Krugman on Tobin

Paul Krugman’s tribute to James Tobin, the Yale economist who died yesterday, is exemplary in its explanation of significant economic concepts. As Krugman remarks, Tobin’s ideas have been misappropriated and misinterpreted on both left and right. Krugman mention’s Tobin’s “faith in the power of ideas”. “That’s a faith that grows ever harder to maintain, as bad ideas with powerful political backing dominate our discourse.”