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Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis Paperback – April 1, 2012


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Product Details

  • Paperback: 104 pages
  • Publisher: CreateSpace Independent Publishing Platform (April 1, 2012)
  • Language: English
  • ISBN-10: 1470070723
  • ISBN-13: 978-1470070724
  • Product Dimensions: 6 x 0.2 x 9 inches
  • Shipping Weight: 6.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (24 customer reviews)
  • Amazon Best Sellers Rank: #957,214 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Any work of economics that can make you laugh is at least worth a look. If in less than 100 pages it also informs you about a subject of great importance, it might just qualify as a must-read.

"Jeremy Hammond, a political journalist self-taught in economics and a writer of rare skill, has produced such a book." -- Gene Epstein, Barron's

"The reader does not have to be highly knowledgeable about the world of economic theory to understand Ron Paul vs. Paul Krugman. Clearly written, and with an obvious and well supported perspective..." -- Jim Miles, Foreign Policy Journal

About the Author

Jeremy R. Hammond is an independent political analyst and recipient of the Project Censored Award for Outstanding Investigative Journalism. He is the founder and editor of ForeignPolicyJournal.com and can also be found on the web at JeremyRHammond.com. He is the author of Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis and The Rejection of Palestinian Self-Determination: The Struggle for Palestine and the Roots of the Israeli-Arab Conflict. His forthcoming book is on the contemporary U.S. role in the Israeli-Palestinian conflict.

Customer Reviews

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Most Helpful Customer Reviews

27 of 33 people found the following review helpful By Roger Smith on December 10, 2013
Format: Kindle Edition
This book is mis-titled. It should be called "Why Paul Krugman Is A Moron," since the book's little more than a case of the author hurling the kitchen sink at Paul Krugman's head. Not that there's anything wrong with criticism, but when you're comparing one economic writer to another, the fair thing to do is accurately summarize the views, qualifications, and successes and failures of both. In this book, Ron Paul never errs, Krugman never gets it right, and as for qualifications, Paul, a Republican Congressman (what better claim to intellectual distinction?), has it all over dummy Krugman, whom, as we never learn from the author, is merely professor of Economics and International Affairs at Princeton University, the Ford International Professor of Economics at MIT, and 2008 winner of the Nobel Prize in Economics. Clearly a dope!

The author seems to regard the Austrian School's theory of business cycles, Paul's particular obsession, as close to absolute truth as one gets. This theory holds that economic bubbles arise from government artificially boosting the money supply. This leads to over-investment and 'malinvestment' and a quick boom, but is always followed by a nasty crash. Krugman disagrees (so, incidentally did super-capitalist Milton Friedman, who in 1969 pointed out that the theory is just not consistent with empirical evidence. Using newer data in 1993, Friedman reached the same conclusion.) Undeterred, the author simply repeats that every time the government tampers with the money supply, disaster follows as dusk follows day.

Krugman addressed this issue directly in a New York Times article on Paul. After Lehmann Brothers caved, the government began a policy of not only expanding the monetary base, but tripling it. What happened?
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15 of 20 people found the following review helpful By John Carter on September 9, 2013
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I was disappointed as I follow and respect both of these individual's opinions. What let me down is the one sided presentation and lack of depth. Also it appears to be self published. Congratulations to the author, one fool at a time.
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9 of 12 people found the following review helpful By S. Shaw on November 25, 2013
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This book makes me feel like a sucker for expecting that it would teach me something about our recent economic history. It is instead a political screed based on secondary and tertiary sources. And if you care to notice, one of the editorial reviews is by an employee of Mr. Hammond, since he is the founder and editor of Foreign Policy Journal, a self-published journal. Save time and money by getting your facts elsewhere.
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6 of 9 people found the following review helpful By Jim Cox on June 5, 2013
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This short book gives the relevant quotes from Ron Paul and Paul Krugman. I don't know of any other source for such a comprehensive comparison of what these two leaders had to say about monetary policy and the housing bust. Two thumbs up!
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14 of 22 people found the following review helpful By Jatin S on May 1, 2012
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One comes away reading this book with little or no doubt as to who's been right and who's been wrong. The method the author uses for this is very difficult to take issue with. It's basically a timeline of who said what when (based on public record), whether they stayed consistent, or whether they backtracked or contradicted themselves after the fact.

Even if you agree with Krugman (as many do), it's startling and worthwhile to see how his writings have evolved over time, and how many mistakes he's made with his economic predictions and refused to acknowledge. While this may not be the best reflection on the opposing economic theories, it is a good reflection on the two individuals. I highly recommend it.
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12 of 20 people found the following review helpful By Alex on February 10, 2013
Format: Paperback
While Mr. Paul would make a better president than most, libertarianism falls short of the mark for me in several ways. In spite of this prejudice, it's clear based on the evidence provided by Mr. Hammond that the Austrian school of economic thought did a much better job of diagnosing and treating the financial meltdown than the Keynesian. It's equally obvious that Paul Krugman has taken great pains to deny what he said repeatedly before the fallout. The book forced me the question the validity of Keynesianism and seriously question Krugman's integrity. He seems to be absolutely incapable of admitting he was wrong about the Federal Reserve's policies, the policies of the various committees created to encourage home ownership and Obama's stimulus package. He is willing to engage in the most convoluted semantic acrobatics imaginable in order to avoid confronting the basic fact that his recommendations to the Fed brought about a recession. These gymnastics would not even be undertaken by a pathological narcissist. The book uses basic jargon and someone who is totally unfamiliar with banking and finance should not purchase it. For someone who wants an articulate perspective that differs from the ones given by the nearly illiterate talking heads of both parties this is a must read. Ron Paul's predictions materialized, Krugman's did not. Paul warned the politicians and the people in the early 2000's repeatedly, but no one paid him any heed.

I don't believe all of Keynes's ideas are completely wrong (he was a very successful investor, also, how many people, including his most ardent supporters, have waded through his entire General theory of Employment, Interest and Money?), but it is obvious that the policy initiatives inspired by his writings should be carefully reevaluated.
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More About the Author

Jeremy R. Hammond is an independent political analyst and recipient of the Project Censored Award for Outstanding Investigative Journalism. He is the founding editor of Foreign Policy Journal (www.foreignpolicyjournal.com) and may also be found on the web at JeremyRHammond.com.

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Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis
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