Fareed Zhakaria is (unfortunately) completely economically ignorant. This is made clear in his statement that the two economists debating are “liberal and conservative”. He considers Paul Krugman a “liberal”, however Krugman believes in allowing the state to control everything on a domestic level, economic or otherwise. This is more consistent with ideas of socialism and statism (not liberalism as Zhakaria suggests). Zhakaria considers John Taylor a “conservative” because John Taylor believes in free markets with limited government intervention, which is much more realistic than Krugman’s hyperbole. If CNN or Zakaria wanted to create a truly accurate debate with all ideologies across the spectrum of economics, someone of Austrian school of economics would have been included. Those of the Austrian school (ideas consistent with FA Hayek and Ludwig von Mises) will advocate for completely free markets with government organizations such as the Federal Reserve abolished altogether. Paul Krugman is diametrically opposed to the Austrian school as he believes that the government is the answer to almost everything. Such a debate would show that John Taylor is by far the most moderate, realistic, and reliable voice out of the three. Although the Austrian system would have great advantages, it would be very difficult to implement with the Executive and Legislative branches of government consistently eroding our economic freedoms and continually influencing (hazardous) monetary …
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