Deleted by Lumo

Lumo has a post on Krugman's Nobel that starts
- Well, I have no idea what are the important insights that Krugman is supposed to have discovered ...

That would have been a good place for one to stop, if one wanted to avoid spouting meaningless drivel. Lubos, of course, can't resist playing the fool, so he goes on to invent some notion of what might have been Krugman's work, but wasn't.

Meanwhile, featured commenter Rae Ann, with no more knowledge but perhaps better intuition, jokes that the stock market jumped because Krugman got the prize. Actually, it jumped because Paulson junked his original plan and went with the one the Krugman, and many other academic economists, preferred.

We should not kid ourselves that we are now out of the woods. We might have passed the first hazard, but plenty more await. Catastrophe may have been narrowly averted, or not.

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