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Lefty economist Paul Krugman on why he was wrong about inflation: 'Nobody thought about logistic supply chains or any of that stuff'

Photo by Ricardo Rubio/Europa Press via Getty Images

During an interview on MSNBC on Thursday, left-wing economist Paul Krugman tried to explain why he and his fellow economists didn't see high inflation coming.

Krugman was explaining his latest New York Times op-ed entitled "I Was Wrong About Inflation," which laid out why he incorrectly predicted that spending programs from the Biden administration would not lead to significantly higher inflation.

"What did you think you got wrong?" asked "Morning Joe" co-host Mika Brzezinski.

"Well, partly it's that, there's stuff that I didn't, that nobody saw coming. Nobody saw Putin invading Ukraine. I think nobody really thought about logistic supply chains or any of that stuff, until suddenly it became a big problem," Krugman claimed.

"But part of it is that we did, in fact, end up with what is clearly an overheated economy, and the effect of that overheating on inflation was bigger than past experience would have led us to believe," he added.

"So it's always dangerous to extrapolate from the past," he explained. "And in this case, I thought it was possible that we would overheat. I didn't think, given the historic relationship, that there would be this much inflation."

Krugman then tried to pivot from those mistakes to "where do we go from here." He also posited that there were signs that inflation was not going to continue in the long term.

He admitted in the op-ed that he was wrong about Democrat policies worsening inflation.

“Some warned that the package would be dangerously inflationary; others were fairly relaxed," Krugman wrote. “I was Team Relaxed. As it turned out, of course, that was a very bad call.”

Voters have made it clear in polling that they blame President Joe Biden and his policies for high inflation, and that they are voting in the pivotal midterm elections based on their anger over inflation.

Here's the video of Krugman's appearance:

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