economic laws

The Krugman Effect
Paul Krugman
Paul Krugman

In an interview on Geeks Guide to the Galaxy (Wired), econtard Paul Krugman discussed the relationship between science fiction and economics. He said that he was inspired to pursue economics by Asimov’s Foundation series. Quelle surprise! He also claimed economic laws change over time (I know, I know!), but he nevertheless embraces one unstoppable apriori economic law in the interview: greed.

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ISS astronaut impressed by private firm SpaceX’s Dragon vehicle: “Inside of the Dragon module. Beautiful. Spacious, Modern. Blue LEDs. Feels a bit like a sci-fi filmset. Of course it is from Los Angeles.” And “You could say a new era of spaceflight has begun. Soon private companies will take people to and from space.”

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A few years ago in honor of Arthur C. Clarke’s then-recent birthday, I wrote on my own blog that he must never have read Ludwig von Mises and Murray Rothbard,

because according to this quote cited by Gregory Benford in his happy-birthday letter in Locus Magazine (January 2008), he claims that “there are some general laws governing scientific extrapolation, as there are not (pace Marx) in the case of politics and economics.” Well, far be it from me to disagree that Marx was wrong about a lot of things, but Clarke is wrong here. Sir Clarke, you may be 90 years old now, and happy birthday by the way, but it’s never too late to acquire a firm grasp of sound economic theory.

As disappointing as it is, it’s not surprising that he had a natural-scientistic bias against economics. Sadly, he died only a few months after my post.

In a more recent article in the Sri Lanka Guardian, more of Clarke’s economic ignorance is on display:

While researching for this article I came across a searing indictment by Clarke on the American capitalist system. After observing that the structure of American society may be unfitted for the effort that the conquest of space demands he continued, “No nation can afford to divert its ablest men into essentially non-creative and occasionally parasitic occupations such as law, insurance and banking”. He also referred to a photograph in Life Magazine showing 7,000 engineers massed behind a new model car they had produced as ‘a horrifying social document’. He was appalled by the squandering of technical manpower it represented. All this indeed makes one wonder whether he really was a closet socialist.

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