(Around Japan's Capitol the Diet Building)The 2008 Nobel Memorial Prize in Economic Sciences
There are some interesting articles on the Internet about Mr. Paul Krugman who has won the 2008 Nobel Prize for economics.
For example, you may find a criticism of his thoughts through the following link:
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Paul Krugman’s essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman’s economics and his legacy. In this paper we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman’s impact on modern monetary economics and on today’s central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.
Full Text - Acrobat PDF (254k)
http://research.stlouisfed.org/wp/more/2007-048/
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Yet, there is a more interesting Japanese blog discussing the nature and the core of Mr. Krugman’s idea.
(http://nando.seesaa.net/article/108049197.html )
A smart Japanese blogger wrote there that the largest feat of Mr. Paul Krugman is that he clearly said to other economists: “You give off an evil smell. Realize this foul smell. And let me point at this source of the offensive odor!”
And the blog author thinks that Mr. Paul Krugman believes that the entire economics gives off an evil smell.
Specifically, Mr. Krugman has given a warning against the quantitative relaxation to be adopted as a sole or a major financial policy.
It looks like having worked well in Japan in late 1990’s.
But the fact is, according to the Japanese blog writer, that the most of drastic measures the Japanese Government took then, including quantitative relaxation and zero-interest rates, have resulted in recovery of the Japanese banks but widening gap in income between rich and poor among the Japanese people.
And the ratio of those put into a category of the new poor is far larger than that of those pulled up to a category of the new rich.
However, many Japanese economists claim that the economy has been normalized since the Japanese financial system has been restored to normality.
So, the Japanese blogger concluded that economists are calling the hell Heaven.
In this context, Mr. Paul Krugman has called the hell the hell.
So, he has got the Nobel Prize.
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What we have to identify is the Kingdom of God.
It is intangible or more intangible than money and economy.
We may be allowed to call the Kingdom of God a part of Heaven.
And if no Angles call Heaven Heaven for us, we may not realize it just passing by it.
(When I saw a young lady on TV, I just felt that she must have been born in an island or specifically a local island attached to mainland Japan in the Pacific Ocean, since such a young lady does not have blue eyes as she is Japanese…
http://www.fukuchan.ac/music/j-sengo1/shimasodachi.html )
Luk 10:15 And thou, Capernaum, which art exalted to heaven, shalt be thrust down to hell.
Luk 10:16 He that heareth you heareth me; and he that despiseth you despiseth me; and he that despiseth me despiseth him that sent me.
Luk 10:17 And the seventy returned again with joy, saying, Lord, even the devils are subject unto us through thy name.