Nobel economist Paul Krugman has been our constant adversary over the years thanks to his undying support for bigger government and higher taxes every step of the way.  The one issue Krugman was sensible on was he generally supported the commonly-accepted benefits of the gains from free trade and comparative advantage.

He was awarded the 2008 Nobel Prize in Economics for his New Trade Theory, which argued that trade is driven by economies of scale and network effects and he famously critiqued protectionist tariffs as inefficient.

Well, now he’s renounced his free trade beliefs. Krugman recently acknowledged on Wall Street Week that, “I am really reluctant to be where I am right now, but I do think that conditional tariffs on Chinese cars are probably going to be necessary… I’ve been shocked not only by my own change of mind, but by some of my colleagues’… It’s not 20 years ago anymore. We really do need to rethink.”

Gee, who does he sound like?

Paul, We Hardly Knew Ye

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