The Economics Show The Wolf-Krugman Exchange: The future of the postwar system
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Jul 2, 2025 
In this engaging discussion, Paul Krugman, a Nobel Prize-winning economist and professor at City University of New York, joins Martin Wolf, chief economics commentator at the FT. They dive into how U.S. political turmoil threatens democratic values and the postwar economic order. The conversation reveals the risks posed by diminishing research funding and the importance of innovation. They also explore the disconnect between political decisions and public perception, concluding with a culture-infused reflection on freedom and justice.
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Trump's Bill Name Reveals Shift
- Trump and the GOP have embraced the "One Big Beautiful Bill" name, signaling slavish devotion to his leadership.
- This marks a profound shift away from traditional US political norms and dignity, resembling authoritarian tendencies.
Gresham's Law in GOP Politics
- The Republican party is losing sincere conservatives uncomfortable with its undemocratic shift.
- Bad political elements dominate as dissenters leave, deepening radicalization.
Public Backlash vs. Political Reality
- American public overwhelmingly dislikes current regressive legislation despite obfuscation.
- The effect on services will directly impact people's lives, but blame might be misdirected.