Krugman Admits He and Mainstream Economists Got Globalization Wrong

Krugman Admits He and Mainstream Economists Got Globalization Wrong
Economist and Nobel-prize winner Paul Krugman speaks with journalists after meeting Japanese Prime Minister Shinzo Abe in Tokyo, Japan, on March 22, 2016. Franck Robichon/AFP/Getty Images
Tom Ozimek
Updated:

Paul Krugman, Nobel-prize winning economist and avowed champion of free trade, admits he and his colleagues got a few things seriously wrong about globalization, in particular around its downside impact on local labor markets.

“We missed a crucial part of the story,” Krugman wrote in a Bloomberg article in October, referring to members of the so-called “1990s consensus,” mainstream economists who worshipped at the altar of free trade.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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