Paul Krugman: Did Texas Really Experience an Economic Miracle?

Philip Longman, a senior editor at Washington Monthly magazine, wrote a very good article in the latest edition that debunks the hype about the Texas economy. Things I didn't know included the fact that net inward migration by native-born Americans is actually quite small.

But I wanted to follow up on one particular point: the role of oil and gas in recent years. In his article, Mr. Longman concedes that these industries directly account for a fairly small share of the economy even in Texas, but argues that their rapid growth, combined with multiplier effects, makes them a much bigger story when it comes to Texas growth.