S**t my economist says #1

Ah, Mr Osborne, vee haff been expectink you

Opponents of the coalition government’s plans to cap the growth in the national debt to a still pretty massive 15% this parliament often cite the support of “some of the world’s most distinguished Nobel Prize winning economists”. When you hear that phrase you know that the names Paul Krugman and Joseph Stiglitz are scaling the walls of the conversation.

However, neither of these won their Nobels for their work in fiscal policy or economic stabilisation. Krugman won his for his (excellent) work on international trade and Stiglitz got his for his work on information asymmetries. All interesting stuff and both men should be listened to, but popping out the Nobels like they’re some sort of killer Top Trump just doesn’t wash.

Put it this way; the fact that Paul McCartney wrote Hey Jude doesn’t make Mull of Kintyre a good record.


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