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Golden Straw Man

Posted By Don Boudreaux On March 29, 2007 @ 9:07 am In Economics,Myths and Fallacies | Comments Disabled

In response to this note [1] that Paul Krugman has in the current issue of The New York Review of Books, I sent this letter:

Dear Editor:

Discussing Milton Friedman’s monetary economics, Paul Krugman says that “he showed himself much less doctrinaire and much more realistic than many of his acolytes: many conservative economists are drawn to visions of a restored gold standard or a world currency, dismissing the problems such a system would create” (Letter, April 12).

Krugman utterly distorts the views of market-oriented economists.  Only a tiny, insignificant fringe advocates a gold standard.  Many more – influenced by the works of F.A. Hayek [2], Ben Klein [3], Gordon Tullock [4], Larry White [5], George Selgin [6], and Kevin Dowd [7] – support competition among money issuers.  This proposal is as far from advocacy of a gold standard or a “world currency” as one can get.

Krugman’s creation and destruction of straw men is deplorable.

Sincerely,
Donald J. Boudreaux

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URL to article: http://cafehayek.com/2007/03/golden_straw_ma.html

URLs in this post:

[1] this note: http://www.nybooks.com/articles/20081

[2] F.A. Hayek: http://www.econlib.org/library/Enc/bios/Hayek.html

[3] Ben Klein: http://www.econ.ucla.edu/people/faculty/Klein.html

[4] Gordon Tullock: http://www.gordontullock.com/

[5] Larry White: http://www.umsl.edu/~whitelh/

[6] George Selgin: http://www.terry.uga.edu/~selgin/

[7] Kevin Dowd: http://www.nottingham.ac.uk/business/LIZKD.html

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