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Stefan Karlsson

Paul Krugman versus Paul Krugman

Paul Krugman of the 1970s argued that devaluations are usually contractionary. Ironically, this conclusion puts him at odds with Paul Krugman of the last 20 years, who thinks devaluations are the one true key to prosperity.

By Guest blogger / July 12, 2012

In a March 2005, file photo provided by 'Meet the Press', Paul Krugman of Princeton Univsersity and The New York Times, speaks during the taping of "Meet the Press."

Ale Wong/Meet The Press/AP


Tyler Cowen points out that Paul Krugman of the 1970s, the brilliant trade economist whose work later got rewarded with the Nobel price in economics, argued that devaluations are usually contractionary.

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Stefan is an economist currently working in Sweden.

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This conclusion puts him at odds with Paul Krugman of the last 20 years, the Keynesian economist who thinks devaluations is the key to prosperity always and everywhere (or at least everywhere where there isn't full employment.).

Bizarrely enough, it was the latter who got to attend the Nobel prize ceremony because the former has ceased to exist.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. This post originally ran on

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