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Discussion: (13 comments)

  1. FactsB4Fiction Your own chart shows the UK only overtook France after massive statist fiscal stimulus under Blair/Brown. A more balanced argument might ask why it is that France still has a GDP almost the same as UK with all its statist policies. Neither right nor left will engage with this obvious point. Two systems – one result.

    1. C H Ingoldby

      The graph shows that under Conservative free market policies the wide gap between Britain and France began to steadily narrow as Statist France relatively stagnated and free market Britain relatively prospered.

      And you reduce that more than twenty years of superior economic performance to just the single moment when the lines crossed? That seems to be intellectually dishonest of you.

  2. SeattleSam

    Krugman concludes: if anyone tells you that Thatcher saved the British economy, you should ask why the results of that salvation took so very long to materialize.

    I wonder if Mr. Krugman has ever made that same observation about FDR?

  3. 1) Am I missing something? Does Krugman not see the almost steady rise starting around 1981 and continuing to about 1988?

    2) How much of the increase in the ratio of England/France is due to improvement in growth in England and how is due to a decline in growth in France? I mean that the Numerator (England) could be flat but the ration would increase if the Denominator (France) were shrinking.

  4. Oliver Rivers

    I struggle to take seriously the work of an “analyst” who believes that $38,000 is 10% greater than $36,000 (see here: Leaving aside Mr Pethokoukis’s embarrassing struggles with basic numeracy, an account of UK economic performance in the 1980s which wholly ignores the impact of North Sea oil on UK economic growth really can’t be taken seriously.

    1. So North Sea oil explains all! Downsizing and moving out of coal – a smart Thatcherite step also on the supply side – doesn’t?

      Everybody’s a cherry-picker when partisan pols are at stake.

  5. Krugman has long ago reached a caricaturish point where he is no longer worthy of being taken seriously. He regularly cedes NO respect or legitimacy to economists – and even fellow Nobel Prize winners are not spared! – who question the Keynesian line. They are all incompetent, corrupted or even mentally ill, by his telling.

    It is time we reciprocate. A brazen hack is a brazen hack, past reputation be damned.

  6. Gilgamesh

    Why not respect Krugman, he won a Nobel Prize just like Obama.

  7. Ed Plains

    A relevant exercise is to “google” Paul Krugman lies….and Presto ! A litany of articles and a wealth of material is at your fingertips.

  8. Krugman’s right.

    1. Dude, just … stop. That line is robust and coincides perfectly with Thatcher’s tenure.

      You’re not going to defend this Krugman’s “Well, did it REALLY have anything to do with Thatcherism?” hatchet job without looking just as foolish.

  9. one wonders how a Noble prize Wiiner Like Krugman can be so ignorant so often..oh wait a minute didn’t Jimmy O’Bama Carter..sorry I mean Barach Obama win a Nobel prize??

  10. Michael Abele

    Is there any way to obtain separate graphs for the City of London for that time period versus, say, Scotland or Yorkshire?

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