In short, it’s hard to think of a case less suited to tell us anything at all about fiscal stimulus under the conditions we now face. And the fact that a prominent commentator on current events apparently doesn’t know that, after a year and a half of debating this issue — well, as I said, I’m feeling fairly despairing.The problem that Krugman now faces is unpopularity among decision-makers - pointing out the mistakes of mediocrities NEVER causes the mediocrities to rethink their own actions - it only makes them join up with other mediocrities to try to punish the Krugmans of the world, those who are clearly smarter and better than them - resentment pushes out self-reflection every. single. time.
You can see the coalition of the mediocrities in action - David Brooks, a true mediocrity if ever there was one - led the charge as I blogged on July 8. One of the weapons of the mediocrities is to ignore the fact that the Krugmans are right and focus on their view that the Krugmans are immodest.
This doesn't only happen in economics, of course. Rather, it's a standard group dynamic and a huge reason why human society is as screwed up as it is. Mediocrities always rule through sheer force of numbers.