My point here, of course, is that it’s unusually silly to grant Mr. Krugman any particular respect or acclaim because a self-selected handful of people from a country of about nine million decided that they’re the standard-bearers for all economics. It’s nice that Mr. Krugman will receive a medal and a check for $1.4 million, but it doesn’t make his ideas any more valid or alter the true principles of economic science. The Swedish Academy could have simply picked the name of a random economist out of a hat and its decision would have been equally valuable.¹

1. mises economics - Those Wacky Swedes [↩]