Monday, 13 October 2008

Krugman Wins Nobel for Economics: A Harbinger of Change in the Right Directon?

Great news Monday morning: Paul Krugman got the Nobel for economics. His win was big surprise, because the prize has gone most often to conservative thinkers and upholders of the ideas that perfect competition can be assumed and that the market always works.

As we have been seeing over the last few months, that kind of ideology is filled with holes, and unfortunately the world seems to have fallen into one of them. Krugman thinks the Brits may have found a way for us to fall out--he said in an interview today that he felt more hopeful after Sunday's meeting of European finance ministers than he had on Thursday--but the really encouraging thing is that perhaps the era of blind faith in retrograde economics may be ending.

Let us hope that Canadians vote strongly in favour of more progressive ideas today.

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