Larry Summers used to say that we had not learned anything in macroeconomics since 1968. Krugman goes a step further:
if all we had known when this crisis struck was 1950-vintage macroeconomics, we would probably have done a better job of responding.Crackpot.
Krugman has joined the anti-intellectual ranks of global-warming deniers and end-the-Fed types. What's the difference between: (i) If the gold standard was good enough for grandma it's good enough for me; and (ii) If IS/LM was good enough for grandma, it's good enough for me?