Krugman writes: "When it comes to economics - and other subjects, but I'll focus on what I know best - we live in an age of derp and cheap cynicism. And there are powerful forces behind both tendencies. But those forces can be fought, and the place to start fighting is within yourself."
Paul Krugman. (photo: NYT)
08 June 15
hen it comes to economics — and other subjects, but I’ll focus on what I know best — we live in an age of derp and cheap cynicism. And there are powerful forces behind both tendencies. But those forces can be fought, and the place to start fighting is within yourself.
What am I talking about here? “Derp” is a term borrowed from the cartoon “South Park” that has achieved wide currency among people I talk to, because it’s useful shorthand for an all-too-obvious feature of the modern intellectual landscape: people who keep saying the same thing no matter how much evidence accumulates that it’s completely wrong.
The quintessential example is fear mongering over inflation. It was, perhaps, forgivable for economists, pundits, and politicians to warn about runaway inflation some years ago, when the Federal Reserve was just beginning its efforts to help a depressed economy. After all, everyone makes bad predictions now and then.
