Professor Hanke Challenges Krugman's View
Johns Hopkins University's professor of applied economics, Steven Hanke, strongly disagrees with fellow economist and Nobel laureate, Paul Krugman, regarding his assertion that inflation is a "global phenomenon." Hanke recently criticized Krugman's op-ed article in the New York Times, labeling it as another example of disinformation from the renowned economist.
Krugman Accused of Spreading Disinformation
Krugman's article, published on December 7, defends the economic policies of President Joe Biden, which have been coined as "Bidenomics." Although Krugman believes it is challenging to persuade conservatives, he believes that progressive U.S. citizens can still be convinced of the Biden administration's success in managing the economy.
Krugman supports his argument by highlighting the increase in labor productivity rate during the third quarter and the significant reduction in unfilled job openings. He also dismisses claims that U.S. monetary authorities have failed to control inflation, emphasizing the growth rate of workers' earnings, which allegedly outpaced the inflation rate.
Hanke Disputes Krugman's Claims
In response, Hanke rebuts Krugman's assertion that the U.S. has successfully contained inflation. Hanke argues that inflation is always a local phenomenon, rather than a global one. He points to countries like Switzerland, known for its well-managed economy and low and stable inflation rate of 1.4% per year. Hanke also cites China, the world's largest economy (based on purchasing power parity), with an inflation rate of 0.2% per year.
Krugman Versus Hanke
This is not the first time Professor Hanke has challenged Krugman's arguments. In October, when Krugman declared victory in the U.S. war on inflation, Hanke dismissed his claims. Interestingly, when Hanke previously mentioned that the inflation problem had been resolved in July, Krugman and economist Mohamed El-Erian were reportedly uncertain about this statement.
What are your thoughts on this ongoing debate? Feel free to share your opinions in the comments section below.
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