“Unicorns of the Intellectual Right” From Paul Krugman of The New York Times

Nobel Prize Winner in Economics Dr. Paul Krugman is the best op-ed columnist on the paper. His column of August 8, 2018, Unicorns of the Intellectual Right, of The New York Times. Here are some excerpts but be sure and read the whole article and check out all the links in the article:

The hiring-then-firing of Kevin Williamson followed a familiar script. A mainstream media organization hires a conservative in the name of intellectual diversity, then is shocked, shocked to discover that he’s dishonest and/or holds truly reprehensible views – something that the organization could have discovered with a few minutes on Google. But when the bad hire is let go, the right treats him as a martyr, proof of liberal refusal to let alternative viewpoints be heard. Why does this keep happening?

As others have pointed out, the real problem here is that media organizations are looking for unicorns: serious, honest, conservative intellectuals with real influence. Forty or fifty years ago, such people did exist. But now they don’t.

First, while there are many conservative economists with appointments at top universities, publications in top journals, and so on, they have no influence on conservative policymaking. What the right wants are charlatans and cranks, in (conservative) Greg Mankiw’s famous phrase. If they use actual economists, they use them the way a drunkard uses a lamppost: for support, not illumination.

The second problem with conservative economic thought is that even aside from its complete lack of policy influence, it’s in an advanced state of both intellectual and moral decadence – something that has been obvious for a while, but became utterly clear after the 2008 crisis.

I’ve written a lot about the intellectual decadence. In macroeconomics, what began in the 60s and 70s as a usefully challenging critique of Keynesian views went all wrong in the 80s, because the anti-Keynesians refused to reconsider their views when their own models failed the reality test while Keynesian models, with some modification, performed pretty well. By the time the Great Recession struck, the right-leaning side of the profession had entered a Dark Age, having retrogressed to the point where famous economists trotted out 30s-era fallacies as deep insights.

But even among conservative economists who didn’t go down that rabbit hole, there has been a moral collapse – a willingness to put political loyalty over professional standards. We saw that most recently in the way leading conservative economists raced to endorse ludicrous claims for the efficacy of the Trump tax cuts, then tried to climb down without admitting what they had done. We saw it in the false claims that Obama had presided over a massive expansion of government programs and refusal to admit that he hadn’t, the warnings that Fed policy would cause huge inflation followed by refusal to admit having been wrong, and on and on.

What accounts for this moral decline? I suspect that it’s about a desperate attempt to retain some influence on a party that prefers the likes of Kudlow or Stephen Moore. People like John Taylor just keep hoping that if they toe the party line enough, they can still get on the inside. But so far this keeps not happening – and for sure it won’t get better under Trump.

And no, you don’t see the same thing on the other side. Liberal economists have made plenty of bad predictions – if you never get it wrong, you’re not taking enough risks – but have generally been willing to admit to and learn from mistakes, and have rarely been sycophants to people in power. In this, as in so much else, we’re looking at asymmetric polarization.

Additional Resources:

The real problem with the New York Times op-ed page: it’s not honest about US conservatism – It wants to challenge its readers, but not with the ugly truth. March 15, 2018 from Vox.

That 80s Show by Dr. Paul Krugman of The New York Times
MAY 19, 2014

This entry was posted in Economics, Medical News, Political Science, Potpourri. Bookmark the permalink.