Monday, October 13, 2008

Paul Krugman

The respected Prof. I refer regularly in my blogs - Paul Krugman - won the Nobel Prize in Economics! (Larry Summers is still waiting…)

Krugman is having tremendous influence on American intelligentsia in times of Obama ascendancy. Apart from his Economics work, his historically important duty has been taking all the 'brick brats' for opposing Iraq war from the start. He defines what is 'intellectual' in today’s' times - not the person who puts finger in the 'air' and decide what is his intellectual opinion depending upon which way wind blows. When the whole America was cowed by Bush's stratospherically approval rating after initial good news in War on Terror; he was one of the few people to call the bluff of ensuing Iraq war and Mushroom Cloud. He continued his strident criticism of 'Conservatism gone wild' all along when there were no petals for such pariahs. His analysis of folly of Republican Health Care Policy has been incisive and unmatched. Beyond all the wisdom, he is solid communicator and excellent blogger. He started to write for NYT after 911 and has taken no-nonsensical policy positions all along.

In the current 'bailout' efforts I said on my blog that Congress should accept Bush Administration Bailout proposals until Krugman, Shiller (Yale Econ. Prof.) and Roubini ('Doctor Doom' of Fortune magazine and Econ. Prof. in New York) concur and promptly ensured that Congressional Representatives and Senate offices get this opinion. Many other folks lobbied with their elected representatives and Krugman started to play the subtle role in shaping the Congressional response. Eventually, he contributed his bit in 'goading' Bush Administration again from the road of 'ideological lunacy'.

As usual there are political reasons why Krugman is the choice now. I am not undermining his intellectual capacity, nor achievements. I am sure that he is worthy of the prize and of course I am not the one who has any qualifications to judge this. But as usual Nobel Prize committee ensures that there is 'bang for money' in awarding these prizes. In this case with potential of Obama Administration reality which can be quite 'anti-trade'; committee wants to ensure that 'pro-trade' message is not lost. Who better than one of the Left side impeccable intellectual? Next, it makes sense to give weight-age to the guy who is talking sense in the 'current bailout' business since it is still unfolding. By giving prominence, Krugman's achievement of 'standing pat' about Iraq war stands good too. All in all quite a smart choice by the committee.

So we look forward for equally distinguished work from Krugman in years to come and above all his 'judgment'; indeed that is the shining light in the 'fog of thought' where so many of us get lost.

And now look forward for the possibility of Krugman to serve as Treasury Secretary in Obama Administration if Obama wins the election.

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