Coruscation

Several comments have criticized Krugman for shifting his position,
but I think what has shifted is the second part. He still knows all the
models, and the models he prefers still work as well as ever. But as
for guessing which applies right now in the face of insufficient
information, all he can do is place a wager. It might be better than
most non-economists can do, but it might not be that much better,
and it might be worse than some people can do out of just happening
to have the right kind of intuition for the current situation--or simply
holding doggedly to the same single bullet theory until it finally
happens.

From Krugman Was An Economist

Update 2007 Sept: What's not to like about Paul Krugman.