Beware of cynics. Despite this being on hacker news, Krugman's incorrect prediction actually doesn't harm his reputation significantly. Pessimism and pointing out of flaws elevates your status, while optimism can be construed as being naive.
Doesn't harm his reputation? It shows, clearly, that the man, while being an expert in one field, and while being objectively smart, can be a complete moron in another field and make very very very wrong "predictions".
Why most economists' predictions are wrong (1998)
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Re: Why most economists' predictions are wrong (1998)
#22He actually wrote a new post today, saying that "Bitcoin is Evil" was supposed to be a joke. Allegedly, nobody in the Bitcoin community understood it and now he complains about the lack of sense of humor that the Bitcoin community demonstrated. http://krugman.blogs.nytimes.com/2013/12/29/the-humor-test/
Re: Why most economists' predictions are wrong (1998)
#23Earlier quoted context omitted.
Doesn't harm his reputation? It shows, clearly, that the man, while being an expert in one field, and while being objectively smart, can be a complete moron in another field and make very very very wrong "predictions".
Unlike HN commentors, whose ability to parse the Bitcoin white paper suddenly turns them into macroeconomic experts.
Re: Why most economists' predictions are wrong (1998)
#24Re: Why most economists' predictions are wrong (1998)
#25Beware of cynics. Despite this being on hacker news, Krugman's incorrect prediction actually doesn't harm his reputation significantly. Pessimism and pointing out of flaws elevates your status, while optimism can be construed as being naive.
Doesn't harm his reputation? It shows, clearly, that the man, while being an expert in one field, and while being objectively smart, can be a complete moron in another field and make very very very wrong "predictions".
Just something to keep in mind when reading dismissive opinions.
Re: Why most economists' predictions are wrong (1998)
#26Hate to be that guy, but what is the purpose of digging this up? To say "ha ha, the Internet is amazing?"
Because he had the gall to make fun of Bitcoin. So now instead of refuting his opinions directly we're going to to do shit like this.
And it isn't like we've been hiding under a rock. We're just getting tired of doing it. He's an overrated economist that nobody that greatly understands Bitcoin takes seriously. He's like Opera, accessible to the masses, emotionally involved, but utterly void of a deep understanding of the issues involved.
If you want to make widely inaccurate claims about something that is controversial you are going to get lots of upvotes. The problem with Bitcoin is that the people that informed about it are usually tilt pro-Bitcoin[1], while the people that are against Bitcoin usually haven't done enough research into economics, mathematics, and politics.
[1] We're not the lunatics that post on /r/bitcoin everytime Bitcoin doubles. Many of us see valid challenges ahead for Bitcoin, especially from the government.
Re: Why most economists' predictions are wrong (1998)
#27Earlier quoted context omitted.
Doesn't harm his reputation? It shows, clearly, that the man, while being an expert in one field, and while being objectively smart, can be a complete moron in another field and make very very very wrong "predictions".
> can be a complete moron in another field A complete moron? In the field of monetary economics? Yeah, okay. You may think Bitcoin is major internet monies, but the economists are interested in studying it from aspect of a medium of exchange. Discussing economics on HackerNews is like discussing medicine on Reddit: everyone is an expert, whether they know anything about the subject or not.
> while being an expert in one field, and while being objectively smart, can be a complete moron in another field
ye said that Krugman is an expert in his field, but has no idea what he's talking about when it comes to computers and the impact thereof.
Re: Why most economists' predictions are wrong (1998)
#28Earlier quoted context omitted.
Unlike HN commentors, whose ability to parse the Bitcoin white paper suddenly turns them into macroeconomic experts.
Believe it or not, it is quite conceivable that many people on HN actually took enough time to read lots of books on economics and made up their mind about which school of thought is closer to the truth.
Bitcoin promoters will typically promote ideologies that help bitcoin, because they've invested in bitcoin. I doubt anyone has a truly unbiased perspective on any of it.
Re: Why most economists' predictions are wrong (1998)
#29He actually wrote a new post today, saying that "Bitcoin is Evil" was supposed to be a joke. Allegedly, nobody in the Bitcoin community understood it and now he complains about the lack of sense of humor that the Bitcoin community demonstrated. http://krugman.blogs.nytimes.com/2013/12/29/the-humor-test/
Dr. Krugman seems to be the Benjamin Button of Economics... his early work was by far his greatest and he seems to have been settling for cashing checks in exchange for making ideological arguments wrapped up in very eloquent nonsense.
Re: Why most economists' predictions are wrong (1998)
#30Earlier quoted context omitted.
Believe it or not, it is quite conceivable that many people on HN actually took enough time to read lots of books on economics and made up their mind about which school of thought is closer to the truth.
I don't believe anyone fully understands macroeconomics, and there is no direct incentive for anyone to do so. Certain powerful interests have an incentive to promote some schools of thought over others, because of political implications that directly impact their business. Bitcoin promoters will typically promote ideologies that help bitcoin, because they've invested in bitcoin. I doubt anyone has a truly unbiased p…