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Home | Blog | Mendacious NYT Reporter Smears Economists on Speculation

Mendacious NYT Reporter Smears Economists on Speculation

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12/30/2013

Thanks to Felix Salmon for quoting me in his take-down of this embarrassing NYT piece on Craig Pirrong and Scott Irwin, two well-known economists who study commodity-market speculation. Basically, the reporter dislikes speculation (which he clearly doesn't understand), so he assumes any expert with a different view must be a hired gun for various commodity-market firms and groups. The result is a preposterous article riddled with "jaw-on-the-floor" errors, mendaciously edited so the unfounded accusations come first, and the self-contradictions revealed only at the end of the piece. (E.g., the professors are paid consultants for these groups — oh, but they say the opposite of what these groups want, and are actually paid to work on entirely different things.)

As one commentator on my blog described it: "NYT reporter dutifully caters to its dwindling readership’s biases in an attempt to sell newspapers."

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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