Krugman_response and the Great Debate

8/14/2019 Krugman_response and the Great Debate

1/11

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web iaag ajg wlob}# Ga |ar {bobokb{ webo1 Ye| }rme n Gbknwb1 Kbmnr}b f{ao web

Rclvb{}lw| af Melmnia* X{afb}}a{ Daec Mame{ncb en} {b}xacgbg web ijavb jnrcme k|

@{rionc f{ao web Cby \a{` Wlob} yebc lc nc n{wlmjb eb x{nmwlmnjj| lc}rjwbg web lcwbjjlibcmb

ncg web dak af Bmacaolm}#

Lw l} njj vb{| bulwlci. Nwwnmebg iab} web ]bxwbokb{ >6we vb{}lac af n {b}xac}b ilvbc ac ]bxwbokb{ >8we#

N} L glg lc wel} n{wlmjbXaxxb{ | Crb}w{a Kjnm` ]ync Oacmjavlwn %}a{{|* acj| nvnljnkjb lc ]xncl}e,* yebc

lc Nx{lj L m{lwlmltbg web Bmacaolm Xajlm| af web ]xncl}e Iavb{cobcw* x{afb}}a{ Mame{ncb ilvb} n `b| {ajb wa web

[akb{w Kn{{a} [lmn{glnc b~rlvnjbcmb weba{bo lc el} m{lwlml}o wa @b|cb}lncl}o#

L dr}w eaxb lw yljj kb dr}w web vb{| kbilcclci.

Bcda| lw.

Yn{o [bin{g}*

Jrl} [lb}w{n Gbjinga

Eay glg Xnrj @{rionc ibw lw }a Y{aci1

Daec E# Mame{ncb>

]bxwbokb{ >6* ;88 Rclvb{}lw| af Melmnia Kaawe ]meaaj af Kr}lcb}}# Onc| majjbnirb} ncg f{lbcg} ebjxbg* krw L

gacw yncw wa cnob webo fa{ akvlar} {bn}ac}# @{rionc fnc}4 Xjbn}b gacw kaweb{ bonljlci

ob wa wbjj ob yenw n db{` L no#>
http://www.elconfidencial.com/cache/2009/04/15/tribuna_19_popper_nuestro_black_monclovita.htmlhttp://www.elconfidencial.com/cache/2009/04/15/tribuna_19_popper_nuestro_black_monclovita.htmlhttp://www.nytimes.com/2009/09/06/magazine/06Economic-t.htmlhttp://www.elconfidencial.com/cache/2009/04/15/tribuna_19_popper_nuestro_black_monclovita.htmlhttp://www.nytimes.com/2009/09/06/magazine/06Economic-t.html


2/11

Lw ibw} ya{}b# @{rionc elcw} nw gn{` mac}xl{nmlb}* mjnlolci gl}}bcwb{} n{b

on{ilcnjltbg# Oa}w af web n{wlmjb l} dr}w n mnjroclar} xb{}acnj nwwnm` ac nc bvb{/

i{aylci bcbolb} jl}w* yelme cay lcmjrgb} cby @b|bcb}lnc} }rme n} Ajlvlb{

Kjncmen{g ncg I{bi Onc`ly# [nweb{ wenc }ar{mb x{afb}}lacnj y{lwlci* eb xjn|}

iawmen ylwe arw/af/macwbuw }bmacg/encg ~rawb} f{ao obgln lcwb{vlby}# Eb on`b}

}wrff rx* kajgj| xrwwlci ya{g} lc xbaxjb} oarwe} wenw {rc macw{n{| wa webl{ y{lwwbcaxlclac}# Bvbc wel} l}cw bcarie4 eb ngg} mn{waac} wa w{| wa on`b el} bcbolb}

jaa` }ljj|* ncg xrw} webo lc fnj}b ncg bokn{{n}}lci }lwrnwlac}# Eb nmmr}b} r} af

ngaxwlci lgbn} fa{ xn|* }bjjlci arw fa{ }nkknwlmnj} nw web Eaavb{ lc}wlwrwlac ncg fnw

Ynjj }w{bbw xn|mebm`}# Lw }arcg} n klw xn{ncalg#

Lw} ncca|lci wa web vlmwlo}* krw yb{b kli ka|} ncg il{j}# Lw} n gl}}b{vlmb wa Cby

\a{` Wlob} {bngb{}# Web| gbxbcg ac @{rionc wa {bng {bnj nmngbolm jlwb{nwr{b ncg

glib}w lw* ncg web| ibw wel} nwwnm` lc}wbng# Ncg lw} lcbffbmwlvb# Nc| n}wrwb {bngb{

`cay} wenw xb{}acnj nwwnm`} ncg lccrbcga obnc web nrwea{ en} {rc arw af lgbn}#

Wenw} web kliib}w ncg }nggb}w cby} af wel} xlbmb4 Xnrj @{rionc en} ca lcwb{b}wlcilgbn} yenw}abvb{ nkarw yenw mnr}bg ar{ mr{{bcw flcncmlnj ncg bmacaolm x{akjbo}*

yenw xajlmlb} oliew envb x{bvbcwbg lw* a{ yenw oliew ebjx r} lc web frwr{b* ncg eb

en} ca macwnmw ylwe xbaxjb yea ga# L{{nwlacnjlw| ncg ngvlmb wa }xbcg jl`b n

g{rc`bc }nlja{ n{b x{bww| }rxb{flmlnj maoxn{bg wa njj web fn}mlcnwlci welci}

bmacaol}w} n{b y{lwlci nkarw lw web}b gn|}#

Eay }ng#

Wenw} yenw L welc`* krw L gacw buxbmw |ar web {bngb{ wa kb macvlcmbg k| o| axlclac

a{ o| {bfb{bcmb wa x{afb}}lacnj mac}bc}r}# On|kb eb l} {liew# Ammn}lacnjj|

}mlbcmb}* b}xbmlnjj| }amlnj }mlbcmb}* ga wn`b n y{aci wr{c fa{ n gbmngb a{ wya# L

weariew @b|cb}lnc bmacaolm} yn} }rme n y{aci wr{c# ]a jbw} wn`b n ~rlm` jaa` nw

web lgbn}#

@{rionc} nwwnm` en} wya ianj}# Fl{}w* eb welc`} flcncmlnj on{`bw} n{b lcbfflmlbcw*

frcgnobcwnjj| grb wa l{{nwlacnj lcvb}wa{}* ncg wer} x{b| wa bumb}}lvb vajnwljlw|

yelme cbbg} iavb{cobcw macw{aj# ]bmacg* eb jl`b} web erib fl}mnj }wlorjr}

x{avlgbg k| orjwl/w{ljjlac gajjn{ gbflmlw}#

Bfflmlbcm|#

Lw} frc wa }n| yb glgcw }bb web m{l}l} maolci* krw web mbcw{nj boxl{lmnj x{bglmwlac af

web bfflmlbcw on{`bw} e|xaweb}l} l} x{bml}bj| wenw cakag| mnc wbjj yeb{b on{`bw} n{b

ialci cblweb{ kbcbvajbcw iavb{cobcw kr{bnrm{nw}* ca{ m{nfw| ebgib/frcg

oncnib{}* ca{ lva{|/wayb{ nmngbolm}# Wel} l} x{aknkj| web kb}w/wb}wbg x{axa}lwlac

;


3/11

lc njj web }amlnj }mlbcmb}# @{rionc `cay} wel}* }a njj eb mnc ga l} erff ncg xrff

nkarw el} gl}jl`b fa{ n weba{| yea}b mbcw{nj x{bglmwlac l} wenw cakag| mnc kb n

{bjlnkjb }aawe}n|b{#

@{rionc y{lwb} n} lf web vajnwljlw| af }wam` x{lmb} njacb gl}x{avb} on{`bw bfflmlbcm|*

ncg bfflmlbcw on{`bwb{} dr}w lica{bg lw njj web}b |bn{}# Wel} l} n mncn{g wenw Xnrj`cay} kbwwb{ wenc wa xn}} ac* ca onwwb{ eay {ebwa{lmnjj| macvbclbcw# %L mnc avb{jaa`

el} olulci rx web MNXO ncg Kjnm`/]meajb} oagbj* krw caw wel}#, Web{b l} cawelci

nkarw bfflmlbcm| wenw x{aol}b} }wnkljlw|# ]wnkjb i{aywe yarjg lc fnmw kb n

onda{ vlajnwlac af bfflmlbcm|# Bfflmlbcw on{`bw} glg caw cbbg wa ynlw fa{ web oboa{|

af >


4/11

gayc# On{`bw} rx1 N ynvb af xa}lwlvb }bcwlobcw# On{`bw} ybcw gayc1 L{{nwlacnj

xb}}lol}o# % Web {l}` x{bolro or}w envb lcm{bn}bg l} dr}w n} boxw|#, Ar{

ncmb}wa{} marjg ga wenw# [bnjj|* l} wenw nc lox{avbobcw ac Tbr} eng n fliew ylwe

Nxajja1 Iaag }b{lar} kbenvla{nj bmacaol}w} `cay wel}* ncg web| n{b ml{mro}xbmw lc

webl{ buxjncnwa{| mjnlo} }a fn{#

Krw wel} n{irobcw wn`b} r} nyn| f{ao web onlc xalcw# Web mn}b fa{ f{bb on{`bw}

cbvb{ yn} wenw on{`bw} n{b xb{fbmw# Web mn}b fa{ f{bb on{`bw} l} wenw iavb{cobcw

macw{aj af on{`bw}* b}xbmlnjj| n}}bw on{`bw}* en} njyn|} kbbc orme ya{}b#

@{rionc nw kawwao l} n{irlci wenw web iavb{cobcw }earjg on}}lvbj| lcwb{vbcb lc

flcncmlnj on{`bw}* ncg wn`b men{ib af web njjamnwlac af mnxlwnj# Eb mncw ~rlwb maob

arw ncg }n| wel}* krw eb gab} }n| @b|cb} mac}lgb{bg lw n vb{| kng lgbn wa jbw }rme

on{`bw}glmwnwb loxa{wncw kr}lcb}} gbml}lac}* ncg flcncmb bmacaol}w} kbjlbvbg

wenw yb }earjg xrw web mnxlwnj gbvbjaxobcw af web cnwlac lc web encg} af yenw

@b|cb} eng mnjjbg n hmn}lca# Ybjj* lf on{`bw} mncw kb w{r}wbg wa njjamnwb mnxlwnj*

yb gacw envb wa maccbmw waa onc| gaw} wa lonilcb yea Xnrj en} lc olcg#

Wa {bnme wel} macmjr}lac* |ar cbbg bvlgbcmb* buxb{lbcmb* a{ nc| {bnjl}wlm eaxb wenw

web njwb{cnwlvb yljj kb kbwwb{# [bobokb{* web ]BM marjgcw bvbc flcg Kb{clb Ongaff

yebc eb yn} encgbg wa webo ac n }ljvb{ xjnwwb{# Welc` af web i{bnw dak Fncclb*

F{bgglb* ncg Maci{b}} glg lc web oa{winib on{`bw# L} wel} }|}wbo ialci wa {birjnwb

Mlwli{arx* irlgb flcncmlnj on{`bw} wa web {liew x{lmb* {bxjnmb web }wam` on{`bw* ncg

wbjj ar{ }amlbw| yelme cby x{agrmw} n{b ya{we lcvb}wobcw1 N} Gnvlg Yb}}bj}

bumbjjbcw Lc Fbg Yb W{r}won`b} xb{fbmwj| mjbn{* iavb{cobcw {birjnwa{} fnljbg dr}w

n} nk|}onjj| n} x{lvnwb lcvb}wa{} ncg bmacaol}w} wa }bb web }wa{o maolci# Ncg caw

f{ao nc| jnm` af }on{w}#

Lc fnmw* web kbenvla{nj vlby ilvb} r} n cby ncg }w{acib{ n{irobcw ninlc}w

{birjnwlac ncg macw{aj# [birjnwa{} n{b dr}w n} eronc ncg l{{nwlacnj n} on{`bw

xn{wlmlxncw}# Lf knc`b{} n{b* lc @{rionc} ya{g}* lglaw}* webc }a or}w kb web

w|xlmnj w{bn}r{| }bm{bwn{|* fbg menl{onc* ncg {birjnwa{| }wnff# Web| nmw njacb a{ lc

maoolwwbb}* yeb{b kbenvla{nj kln}b} n{b orme kbwwb{ gamrobcwbg wenc lc on{`bw

}bwwlci}# Web| n{b }wljj bn}lj| mnxwr{bg k| lcgr}w{lb}* ncg fnmb xajlwlmnjj| gl}wa{wbg

lcmbcwlvb}#

Mn{bfrj kbenvla{njl}w} `cay wel}* ncg ga caw ~rlm`j| {rc f{ao web on{`bw iaw lw

y{aci wa web iavb{cobcw mnc xrw lw njj {liew# Bvbc o| oa}w kbenvla{nj

majjbnirb} [lmen{g Wenjb{ ncg Mn}} ]rc}wblc lc webl{ kaa` Crgib ia acj| }a fn{ n}n jliew jlkb{wn{lnc xnwb{cnjl}o* }riib}wlci iaag gbfnrjw axwlac} ac ar{ 78>%`,

nmmarcw}# %Ncg bvbc eb{b web|{b caw vb{| mjbn{ ac eay web Fbgb{nj Crgilci Nibcm|

l} ialci wa }wbb{ mjbn{ af lcgr}w{| mnxwr{b#, Web| gacw bvbc welc` af droxlci f{ao

l{{nwlacnj on{`bw}* yelme web| kbjlbvb lc gbbxj|* wa Fbgb{nj macw{aj af }wam` ncg

ear}b x{lmb} ncg njjamnwlac af mnxlwnj#

7


5/11

]wlorjr}

Oa}w af njj* @{rionc jl`b} fl}mnj }wlorjr}# Lc wel} ~rb}w* eb nmmr}b} r} ncg web {b}w

af web bmacaolm} x{afb}}lac af ol}wn`lci kbnrw| fa{ w{rwe# Eb} caw mjbn{ ac yenw

web kbnrw| l} wenw yb njj fbjj lc javb ylwe* ncg ye| acb }earjg }erc lw* fa{ iaag

{bn}ac# Web fl{}w }l{bc af kbnrw| l} }loxjb jailmnj mac}l}wbcm|# Xnrj} @b|cb}lncbmacaolm} {b~rl{b} wenw xbaxjb on`b jailmnjj| lcmac}l}wbcw xjnc} wa mac}rob oa{b*

lcvb}w oa{b* ncg xn| oa{b wnub} ylwe web }nob lcmaob# Web }bmacg }l{bc l}

xjnr}lkjb n}}roxwlac} nkarw eay xbaxjb kbenvb# @b|cb}lnc bmacaolm} {b~rl{b}

wenw web iavb{cobcw l} nkjb wa }|}wbonwlmnjj| faaj xbaxjb ninlc ncg ninlc# Lw

x{b}rob} wenw xbaxjb gacw welc` nkarw web frwr{b lc on`lci gbml}lac} wagn|#

Jailmnj mac}l}wbcm| ncg xjnr}lkjb farcgnwlac} n{b lcgbbg kbnrwlfrj krw wa ob web|

n{b nj}a kn}lm x{bmacglwlac} fa{ w{rwe#

Lc bmacaolm}* }wlorjr} }xbcglci {nc ni{arcg ac [akb{w Kn{{a} [lmn{glnc

b~rlvnjbcmb weba{bo# Wel} weba{bo }n|} wenw gbkw/flcncmbg }xbcglci mncw envb

nc| bffbmw kbmnr}b xbaxjb* }bblci web elieb{ frwr{b wnub} wenw or}w xn| aff webgbkw* yljj }loxj| }nvb oa{b# Web| yljj kr| web cby iavb{cobcw gbkw ncg jbnvb njj

}xbcglci gbml}lac} rcnjwb{bg# L} wel} weba{bo w{rb1 Lw} n jailmnj maccbmwlac f{ao n

}bw af lf wa n }bw af web{bfa{b# Caw bvbc Xnrj mnc akdbmw wa web maccbmwlac#

Web{bfa{b* yb envb wa bunolcb web lf}# Ncg wea}b lf} n{b* n} r}rnj* akvlar}j| caw

w{rb# Fa{ bunoxjb* web weba{bo x{b}rob} jrox/}ro wnub}* caw x{axa{wlacnj lcmaob

wnub}# Njn}* yebc |ar wn`b wel} lcwa nmmarcw yb n{b njj ongb xaa{b{ k| gbflmlw

}xbcglci* }a web orjwlxjlb{ l} oa}w jl`bj| cbinwlvb# Web weba{bo %jl`b oa}w

@b|cb}lnc bmacaolm}, lica{b} web maoxa}lwlac af arwxrw0 krw }r{bj| }xbcglci

oacb| ac {ang} {nweb{ wenc mn{} mnc nffbmw web avb{njj jbvbj#

Bmacaol}w} envb }xbcw n ibcb{nwlac wa}}lci ncg wr{clci web [lmn{glnc b~rlvnjbcmb

weba{bo* ncg n}}b}}lci web jl`bj| bffbmw} af fl}mnj }wlorjr} lc lw} jliew* ibcb{njltlci

web lf} ncg flir{lci arw web jl bj| web{bfa{b}# Wel} l} bunmwj| web {liew yn| wa ga

welci}# Web loxnmw af [lmn{glnc b~rlvnjbcmb l} caw wenw wel} }loxjb nk}w{nmw

kbcmeon{` l} jlwb{njj| w{rb# Web loxnmw l} wenw lc lw} yn`b* lf |ar yncw wa rcgb{}wncg

web bffbmw} af iavb{cobcw }xbcglci* |ar envb wa }xbmlf| ye| lw l} fnj}b# Galci }a

gab} caw jbng |ar nc|yeb{b cbn{ ajg/fn}elacbg @b|cb}lnc bmacaolm}# Lw jbng} |ar

wa mac}lgb{ gl}wa{wlci wnub}* eay orme xbaxjb mn{b nkarw webl{ meljg{bc* eay onc|

xbaxjb yarjg jl`b wa ka{{ay oa{b wa flcncmb wagn|} mac}roxwlac ncg }a ac# Ncg

yebc |ar flcg on{`bw fnljr{b} wenw oliew dr}wlf| n orjwlxjlb{* axwlonj/xajlm|

ncnj|}l} }riib}w} flulci web on{`bw fnljr{b}* caw webl{ buxjalwnwlac k| fl}mnj

orjwlxjlb{# Oa}w Cby @b|cb}lnc ncnj|}b} wenw ngg f{lmwlac} gacw x{agrmb kli

orjwlxjlb{}#

Wel} l} eay {bnj welc`lci nkarw }wlorjr} nmwrnjj| x{ambbg}# Cakag| bvb{n}}b{wbg

wenw nc lcm{bn}b lc iavb{cobcw }xbcglci mnccaw* rcgb{ nc| ml{mro}wncmb}*

lcm{bn}b boxja|obcw# Wel} l} rc}rxxa{wnkjb k| nc| }b{lar} {bvlby af x{afb}}lacnj

2


6/11

y{lwlci}* ncg @{rionc `cay} lw# %O| ayc n{b xb{fbmwj| mjbn{ ac jaw} af xa}}lkljlwlb}

fa{ nc nc}yb{ wenw l} caw tb{a#, Krw welc`lci we{arie wel} }a{w af welci ncg buxjnlclci

lw l} orme en{gb{ wenc dr}w wn{{lci |ar{ bcbolb} ylwe arw/af/macwbuw ~rawb}* bwelmnj

lccrbcga* a{ }ljj| mn{waac}#

Lc fnmw* L x{axa}b wenw @{rionc elo}bjf gab}cw {bnjj| kbjlbvb web @b|cb}lnc jailm fa{wenw }wlorjr}# L garkw eb yarjg fajjay wenw jailm wa lw} lcbvlwnkjb macmjr}lac}#

]wlorjr} or}w envb }aob aweb{ nww{nmwlac wa elo#

Lf |ar kbjlbvb web @b|cb}lnc n{irobcw fa{ }wlorjr}* |ar }earjg welc` Kb{clb Ongaff

l} n eb{a# Eb waa` oacb| f{ao xbaxjb yea yb{b }nvlci lw* ncg invb lw wa xbaxjb yea

oa}w n}}r{bgj| yb{b ialci wa }xbcg lw# Bnme gajjn{ }a w{nc}fb{{bg* lc @{rionc}

ya{jg* ibcb{nwb} nc ngglwlacnj gajjn{ ncg n enjf af cnwlacnj lcmaob# Web ncnjai| l}

bvbc mja}b{# Ongaff glgcw dr}w wn`b oacb| f{ao el} }nvb{}* eb b}}bcwlnjj| ka{{aybg

lw f{ao webo* ilvlci webo xeac| nmmarcw} ylwe x{aol}b} af i{bnw x{aflw} wa maob#

Wel} jaa`} n jaw jl`b iavb{cobcw gbkw#

Lf |ar kbjlbvb web @b|cb}lnc n{irobcw fa{ }wlorjr}* |ar gacw mn{b eay web oacb|

l} }xbcw# Njj wel} xrffb{| nkarw lcf{n}w{rmwr{b* oaclwa{lci* yl}b lcvb}wobcw* dak}

m{bnwbg ncg }a ac l} xalcwjb}}# @b|cb} weariew web iavb{cobcw }earjg xn| xbaxjb

wa gli glwmeb} ncg fljj webo rx#

Lf |ar kbjlbvb lc @b|cb}lnc }wlorjr}* |ar gacw bvbc mn{b lf web iavb{cobcw

}xbcglci oacb| l} }wajbc# Nmwrnjj|* wenw yarjg kb kbwwb{# Welbvb} envb cawa{lar}j|

elie x{axbc}lwlb} wa mac}rob#

Web m{n}e#

@{rionc} n{wlmjb l} }rxxa}bgj| nkarw eay web m{n}e ncg {bmb}}lac mencibg ar{

welc`lci* ncg yenw bmacaolm} en} wa }n| nkarw lw# Web oa}w nontlci cby} lc web

yeajb n{wlmjb l} wenw Xnrj @{rionc en} nk}ajrwbj| ca lgbn nkarw yenw mnr}bg web

m{n}e* yenw xajlmlb} oliew envb x{bvbcwbg lw* ncg yenw xajlmlb} yb }earjg ngaxw

ialci fa{yn{g# Eb }bbo} maoxjbwbj| rcnyn{b af web jn{ib kag| af ya{` k|

bmacaol}w} yea nmwrnjj| ga `cay }aobwelci nkarw web knc`lci ncg flcncmlnj

}|}wbo* ncg envb kbbc welc`lci nkarw lw x{agrmwlvbj| fa{ n ibcb{nwlac#

Eb{b} njj eb en} wa }n|4 L{{nwlacnjlw| mnr}bg on{`bw} wa ia rx ncg webc gayc#

]xbcglci webc gbmjlcbg* fa{ rcmjbn{ {bn}ac}* xa}}lkj| l{{nwlacnj n} ybjj# Web }rowawnj af el} xajlm| {bmaoobcgnwlac} l} fa{ web Fbgb{nj Iavb{cobcw wa }xbcg jl`b n

g{rc`bc }nlja{ nfwb{ web fnmw#

Xnrj* web{b yn} n flcncmlnj m{l}l}* n mjn}}lm cbn{/{rc ac knc`}# Web mbcwb{xlbmb af ar{

m{n}e yn} caw web {bjnwlvbj| f{bb }wam` a{ {bnj b}wnwb on{`bw}* lw yn} web eliej|

{birjnwbg maoob{mlnj knc`}# N ibcb{nwlac af bmacaol}w} en} weariew {bnjj| en{g

6


7/11

nkarw web}b `lcg} af bvbcw}# Jaa` rx Glnoacg* [ndnc* Ia{wac* @n}e|nx* ]wblc* ncg

}a ac# Web|vb weariew nkarw ye| web{b l} }a orme }ea{w wb{o gbkw* ye| knc`}

{rc* eay gbxa}lw lc}r{ncmb ncg m{bglw irn{ncwbb} ebjx* ncg eay web| ilvb

lcmbcwlvb} fa{ bumb}}lvb {l}` wn`lci#

Lf yb yncw wa welc` nkarw bvbcw} ncg xajlmlb}* wel} }bbo} jl`b oa{b wenc n olca{gbwnlj# Web en{g ncg mbcw{nj xajlm| gbknwb avb{ web jn}w |bn{ yn} eay wa oncnib

wel} flcncmlnj m{l}l}# Cay lw l} eay wa }bw rx web lcmbcwlvb} af knc`} ncg aweb{

flcncmlnj lc}wlwrwlac} }a wel} ob}} gab}cw enxxbc ninlc# Web{b} jaw} af iaag ncg

}rkwjb bmacaolm} eb{b wenw Cby \a{` Wlob} {bngb{} oliew jl`b wa `cay nkarw# Yenw

gab} @{rionc envb wa }n|1 Tb{a#

@{rionc gab}cw bvbc envb nc|welci wa }n| nkarw web Fbg# Kbc Kb{cnc`b glg n jaw

oa{b jn}w |bn{ wenc }bw web frcg} {nwb wa tb{a ncg webc ia aff ac vnmnwlac ncg ynlw

fa{ fl}mnj xajlm| wa ga lw} onilm# Jbnvlci n}lgb web }w{lci af knljarw}* web Fbg }wn{wbg

wb{o jbcglci wa }bmr{lwlb} gbnjb{}# Webc* {nweb{ wenc kr| w{bn}r{lb} lc bumencib fa{

{b}b{vb}* lw b}}bcwlnjj| }ajg w{bn}r{lb} lc bumencib fa{ x{lvnwb gbkw# Wearie webfrcg} {nwb yn} cbn{ tb{a* web Fbg cawlmbg erib maoob{mlnj xnxb{ ncg }bmr{lwltbg

gbkw }x{bng}* ncg lcwb{vbcbg lc wea}b on{`bw}# Web{b l} ca web lcwb{b}w {nwb

nc|oa{b* web Fbg l} nwwboxwlci wa oncnib webo njj# [bmbcwj| web Fbg en} }wn{wbg

kr|lci on}}lvb ~rncwlwlb} af oa{winib/knm`bg }bmr{lwlb} ncg jaci/wb{o w{bn}r{|

gbkw#

Oacbwn{| xajlm| cay en} jlwwjb wa ga ylwe oacb| v}# kacg} ylwe njj web jnwwb{

jroxbg waibweb{# Oacbwn{| xajlm| en} kbmaob ylgb/{ncilci flcncmlnj xajlm|# Gab}

nc| af wel} ya{`1 Yenw n{b web gncib{}1 Mnc web Fbg }wn| lcgbxbcgbcw lc wel} cby

{ajb1 Web}b n{b web ~rb}wlac} af ar{ wlob# Yenw gab} @{rionc envb wa }n|1

Cawelci#

@{rionc l} w{|lci wa }n| wenw n mnknj af akvlar} m{nm`xaw} kbgnttjbg njj af

onm{abmacaolm} ylwe web kbnrw| af webl{ onwebonwlm}* wa web xalcw af lcgrmlci

xajlm| xn{nj|}l}# Njn}* wenw yacw }wlm`# Web }ng fnmw l} wenw fby lc Yn}elciwac xn|

web }jliewb}w nwwbcwlac wa oagb{c onm{abmacaolm {b}bn{me* lc xn{wlmrjn{ nc|welci

ylwe n }b{lar} lcwb{wboxa{nj globc}lac# Xnrj} }loxjb @b|cb}lncl}o en} gaolcnwbg

xajlm| ncnj|}l} fa{ gbmngb} ncg macwlcrb} wa ga }a# F{ao web MBN wa web Fbg wa web

AOK ncg MKA* bvb{|acb dr}w ngg} rx mac}rob{* lcvb}wobcw ncg iavb{cobcw

gboncg wa fa{bmn}w arwxrw ncg r}b} }loxjb Xeljjlx} mr{vb} wa welc` nkarw lcfjnwlac#

Lf n fnljr{b af lgbn} mnr}bg kng xajlm|* lw} n }loxjbolcgbg @b|cb}lncl}o wenw fnljbg#

Web frwr{b af bmacaolm}#

Eay }earjg bmacaolm} mencib1 @{rionc n{irb} fa{ we{bb lcmaoxnwlkjb mencib}#

9


8/11

Fl{}w* eb n{irb} fa{ n frwr{b af bmacaolm} wenw {bmaicltb} fjny} ncg f{lmwlac}* ncg

lcma{xa{nwb} njwb{cnwlvb n}}roxwlac} nkarw kbenvla{* b}xbmlnjj| wayn{g} {l}`/wn`lci#

Wa yelme L }n|* Ebjja* Xnrj* yeb{b envb |ar kbbc fa{ web jn}w =8 |bn{}1

Onm{abmacaol}w} envb caw }xbcw =8 |bn{} ngol{lci web bwb{cnj vb{lwlb} af @|gjncg

ncg X{b}maww} >


9/11

webo* lc a{gb{ wa }bb yenw on`b} webo wlm`# F{lmwlac} n{b dr}w kjaag| en{g ylwe web

onwebonwlmnj waaj} yb envb cay#

Web lc}rjw}#

Web jbvbj af xb{}acnj nwwnm` lc wel} n{wlmjb* ncg frgilci af web fnmw} wa nmelbvb lw* l}

}loxj| nontlci#

N} acb jlwwjb bunoxjb %a`* Lo n klw }bc}lwlvb,* wn`b o| ~rawnwlac nkarw mn{xbcwb{} lc

Cbvngn# L glgcw y{lwb wel}# Lw} n ~rawb* wn`bc arw af macwbuw* f{ao n kjaaokb{i#mao

n{wlmjb* y{lwwbc k| n {bxa{wb{ yea L }xbcw nkarw >8 ear{} ylwe xnwlbcwj| w{|lci wa

buxjnlc }aob kn}lm}* ncg yea nj}a wr{cbg arw acj| wa kb ac n ercw fa{ bokn{{n}}lci

~rawb}# %Lw} web jn}w wlob Ljj ga wenw., L yn} w{|lci wa buxjnlc eay }bmwa{nj }elfw}

macw{lkrwb wa rcboxja|obcw# @{rionc fajjay} lw k| n jlb // L cbvb{ n}}b{wbg wenw lw

wn`b on}} rcboxja|obcw nm{a}} web yeajb cnwlac wa ibw mn{xbcwb{} wa oavb arw af

Cbvngn# \ar mncw bvbc g{bgib rx n ~rawb fa{ wenw oac}w{a}lw|#

Yenw} web xalcw1 L gacw welc` Xnrj gl}ni{bb} wenw }bmwa{nj }elfw} {b}rjw lc }aob

rcboxja|obcw* }a web ~rawb nmwrnjj| on`b} }bc}b n} bmacaolm}# Web acj| xalcw l}

wa on`b ob* xb{}acnjj|* }bbo ebn{wjb}} // n xr{b* xb{}acnj* mnjroclar} nwwnm`*

envlci cawelci wa ga ylwe bmacaolm}#

Kak Jrmn} en} y{lwwbc buwbc}lvbj| ac @b|cb}lnc ncg oacbwn{l}w bmacaolm}* }bc}lkj|

ncg bvbc/encgbgj|# @{rionc meaa}b} wa ~rawb n da`b* ongb knm` lc >


10/11

Nxxn{bcwj|* }njnmlar} x{a}b* lccrbcga* mnjroc|* ncg }bjbmwlvb ~rawnwlac f{ao obgln

n{bcw bcarie4 @{rionc nggbg mn{waac} wa w{| wa on`b axxacbcw} jaa` }ljj|# Web

Jrmn}/Kjncmen{g/Kb{cnc b mac}xl{nwa{lnj mam`wnlj xn{w| mbjbk{nwlci web bcg af

{bmb}}lac} l} n }ljj| flmwlac# ]a l} webl{ gb}xacgbcw ijaao ac {bnglci {bmb}}lac lc

web xnxb{# Cakag| nw n macfb{bcmb jaa`} jl`b G{# Xncija}} ylwe yljg enl{ ncg n }rlw

f{ao web >588}# %A@* [ncg| Y{liew en} web enl{* krw caw web }rlw#, @b|cb} glg caw{bnxxbn{ nw web CKB[ wa kb kaabg n} nc arw}lgb{# Ye| n{b |ar njjaybg wa on`b

welci} rx lc xlmwr{b} wenw yarjgcw xn}} bvbc web Wlob} ybn` fnmw/mebm`lci lc

ya{g}1

Oa}w af njj* Xnrj l}cw galci el} dak# Eb} }rxxa}bg wa {bng* buxjnlc* ncg m{lwlmltb

welci} bmacaol}w} y{lwb* ncg {bnj x{afb}}lacnj y{lwlci* caw lcwb{vlby}* axbg} ncg

kjai xa}w}# Nw n olcloro* wel} }w|jb jbng} wa web rcnvalgnkjb macmjr}lac wenw

@{rionc l}cw {bnglci {bnj bmacaolm} nc|oa{b#

Eay glg @{rionc ibw lw }a y{aci1

]a yenw l} @{rionc rx wa1 Ye| kbmaob n gbclb{* n }`bxwlm* nc nxajail}w fa{ 98 |bn{

ajg lgbn}* {bxjbwb ylwe ybjj/`cayc jailmnj fnjjnmlb}* n xn{lne1 Ye| xrkjl}e nc

b}}bcwlnjj| xb{}acnj nwwnm` ac nc bvb{/i{aylci bcbolb} jl}w wenw cay lcmjrgb}

x{nmwlmnjj| bvb{| x{afb}}lacnj bmacaol}w1 Ye| xrkjl}e nc lcmaeb{bcw vl}lac fa{ web

frwr{b af bmacaolm}1

Web acj| buxjncnwlac wenw on`b} }bc}b wa ob l} wenw @{rionc l}cw w{|lci wa kb nc

bmacaol}w* eb l} w{|lci wa kb n xn{wl}nc* xajlwlmnj axlclac y{lwb{# Wel} l} caw nc lc}rjw#

L {bng Iba{ib Yljj* Men{jb} @{nrwecnoob{ ncg F{nc` [lme ylwe b~rnj xjbn}r{b bvbc

yebc L gl}ni{bb ylwe webo# @{rionc yncw} wa kb [r}e Jloknrie af web Jbfw#

Njn}* wa @{rionc* n} wa fn{ waa onc| bu/bmacaol}w} lc xn{wl}nc gbknwb}* bmacaolm}

l} caw n ~rb}w fa{ rcgb{}wncglci# Lw l} n }bw af gbknwlci xalcw} wa n{irb fa{ xajlmlb}

wenw acb en} ngaxwbg fa{ xn{wl}nc xajlwlmnj xr{xa}b}# ]wlorjr} l} dr}w on{`bwlci wa

}bjj Maci{b}}obc ncg vawb{} ac n xnm`nib af iavb{cobcw }xbcglci x{la{lwlb} wenw

|ar yncw fa{ xajlwlmnj {bn}ac}# Lw} caw n x{axa}lwlac wa kb buxjnlcbg* rcgb{}waag*

wn`bc }b{lar}j| wa lw} jailmnj jlolw}* a{ {bfjbmwlvb af on{`bw fnljr{b} wenw }earjg kb

ngg{b}}bg gl{bmwj|#

Ye| n{irb fa{ n cac}bc}lmnj frwr{b fa{ bmacaolm}1 Ybjj* ninlc* lf |ar gacw {bin{g

bmacaolm} n} n }mlbcmb* n gl}mlxjlcb wenw ariew wa {b}rjw lc ~rncwlwnwlvb onwmeb} wa

gnwn* n gl}mlxjlcb wenw {b~rl{b} m{|}wnj/mjbn{ jailmnj maccbmwlac} kbwybbc web lf ncg

web webc* lf web xalcw af bmacaolm} l} ob{bj| wa x{avlgb on{`bwlci ncg

x{axnincgn fa{ xajlwlmnjj|/oawlvnwbg xajlm|* webc el} y{lwlci gab} on`b }bc}b# Lw

on`b} }bc}b wa nxxbnj wa }aob frwr{b bmacaolm} caw |bw ya{`bg arw* bvbc

vb{knjj| wa gl}gnlc ~rncwlflmnwlac ncg maoxn{l}ac wa gnwn* ncg wa nxxbnj wa web

nrwea{lw| af ncmlbcw kaa`} n} lcwb{x{bwbg |ar* webl{ jacb {bonlclci nxa}wjb#

>8


11/11

Oa}w af njj* wel} l} web acj| {bn}ac L mnc maob rx ylwe wa rcgb{}wncg ye| @{rionc

yncw} wa y{lwb xb{}acnj nwwnm`} ac wea}b yea gl}ni{bb ylwe elo# L jl`b lw yebc

xbaxjb gl}ni{bb ylwe ob* ncg wn`b wlob wa {bng o| ya{` ncg m{lwlmltb lw# Nw ya{}w L

jbn{c eay wa xa}lwlac lw kbwwb{# Nw kb}w* L gl}mavb{ L yn} y{aci ncg jbn{c }aobwelci# L

}bcg n xajlwb wenc` |ar cawb#

@{rionc yncw} xbaxjb wa }ynjjay el} n{irobcw} yeajb f{ao el} nrwea{lw|* ylwearw

gboncglci jailm* a{ bvlgbcmb# Wea}b yea gl}ni{bb ylwe elo* njn}* n{b x{bww| }on{w

ncg envb x{bww| iaag n{irobcw} lf |ar kaweb{ wa {bng webo# ]a* eb w{lb} wa gl}m{bglw

webo ylwe xb{}acnj nwwnm`}#

Wel} l} web xajlwlmnj }xeb{b* caw web lcwbjjbmwrnj acb# Gacw n{irb ylwe webo* }ylfw/

kanw webo# Flcg }aob bokn{{n}}lci ~rawb f{ao nc ajg lcwb{vlby# Ybjj* iaag jrm`*

Xnrj# Jbw} dr}w caw x{bwbcg wel} en} nc|welci wa ga ylwe bmacaolm}* a{ nmwrnj w{rwe

nkarw eay web ya{jg ya{`} a{ marjg kb ongb n kbwwb{ xjnmb#

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Krugman_response and the Great Debate

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