new material, and short with it. Hopefully if we get a Democrat in the White House his prescriptions might actually be followed (they might even be followed by appointing him Treasury Secretary).

[tiredstars.livejournal.com]

Possibly the only Economics Nobel to confuse his readers with "all your x are belong to y" statements (it's a technical economics phrase). eg. "All our corporate investment are belong to Greece?"

[lizw.livejournal.com]

Tim Worstall's response in the first comment on the post you link to is extremely illuminating for this non-economist. Thank you.

[matgb]

That was specifically what I was linking to, as it's one of the best explanations I've seen—Tim might be a loon at times (well, UKIP press officer now), but when it comes to basic liberal economics he has a good understanding and a nice way with words.

I've been deliberately reading a lot of economics blogs over the last few years, I have a basic grounding in the subject but no real training, but being able to explain it is useful.