I had pretty much expected it would be something coming out the yap of John McCain or Lindsey Graham -- "we need to get back into Iraq, losing there once in this century isn't enough" or something like that -- but they were all outclassed by an economist who clearly should know better.
The continuing slowness of economic growth in high-income economies has prompted soul-searching among economists. They have looked to weak demand, rising inequality, Chinese competition, over-regulation, inadequate infrastructure and an exhaustion of new technological ideas as possible culprits.
An additional explanation of slow growth is now receiving attention, however. It is the persistence and expectation of peace.
The world just hasn’t had that much warfare lately, at least not by historical standards.
I bet you're thinking to yourself, Paul Krugman, it has to be Paul Krugman, in this day and age only Paul Krugman or maybe David Brooks could get away with getting that fetal-position-laughing silly in the New York Times.
Nope.
Tyler Cowen.
I bet you're thinking to yourself, oh dear God, not that Tyler Cowen?
Yes, that Tyler Cowen.
I bet you're thinking to yourself, wow. Tyler Cowen threw himself bodily right through the Broken Window Fallacy? Did he pick this week to start smoking crack or something?
That's kind of what I'm thinking too.
Maybe he's got tenure. Maybe even if he doesn't have tenure, George Mason will hold his chair for him if he agrees to in-patient rehab. That crack will get right into your head, man.
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