Nobody Ever Wins a Game of Economic Calvinball

Thursday 30 June 2011

by: Paul Krugman, Krugman & Co. | Op-Ed

I was trying to come up with a way to describe Raghuram Rajan’s latest argument on why interest rates should go up despite high unemployment and quiescent inflation — but Mike Konczal, a fellow with the Roosevelt Institute, saved me the trouble.

As Mr. Konczal writes in his blog, Rortybomb, it’s Calvinball — making up new rules on the fly to justify whatever you want.