Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Royal Swedish Academy of Sciences in Stockholm (Photo credit: Wikipedia)

IMF Chief Economist Raghuram Rajan at the World Economic Outlook press conference.WEO Press Conference, Washington DC, IMF Headquarters (Photo credit: Wikipedia)

This is an unbelievable and MUST READ article by  Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business, and incoming Governor of the Reserve Bank of India.

via The Paranoid Style in Economics by Raghuram Rajan – Project Syndicate.

In the article, Rajan publicly accuses Paul Krugman, the Nobel Prize winning, liberal, economist of “paranoid style” attacks on intellectual guardians of “austerity” Carmen Reinhart and Kenneth Rogoff. Last year, Reinhart and Rogoff’s research underpinning prescriptive austerity for heavily indebted countries was seriously discredited because…