KRUGMAN: "I really don’t get it."
PAUL KRUGMAN IS ALSO PUZZLED BY JEFF SACHS:
http://krugman.blogs.nytimes.com/2012/07/12/magneto-muddles:
Keynes argued that the Great Depression could be thought of as a failure in the cars electrical system; so lets think of it as a situation where your car wont run because it has a dead battery that is, you could get it running again with a fairly trivial and easy intervention: just buy a new battery, which costs only a tiny fraction of the expense of a new car.
In saying this I am not denying that there may be other problems with the car, perhaps even big ones. Maybe it needs new brakes, or a new transmission, and these had better be dealt with soon.
Still, what sense can it possibly make to say that therefore you shouldnt start by replacing that dead battery?
I really dont get it.
http://krugman.blogs.nytimes.com/2012/07/12/magneto-muddles/