Uber-Jerk Paul Krugman says in today's column that he is taking a 2 month sabatical to write an economics text. If you were a student who might in the future have some teacher foist this book upon you as a requirement for credit, I would strongly suggest dropping the course. You see, despite the fact that Paulie is a professor of economics at MIT, his columns demonstrate a rather disturbing lack of any understanding of, uh, economics. To wit: at least once a month he decries the national deficit (or the purported effect that tax cuts have on it) despite the fact that: 1.) we are at WAR; 2.) Interest rates are at all-time lows (everybody here that bought their house with cash raise their hands); and 3.) The Reagan tax cuts had the effect of RAISING revenue flowing into the U.S. treasury's coffers. All the while he contends that the U.S. economy is bad, when all evidence indicates that it is not (see also, election results).
That's the specific. In general, I still say that the next lefty I meet that has even the most tenuous understanding of market economics will be the first.