Friday, May 24, 2013

More intellectual dishonesty from Kenneth Rogoff.

Rogoff always likes to portray himself as an impartial academic. The truth, as is obvious to anyone with more than three brain cells, is that he is into propaganda big time.

His latest piece of propaganda is an article entitled “Europe’s lost Keynsians”.  And the thrust of the article is that there are loads of Keynsians (his favourite bĂȘte noir) advocating an end to austerity in the Eurozone. He then goes on to explain that simple Keynsian type stimulus won’t cure the Eurozone’s problems.

Well anyone with a modest grasp of economics worked that out long ago!

Rogoff is of course quite right to point to the numerous and vociferous calls for an end to austerity in the Eurozone. But these calls ARE NOT COMEING FROM THOSE WITH A GRASP OF ECONOMICS.

They are coming from ordinary people, trade unions and others with a relatively poor grasp of the subject. And no one can blame them: unemployment is clearly a serious problem in the EZ.

So why is Rogoff trying to blame “Keynsians” for a mistake made by people with little grasp of economics and who are quite clearly not sophisticated Keynsians? Well it’s because Rogoff opposes Keynsian policies in countries which are not “Eurozone type" countries: that’s countries which issue their own currencies, like the US, Japan, UK etc.

So . . . pull the other one, Rogoff.

Or, to do Rogoff justice, perhaps he is stupid rather than dishonest. Perhaps he really thinks his point about simple Keynsian stimulus not being a cure for EZ problems is original.


P.S. 25th May, 2013.  Looks like Paul Krugman takes as jaundiced a view of Rogoff's article as I do.

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