Paul Krugman: Europe-bashing

I was struck by something in the recent Times profile of Michael C. Jensen, who played a pivotal role in providing an intellectual rationale for gigantic executive paychecks. Now he feels some remorse – in fact, he sounds a bit like Boris Karloff in Frankenstein: “I have created a monthtah.” But he rationalizes it by saying that at least we’re doing better than those decrepit Europeans:

“As competition has intensified, corporations have flourished, but not necessarily the communities in which they are located or the workers they employ. Those are shortcomings that Mr. Jensen considers an acceptable price to pay for an American economy that he believes has outstripped Japan and Europe in growth and prosperity.”