Normally I’d say that the latest Keynesian kookery going around is too good to be true, but since it allegedly comes from the same Nobel-winning “economist” who touted the economic benefits of the government faking a space alien invasion it sounds about right.
With that said, please please tell me this is real:
From most accounts I’ve been able to find, it is a genuine quote from Krugman. But you never know. The snark was flying fast and furious yesterday.
Even if it’s fake, if that doesn’t nicely sum up liberal economic theory — which is “ruin = prosperity” — nothing does.
Update: Yeah, it was too good to be true, dangit. Back to the space alien idea…
Update II: I couldn’t have put it better than Krugman:
So if you see me quoted as saying something really stupid or outrageous, and it didn’t come from the Times or some other verifiable site, you should probably assume it was a fake.