The man who wrote this –
[T]he terror attack could even do some economic good. Now, all of a sudden, we need some new office buildings. … Rebuilding will generate at least some increase in business spending. (New York Times, September 14, 2001)
– thereby flunking the most basic lesson in economics, has just been awarded the Nobel prize in economics.
(Unsurprisingly, Krugman doesn’t understand Austrian business cycle theory either.)
What’s next – a Nobel prize in biology to a creationist?