Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” “The Age of Diminished Expectations” + more.

Paul Krugman: Zombies of 2016 — GOP presidential hopefuls float ideas that should have died long ago in the face of evidence that undermines their basic premise.

Blurry Fiscal Hindsight — Simon Wren-Lewis continues his voice in the wilderness campaign against British economic myths, focusing on claims that Labour was fiscally profligate. Needless to say, I agree, and would like to enlarge on his points. The simple fact is that Britain was not running big deficits on the eve of the financial crisis, and that public debt wasn't high by historical standards.

Clinton Rules - — So there's a lot of buzz about alleged scandals involving the Clinton Foundation. Maybe there's something to it. But you have to wonder: is this just the return of "Clinton rules"?

Zombies of 2016 - — Last week, a zombie went to New Hampshire and staked its claim to the Republican presidential nomination. Well, O.K., it was actually Gov. Chris Christie of New Jersey. But it's pretty much the same thing. You see, Mr. Christie gave a speech in which he tried to position himself as a tough-minded fiscal realist.

Friday Night Music, Early Edition: San Fermin — Yes, I know it's Thursday - but they have a new record just out, and two concerts in Williamsburg tonight and tomorrow. (Alas, I can't make it - my various day jobs sometimes get in the way of my indie obsession.) And this is the first video I've seen that really conveys how great they are in live performance.

ACA Airbrushing -

The Employment Situation — My current favorite gauge of the jobs picture is the employment-population ratio for prime-age adults (25-54). EP ratio instead of unemployment rate, because U may be distorted by workers dropping out. Prime-age not because the old and young don't matter, but to take demographic change out of the picture.

The Stability Two-Step — Yes, I'm wide awake at a ridiculous hour thanks to jet lag. Why do you ask? A couple of weeks ago Ben Bernanke wrote a detailed takedown of ... somebody, who has been arguing that money should be tighter even in a depressed economy, so as to safeguard financial stability.

Paul Krugman: Greece on the brink — Deal on debt is clear, but doesn't appear to be coming together, threatening an unnecessary rupture that will cast long shadows over the future.

Greece on the Brink — "Don't you think they want us to fail?" That's the question I kept hearing during a brief but intense visit to Athens. My answer was that there is no "they" - that Greece does not, in fact, face a solid bloc of implacable creditors who would rather see default and exit from the euro than let a leftist government succeed, that there's more good will on the other side of the table than many Greeks suppose.
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Apr 15, 2015

Nonlinearity, Multiple Equilibria, and the Problem of Too Much Fun (Wonkish)

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