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Paul Krugman begins his 1994 book Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations with a quote from an unnamed Indian economist: “If you are a good economist, a virtuous economist, you are reborn as  a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.” Krugman goes on to explain that “[e]conomics is harder than physics; luckily it is not quite as hard as sociology.”

Staring down the barrel of what might be a dark week in American history, I can’t help but feel a sense of helplessness before a political system in which the dominant party refuses to or is perhaps unable intellectually to manage the economy according to what we, as humans know to be true about how modern economies operate. But, unlike perhaps Obama, I’m not surprised. Simpler subjects such as biology and climatology have been poorly understood in the years since “Morning in America,” and I don’t have reason to expect improvement.

@ntyork on twitter

National Debt Clock

On May 3, 2009, the National debt was $11,236,997,227,054. Click here to see the most current figure.

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