Paul Krugman+ Your Authors @paulkrugman Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” "Arguing With Zombies," + more. Jul. 31, 2020 1 min read + Your Authors

One thing I don't think is fully appreciated is the fact that Republicans in general, and Trump a fortiori, have no idea what causes recessions. If they've even heard of Keynes, they imagine his as a left-wing agitator, probably an antifa terrorist 1/  https://www.nytimes.com/2020/07/31/business/coronavirus-trump-economy.html?referringSource=articleShare 

People are mocking Judy Shelton over her goldbug views, but they forget that Paul Ryan — remember, the celebrated intellectual leader of the party — declared that he learned all his monetary economics from Ayn Rand 2/  https://www.washingtonpost.com/news/wonk/wp/2012/08/13/what-did-ayn-rand-teach-paul-ryan-about-monetary-policy/ 

During the financial crisis even tenured Chicago professors reinvented old fallacies, such as Say's Law, and imagined that they were deep insights 3/  https://krugman.blogs.nytimes.com/2009/01/27/a-dark-age-of-macroeconomics-wonkish/ 

Basically the GOP and its pet economists don't believe it's even possible for an economy to suffer from inadequate demand; if unemployment is high it must be because we're taxing the rich too much, or being too nice to the unemployed 4/

So the looming catastrophe as Pandemic Unemployment Compensation expires, sucking purchasing power out of the economy at a $900 billion per year annual rate, just doesn't register in their worldview 5/


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