Krugman's Straw-Man Market System

Lots of bits relating to Garrett County in here, which I thought was unique. The author is a teacher at Frostburg:

Economics / Economic Theory
Jan 12, 2011 - 12:21 PM

By: William_Anderson

A friend of mine a decade ago was looking to do doctoral work in economics, and one of the places where he inquired was his state's flagship university. But he decided not to seek his doctorate at that particular place after he spoke to someone who was just about to defend his economics dissertation there.

This soon-to-be PhD, it seems, was not familiar with the term "opportunity cost." (He was specializing in so-called macroeconomics, which tends to embrace every Keynesian fallacy and a few extras, so perhaps it should surprise no one that this person was not familiar with concepts of scarcity: Keynesians believe that governments create wealth by fiat.)

I recount this story after reading a recent post by Paul Krugman on his New York Times blog, in which he claims that free markets are responsible for the bad food in Great Britain and the lack of central heating in Mexico City. He writes,....

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