Economist Steve Hanke Criticizes Paul Krugman’s Inflation Remark as a Significant Global Issue

Steven Hanke Criticizes Paul Krugman’s Claim on Inflation

Johns Hopkins University economist Steven Hanke has accused fellow economist Paul Krugman of spreading disinformation by claiming that inflation is a “global phenomenon.” Hanke referred to Krugman’s recent op-ed article in the New York Times as another example of the Nobel laureate’s false information.

Krugman’s Argument for Bidenomics

In his article, Krugman defends Bidenomics, the economic policies of President Joe Biden. While Krugman admits that persuading conservatives is unlikely, he suggests that progressive U.S. citizens can still be convinced that the Biden administration has succeeded in managing the economy.

Krugman’s Case for U.S. Economy

Krugman supports his case by pointing out the rise in labor productivity and the decrease in unfilled job openings during the Biden presidency. He also highlights the growth rate of workers’ earnings, which is said to exceed the inflation rate.

Hanke Disagrees with Krugman’s Inflation Claims

However, Hanke disagrees with Krugman’s assertion that the U.S. has successfully controlled inflation. Hanke argues that inflation is always a local phenomenon and cites examples of well-managed countries such as Switzerland and China with low inflation rates.

Krugman Versus Hanke

This is not the first time Hanke has challenged Krugman’s viewpoints. In October, when Krugman claimed victory in the U.S. war on inflation, Hanke also disagreed with him.

Hot Take: Krugman’s Inflation Stance Criticized

Johns Hopkins economist Steven Hanke has criticized Paul Krugman for spreading misinformation about inflation. Hanke argues that inflation is not a global phenomenon but a local one. He dismisses Krugman’s claim that the U.S. has successfully managed inflation and points to well-managed countries like Switzerland and China with low inflation rates. This is not the first time Hanke and Krugman have clashed on economic issues. Hanke’s criticism raises questions about Krugman’s analysis and highlights the ongoing debate among economists.