Readers of George Orwell’s 1984 might recall Big Brother’s claims that "war is peace" or "freedom is slavery." Orwell was writing a novel, but some of the commentary these days makes me think that elite economists have taken residence in Oceania’s "Ministry of Truth."
Today, the champion—the uncontested champion of Orwell’s "truth"—is Paul Krugman, the 2008 Nobel laureate, Princeton professor, and New York Times columnist. For those who read his twice-weekly column or glance at his blogs and commentary elsewhere, it is like reading the latest pronouncements from the "Ministry of Truth," and, like in Oceania, it seems that the masses believe the nonsense. (more)