by: Paul Krugman, Krugman & Co. | Op-Ed
I was trying to come up with a way to describe Raghuram Rajan’s latest argument on why interest rates should go up despite high unemployment and quiescent inflation — but Mike Konczal, a fellow with the Roosevelt Institute, saved me the trouble.
As Mr. Konczal writes in his blog, Rortybomb, it’s Calvinball — making up new rules on the fly to justify whatever you want.
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