Froth and Bubble: The Inconsistency of Paul Krugman's Macroeconomic Analysis

Abstract

Consistency is one of the touchstones used to evaluate not only arguments but also the people that put forward the arguments. In assessing the person advocating an argument, it is natural to look for coherence over time in their arguments and, secondly, whether the person offers a convincing explanation for a change of view. We apply this framework to evaluate some of Paul Krugman's macroeconomic analysis.