By William K. Black
This article discusses a simmering feud among five of the most prominent economists in the world (two of them Nobel Laureates). It was prompted by the August 8, 2013 article by Raghuram Rajan, who has just been selected to run India’s Central Bank, entitled: “The Paranoid Style in Economics.” (Note: I have deliberately “buried the lead” in my last section.)
The personalities involved have a great deal to do with the feud, but as Paul Krugman wrote on May 23, 2013, “It’s Not About You.”
(Cross-posted with permission of the author from
The Center of the Universe)
The intellectual dishonesty continues. As before, it’s the lie of omission.
R and R are familiar with my book ‘The 7 Deadly Innocent Frauds of Economic Policy’ and, when pressed, agree with the dynamics.
They know there is a more than material difference between floating and fixed exchange rate regimes that they continue to exclude from their analysis. Continue reading