 Where was John Cassidy’s piece published?
Letter from John Cassidy Paul Krugman replies to John Cassidy Letter from M. Mitchell Waldrop Paul Krugman replies to M. Mitchell Waldrop Letter from Kenneth J. Arrow Letter from Ted C. Fishman David Warsh's July 3, 1994, Boston Globe Letter from John Cassidy: Paul Krugman loves to berate journalists for their ignorance of economics, particularly his economics, but on this occasion, I fear, his logic is more addled than usual. I am reluctant to dignify his hatchet job with a lengthy reply, but some of his claims are so defamatory that they should be addressed, if only for the record. 1) Krugman claims that my opening sentence--"In a way, Bill Gates's current troubles with the Justice Department grew out of an economics seminar that took place thirteen years ago, at Harvard's John F. Kennedy School of Government"--is "pure fiction." Perhaps so, but in that case somebody should tell this to Joel Klein, the assistant attorney general in charge of the antitrust division. It was Klein's words, not those of Arthur, that prompted me to use Arthur in the lead of the story. 2) Krugman wrote: "Cassidy's article tells the story of how Stanford Professor Brian Arthur came up with the idea of increasing returns." I wrote no such thing, and Arthur has never, to my knowledge, claimed any such thing. The notion of increasing returns has been around since Adam Smith, and it was written about at length by Alfred Marshall in 1890. What I did say in my article was that increasing returns was largely ignored by mainstream economists for much of the postwar era, a claim that simply isn't controversial. (As Krugman notes, one reason for this was technical, not ideological. Allowing for the possibility of increasing returns tends to rob economic models of two properties that economists cherish: simplicity and determinism. As long ago as 1939, Sir John Hicks, one of the founders of modern economics, noted that increasing returns, if tolerated, could lead to the "wreckage" of a large part of economic theory.)
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