The bad economics tide starts with the usual suspect!

UPDATE: Don responds, as do I.


Don Boudreaux!

Not content to refine distinctions between stocks and flows where they get a little fuzzy in the hands of journalists, Don goes WAY beyond anything Peter Morici ever actually says about the economics of disasters. That's called lying at worst, or being misleading at best (I won't outright call it lying because Don is slippery as to whether he's saying Morici has ever said any of this... but it's definitely misleading).

One other thing that bugs me about this bad tendency among certain economists: why does he call it "vulgar Keynesianism"? Why does Keynes always get whipped out when we talk about disaster economics? It's not completely irrelevant (since things at or below full employment have different implications), but it doesn't really have anything to do with Keynesianism.

Do we even know if Morici considers himself a Keynesian? Does anyone have any evidence he's a Keynesian? I heard this somewhere else recently too - citing Morici on disasters and saying "see that's what Keynesians think". Is he even Keynesian?