Review of Krugman's "The Conscience of a Liberal" NY Times

[BridgeTheGap]

Malefactors of Megawealth - Review of "The Conscience of a Liberal" by David M. Kennedy - NY Times
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Most modern economists continue to celebrate Walker’s orthodoxy, and behind it, the classical doctrines of Adam Smith, whose fabled “invisible hand” regularly works wonders of production, distribution, innovation and efficiency, provided it is kept free of the meddlesome “nanny state.” Against the constant threat of encroachment from that benighted quarter the free-market faithful are ever vigilant.

Krugman will have none of this — well, very little of it (he won the Clark Medal for work demonstrating the limitations, but not the total illogic, of free trade). Where the orthodox see nothing but market miracles, he sees many a market failure. And where they detect the invisible hand, he finds manipulation by the richest Americans to rig the game in their favor.

In our time, Krugman argues, the malefactors of megawealth have triumphed. He recites the now-familiar data that the wealthiest 0.01 percent of Americans are seven times richer than they were three decades ago, while the inflation-adjusted income of most American households has barely nudged upward. Chief executives who typically earned 30 times more than their average employee in the 1970s now take home more than 300 times as much. The American plutocracy, Krugman concludes, “have become rich enough to buy themselves a party” — and readers are left in no doubt which party we’re talking about.
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http://tinyurl.com/3x3uhs

[tom_paine]

1. LOL! What shock and suprise - Krugman lambasted in "review"

Let me guess. David M. Kennedy, listed as being from Stanford University.

hang on, let me Google it up...