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Monday, December 21, 2015

Hey, kids, Krugman is why your student loans are so high

From Washington Monthly:
Paul Krugman writes that “debt is good” for the United States while making a sizable contribution to student loan debt. In an August New York Times piece, the Nobel prize-winning economist and CUNY professor made a case that the federal government taking on debt can be a good idea under many circumstances. While I am an economist by training, my focus here isn’t on macroeconomic policy. Rather, it’s on Krugman’s ubiquitous economics textbook that is used by thousands of students nationwide. His book costs $284 on the publisher’s website, which would soak up 20% of an average student’s book allowance if they didn’t shop around. Krugman knows the marginal cost of book production is low, so he ought to try to reduce student loan debt even a little bit by lowering his book’s price.
Lower his price? Why he might have to sell his $1.7 million mansion.

Student loans, enriching socialist professors for 30 years and counting.


  1. Krugman is an idiot. He said the only reason the porkulus didn't work was because it wasn't large enough. In other words, he wanted us to borrow even more money. All you really need to know about him is that he was an economist for Enron.

  2. No college professor of economics worth his paycheck should require his undergraduate students to buy a textbook on economics, especially one that costs over $200. The basic ideas and concepts of economics at the introductory college level are no mystery. This is a field that has been well- (even over-) tilled. Type "college economics textbooks" into Amazon's search engine and you get more than 7000 hits. In other words, there's a plethora of textbooks on the general subject of economics an instructor can choose from, and a lot of them are way cheaper than Krugman's book. As for any particularly unique, esoteric concepts Krugman's book might cover, class handouts of the relevant excerpts are a fair use exception to the nation's copyright rules.

  3. Well, we ARE talking about Paullie "The Beard" Krugman, here. I'd bet somewhere, sometime, he contradicted himself on this topic.

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