The class is designed to give students of the Austrian School a fair understanding of the worldview of John Maynard Keynes and his best-known living proponent, Paul Krugman, in the specific context of economic booms and busts. After reading source material from Keynes and Krugman, we will discuss Austrian critiques of their approach.Commenting on Krugman, Murphy says:
Whatever else one may think of him, Krugman always offers a snappy argument for his views, backed up by an appeal to a formal model. My main goal in this section of the course is to equip students to "think like Krugman." For example, he has a ready response for critics who object, "So why don't we just run trillion-dollar deficits forever, if they're so good?" or who ask, "Why didn't your advice work in Zimbabwe?" Naturally, I don't agree with Krugman's worldview, but the point is that he has a fairly consistent, complex theoretical structure. Ultimately, it takes more than one-sentence zingers to give his views the thorough refutation that they deserve.Anyone interested in the course can find more information about it here.