[TAG0][TAG1]
- Paul Krugman claims that Elon Musk is an "economy truther" who believes in conspiracies out of his ego.
- Tesla's CEO has questioned official statistics and boasted of his unique data access.
- Krugman claims that Musk and other tech leaders believe they are geniuses, so they don't mind doubting experts.
Paul Krugman claims that Elon Musk is an "economy truther" who believes in false conspiracies due to his massive ego.
Musk, CEO of Tesla, SpaceX and owner of Twitter, warned of an imminent severe economic downturn that would last for about 18 months in December. In April of this year, he tweeted that a "mild recession" had already begun. "Further interest rate increases will trigger a serious recession." "Mark my words."
Krugman's latest New York Times article notes that official data shows the US economy continues to grow. Musk responded to Musk's June tweet claiming that the government was publishing fake statistics by saying: "Something does not add up."
What is Krugman's explanation for Musk and other tech executives dismissing government stats and blaring the recession alarm with a stubborn attitude? Their incredible success has led them to believe they are smarter than they really are.
He said that technology billionaires were particularly susceptible to believing they are uniquely brilliant and able to master any subject instantly, from Covid, to the wars in Ukraine. "Their faith in their own genius renders them gullible and easy targets for grifters who claim that experts are wrong."
Musk has even boasted of his seemingly unmatched knowledge. Musk tweeted that he may have "more real-time global economy data" in his head than anyone else.
Krugman, the Nobel Prize-winning economist who ruled out that the Biden Administration was tampering with their figures, has ruled it out. He said that US statistical agencies were largely run civil servants who valued their integrity. They would raise the alarm if political appointees attempted to interfere with their works. He said that private-sector economic readings have always been consistent with government data.
The columnist admitted that a recession might eventually occur, but he dismissed the notion that one was already underway. Musk and his colleagues are skeptical about that reality, he said. "They don't even know what they don’t know and nobody can enlighten [them]," he added.
—————————————————————————————————————————————
By: tmohamed@insider.com (Theron Mohamed)
Title: Elon Musk’s massive ego explains why he doubts government data and believes a recession is underway, Nobel laureate Paul Krugman says
Sourced From: markets.businessinsider.com/news/stocks/elon-musk-tesla-recession-truther-ego-economy-government-data-krugman-2023-7
Published Date: Wed, 05 Jul 2023 11:22:41 +0000
Related posts:
Nobel economist Paul Krugman said housing and employment market data may have been overstated. And inflation could be dropping quickly
His conservative politics have hurt his personal brand and alienated Tesla’s main customers, Nobel laureate Paul Krugman said.
Nobel laureate Paul Krugman compared Tesla to bitcoin, and said he wouldn’t trust Elon Muss to feed his cat.
Nobel economist Paul Krugman attacks Elon Musk and Sam Bankman Fried and says the world is now ruled by ‘petulant, oligarchic’ oligarchs.
Leave a Reply