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Contra Krugman

Updated 2 months ago

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Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!

Read more

Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!

iTunes Ratings

760 Ratings
Average Ratings
691
26
4
7
32

Love this podcast

By hors d'ici - May 09 2020
Read more
Very entertaining. Krugman deserves this comeuppance for the fraud he is.

Episode 174 BEST SO FAR

By NH Dairy Farmer - Feb 02 2019
Read more
This podcast is a great mix of learning & friendly banter.

iTunes Ratings

760 Ratings
Average Ratings
691
26
4
7
32

Love this podcast

By hors d'ici - May 09 2020
Read more
Very entertaining. Krugman deserves this comeuppance for the fraud he is.

Episode 174 BEST SO FAR

By NH Dairy Farmer - Feb 02 2019
Read more
This podcast is a great mix of learning & friendly banter.
Cover image of Contra Krugman

Contra Krugman

Latest release on Jun 10, 2020

Read more

Join Bob Murphy and Tom Woods in this weekly libertarian podcast as they teach economics by refuting Paul Krugman's New York Times column. Plus, expect special guests like Ron Paul, David Stockman, and more!

Rank #1: Ep. 3: Trump Is Right About Economics, Says Krugman

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Paul Krugman says Donald Trump is right to question supply-side orthodoxy about taxation of the wealthy. And Krugman says it's a myth that cutting those taxes helps the economy.

Lots of great stuff in today's episode: even Keynesian researchers disagree with Krugman; it's not true that the job creation numbers under Obama are better than in the 1980s; and how Krugman can claim to be right no matter what happens.

Oct 01 2015

26mins

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Rank #2: Ep. 136 You Hate Schoolteachers, and Education, and Knowledge

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Are Republicans at war with schoolteachers? Krugman thinks so: their state-level tax cuts have wrought havoc on education budgets, and it's teachers' salaries that have suffered.   We discuss the real truth of that question, plus the more general claim that education funding has suffered or that money or lack thereof accounts for how good the results are. This one's a smash.   Show notes for Ep. 136

Apr 30 2018

38mins

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Rank #3: Ep. 137 Is Taxation Theft? Not If You're Not Entitled to Your Paycheck in the First Place, Says Philosopher

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Philip Goff argues that libertarians make a variety of unsupported and unsupportable assumptions when they claim that taxation is theft. We defend the libertarian claim against Goff. (What else did you expect us to do?)

Show notes for Ep. 137

May 07 2018

40mins

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Rank #4: Ep. 6 Enough About Denmark Already: Here's What Krugman and Sanders Left Out

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Is Denmark a good model for the United States? Krugman thinks so, and claims the large welfare state there, combined with that country's prosperity, disproves free-market claims about the impoverishing effects of heavy government spending and intervention. To make his case, Krugman has to contradict his own textbook from six years ago. It isn't pretty, folks.

Oct 23 2015

40mins

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Rank #5: Ep. 134 Liberals Are Honest, Aren't Bootlickers, and Admit Their Mistakes, Unlike Krugman's Stupid and Evil Enemies

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In this column Krugman suggests that the decline in the moral and scholarly rigor of conservative intellectuals has to do with the intellectual bankruptcy of the Republican Party, which has no interest in science or truth. So to get ahead or even to be heard, intellectuals have to say ridiculous things that the Party wants to hear.   Left-liberals, by contrast, are overwhelmingly committed to the dispassionate examination of evidence, are not sycophantic toward those in power, and readily admit their mistakes.   Sure.   And don't worry: there's real economics in here, too, as we discuss Krugman's claims about the predictive power of Keynesianism and the supposedly poor track record of its opponents.   Show notes for Ep. 134

Apr 12 2018

48mins

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Rank #6: Ep. 150 We Need the State to Protect Workers

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There's been plenty of discussion of Supreme Court nominee Brett Kavanaugh, says Krugman, but it's been focused mainly on his views of presidential power, and not on his opinions on business and workers. On this, too, he's atrocious, says Krugman. We say: Krugman is leaving out 95% of the argument.

Show notes for Ep. 150

Aug 04 2018

38mins

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Rank #7: Ep. 144 How to Answer Climate Alarmists? Read Their Own Reports

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In this episode, Bob flies solo and fields another Contra Cruiser request. Specifically, he explains the standard Austrian approach to air pollution, and then talks about the risks of catastrophic climate change. Do libertarians just have to hope nothing really bad happens? 

Show notes for Ep. 144

Jun 23 2018

48mins

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Rank #8: Ep. 147 Krugman Hearts Democratic Socialists; We Don't

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During the 2016 campaign Krugman was critical of Bernie Sanders, but all of a sudden he can't see anything wrong with "radical Democrats" like Alexandria Ocasio-Cortez. We help him see more clearly.

Show notes for Ep. 147

Jul 15 2018

32mins

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Rank #9: Ep. 149 How to Unwind the Welfare State

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Krugman is on vacation this week, so we take a topic suggestion from someone who's joining us on this year's Contra Cruise: how to unwind the welfare state peacefully as the fiscal crisis becomes impossible to evade.

Show notes for Ep. 149

Jul 30 2018

39mins

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Rank #10: Ep. 210 Elizabeth Warren's Fiscal Fantasies

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Krugman is impressed by the detail and alleged seriousness of Elizabeth Warren's Medicare for All plan and how it will be paid for. Bob and Tom, by contrast, are not so impressed. Show notes for Ep. 210

Nov 09 2019

32mins

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Rank #11: Ep. 212 Trump, Crony Capitalism, and Impeachment

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We discuss the impeachment, Krugman's selective praise for whistleblowers, and what the correct approach to the problem of "crony capitalism" should be. Show notes for Ep. 212

Dec 07 2019

35mins

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Rank #12: Ep. 148 LIVE FROM MISES U: Why Does Austrian Economics Matter to the Average Person?

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We recorded this episode before a live audience at the Mises Institute's Mises University summer program. What a blast!

Show notes for Ep. 148

Jul 24 2018

39mins

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Rank #13: Ep. 138 The War on Dissidents, Which Krugman Pretends Not to See

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Krugman makes fun of the idea that conservatives and libertarians are treated particularly unfairly. Why, people criticize Krugman, too, and that's all right by him! Well, we have more fun in this episode than in any episode in recent memory. Not to mention: Tom says something fairly outrageous and decides to edit it out -- then let himself be talked into keeping it in the episode. You'll know it when you hear it....

Show notes for Ep. 138

May 13 2018

50mins

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Rank #14: Ep. 41 Brexit and Liberty: Krugman Wrong Again

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Krugman urges the British to remain in the European Union, and thinks free-market arguments against it are mere fantasy. In fact, British exit from the EU would be a great step forward for freedom, as Bob and Tom show in this week's episode.

Show notes for Ep. 41

Jun 21 2016

38mins

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Rank #15: Ep. 209 Robots Aren't the Problem

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Krugman criticizes Democrats who think automation is behind American job losses. But just when he's sounding sensible, he jumps back into "inadequate spending" being the problem. Show notes for Ep. 209

Oct 27 2019

30mins

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Rank #16: Ep. 60 Krugman Copes With Trump: Special Guest David Stockman

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Even though Donald Trump supports massive infrastructure spending financed by debt in order to put people to work (sound familiar), Krugman is of course horrified by the election result. This week we're joined by David Stockman, director of the Office of Management and Budget under Ronald Reagan, to review what Trump is likely to accomplish, what the Democrats will block, and what it all means for the economy.

Show notes for Ep. 60

Nov 13 2016

42mins

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Rank #17: Ep. 177 Semi-Sensible Krugman vs. Modern Monetary Theory (MMT)

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Modern Monetary Theory (MMT) is picking up steam (thanks to Alexandria Ocasio-Cortez and Bernie Sanders), to the point that even Krugman is alarmed. Yes, he says, you will have to raise taxes to pay for what progressives want. This is the episode folks have been asking us for. Show notes for Ep. 177

Feb 23 2019

41mins

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Rank #18: Ep. 145 The Libertarian Wing of the Libertarian Party

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The Libertarian Party's Mises Caucus held a special event last weekend during the Libertarian Party's national convention, and we both spoke. We recorded this episode with three other speakers as guests: Jordan Page, Michael Heise, and Murray Sabrin.

Show notes for Ep. 145

Jul 03 2018

36mins

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Rank #19: Ep. 143 Here's What Krugman Did to Win the Nobel Prize

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We get this question all the time: what did Krugman win it for, and can you explain it in an episode? It involves trade, and we're discussing it today.

Show notes for Ep. 143

Jun 16 2018

33mins

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Rank #20: Ep. 176 Trump vs. Socialism?

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Socialism isn't all that radical, insists Krugman. Plus: virtually all people who call themselves socialists just want to be like Denmark, not Venezuela or the Soviet Union. They just want poor people cared for! Anyone who thinks nicey-nice socialism like this could lead to bad outcomes is crazy and unreasonable, he says. So, as usual, we respond. Show notes for Ep. 176

Feb 14 2019

48mins

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Ep. 225 The Final Episode

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On this final episode of Contra Krugman after nearly five years, we analyze Krugman's horrified response to state reopenings after the lockdowns.

Show notes for Ep. 225

Jun 10 2020

55mins

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Ep. 224 Krugman Bravely Comes Out Against Killing Workers

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With his usual magnanimity, Krugman declares that the epidemiologists have been completely accurate in their warnings during the pandemic, whereas those who want to reopen the economy are trying to kill workers. Tom and Bob beg to differ.

Show notes for Ep. 224

May 23 2020

42mins

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Ep. 223 Krugman Unwittingly Agrees the Fed Has Driven Stock Market Since 2007

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In his attempt to praise Powell and criticize Trump, Krugman admits that the "real economy" is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed's emergency actions. Krugman says this pattern holds not only for our post-covid world, but ever since the mid-2000s. He thus ironically agrees with Austrian critics who've warned for years that the Fed was blowing up massive asset bubbles.

Show notes for Ep. 223

May 11 2020

28mins

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Ep. 222 Why Won't We Listen to the Experts?

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Krugman is unhappy that the "right wing" is more apt to listen to people he considers quacks than to people he considers experts, and he says the COVID-19 problem is yet another example. We are unconvinced.

Show notes for Ep. 222

Apr 26 2020

36mins

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Ep. 221 The Destructive Coronavirus Response, Cheered by Krugman

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Guest co-host Richard Ebeling -- who was one of Bob's own economics professors -- joins me to discuss Krugman's qualified support for the $2 trillion coronavirus relief bill recently signed into law, and why we shouldn't be cheering.

Show notes for Ep. 221

Apr 11 2020

32mins

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Ep. 220 Coronavirus Economics

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This episode delves into all the key questions surrounding the economics of the coronavirus crisis: bailouts, Federal Reserve policy, payments to individuals, the effects of the shutdown, and more.

Show notes for Ep. 220

Mar 29 2020

1hr 13mins

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Ep. 219 Krugman Wants Perpetual Deficits

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In a perhaps surprising move for someone who said "deficits matter again" upon Trump's election, Krugman now makes the case for perpetual budget deficits in the range of 4% of GDP. This will facilitate much-needed "stimulus spending" in an era of weak growth and low inflation. Tom and Bob point out the fallacies in this thinking.

Show notes for Ep. 219

Mar 14 2020

28mins

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Ep. 218 We Need Financial Regulation, Says Krugman

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What really matters, says Krugman, is financial regulation. And only Elizabeth Warren can deliver, because Bernie will expend his political capital on unwinnable issues, and Bloomberg's heart isn't in it. We respond, as usual.

Show notes for Ep. 218

Mar 01 2020

37mins

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Ep. 217 Do Deficits Help Depressed Economies?

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Krugman complains that during the Obama years, when deficit spending was desperately needed, obstructionist Republicans opposed it out of what they claimed was principle, but was mere spite. Now, he says, with a Republican in the White House, they couldn't care less about deficits. What's really going on here? That's our topic for this episode.

Show notes for Ep. 217

Feb 16 2020

33mins

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Ep. 216 Krugman Hearts Greta Thunberg

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Krugman says Greta Thunberg is closer the economics mainstream than are her critics. Quite a few whoppers to deal with in this one, as you can surely imagine.

Show notes for Ep. 216

Feb 03 2020

38mins

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Ep. 215 Don't Worry About the Deficit!

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That's Krugman's message now. Interestingly, back in 2003 the very indicators he's now using to tell us not to worry were actually less pronounced, and yet back then he was warning of a "fiscal train wreck." In any case, today we discuss what the genuine problems with the deficit are, and why it makes perfect sense to be concerned about it. Show notes for Ep. 215

Jan 19 2020

36mins

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Ep. 214 Austerity Is Just What the World's Economies Needed

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Krugman blames the "austerity" that began a decade ago for ensuing economic ills and political instability. This is a fashionable enough view, but the evidence against it is more or less overwhelming. Enjoy! Show notes for Ep. 214

Jan 06 2020

35mins

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Ep. 213 Trump's Tariff War a Flop?

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Although details are still emerging, a deal has evidently been reached between China and the United States regarding trade. Did Trump accomplish anything (from his standpoint)? Was the whole thing a waste of time and resources? Did it create uncertainty in the business world? What should we think about trade deficits? It's all in here, folks. Show notes for Ep. 213

Dec 23 2019

34mins

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Ep. 212 Trump, Crony Capitalism, and Impeachment

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We discuss the impeachment, Krugman's selective praise for whistleblowers, and what the correct approach to the problem of "crony capitalism" should be. Show notes for Ep. 212

Dec 07 2019

35mins

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Ep. 211 LIVE FROM VIENNA: Is Europe an Example for the U.S.?

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We recorded this episode before a live audience at -- of all places -- the Austrian central bank in Vienna, where the Austrian Economics Center held a two-day academic conference. We respond to Krugman's key claim: namely, that Eurosclerosis is long over, and that Europe can no longer be cited with any plausibility as evidence that significant social spending and regulation retard employment. Show notes for Ep. 211

Nov 25 2019

42mins

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Ep. 210 Elizabeth Warren's Fiscal Fantasies

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Krugman is impressed by the detail and alleged seriousness of Elizabeth Warren's Medicare for All plan and how it will be paid for. Bob and Tom, by contrast, are not so impressed. Show notes for Ep. 210

Nov 09 2019

32mins

Play

Ep. 209 Robots Aren't the Problem

Podcast cover
Read more

Krugman criticizes Democrats who think automation is behind American job losses. But just when he's sounding sensible, he jumps back into "inadequate spending" being the problem. Show notes for Ep. 209

Oct 27 2019

30mins

Play

Ep. 208 Debt Is Money We Owe to Ourselves, Idiot!

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We got a lot of requests for an episode on debt after Krugman tweeted that "debt is money we owe to ourselves." What's the real truth? Show notes for Ep. 208

Oct 13 2019

30mins

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Ep. 207 Krugman Embraces Warren, Discards Economics

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Historian and podcast host Brion McClanahan joins Bob to discuss Krugman's defense of Elizabeth Warren against the big bad plutocrats, who apparently are threatening to support Trump if she's the Democratic nominee. Krugman dismisses the possibility that these wealthy people might oppose Warren's wealth tax, and instead suggests that the real reason they hate Warren is that she hurt their feelings. Show notes for Ep. 207

Oct 05 2019

44mins

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Ep. 206 Are You Deranged for Opposing Regulation?

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Krugman says people on the political right get inordinately worked up over minor regulations that have a clear public benefit, and that such people now have a champion in the White House. Could there be a reason other than derangement for why people get upset about various kinds of regulation? Bob and Tom discuss. Show notes for Ep. 206

Sep 21 2019

32mins

Play

iTunes Ratings

760 Ratings
Average Ratings
691
26
4
7
32

Love this podcast

By hors d'ici - May 09 2020
Read more
Very entertaining. Krugman deserves this comeuppance for the fraud he is.

Episode 174 BEST SO FAR

By NH Dairy Farmer - Feb 02 2019
Read more
This podcast is a great mix of learning & friendly banter.