The Blaze: Free Markets vs. Govt Intervention: Ron Paul and Paul Krugman Faceoff in Bloomberg DebateSubmitted by Barracuda_Trader on Tue, 05/01/2012 - 09:13
Bloomberg TV hosted a live debate Monday between Nobel-prize winning economist Paul Krugman and Republican presidential candidate Ron Paul. If you’re not familiar with either of the debate participant’s economic positions, this is what you need to know: Krugman is an economist who advocates top-down government intervention in the markets and Rep. Paul is in favor of free markets with little to no meddling by the government.
“[Krugman] believes in big government…and I believe in very small government. I emphasize personal liberties. I don’t like a managed economy, whether it’s through central economic planning or monetary policy or even Congress doing it,” Rep. Paul said.
“It’s a completely different philosophy that markets are supposed to work, you know, in a natural way,” he added.