BUSINESS
10/10/2013 12:13 pm ET Updated Oct 10, 2013

Niall Ferguson Doubles Down On Krugman Crusade

To the delight of econ geeks everywhere, Niall Ferguson is showing no signs of stopping his endless tirade against Nobel Prize winner Paul Krugman.

In a Thursday interview on HuffPost Live, the Harvard professor called on Krugman to admit he was wrong on "the biggest calls of his career:" the origins of the financial crisis and the fate of the eurozone.

"You got it wrong, could you please just acknowledge that" Ferguson said. "I think he [Krugman] also has to adopt in future some more humility, because nobody can predict the future with 100 percent, or even 80 percent accuracy."

Ferguson's plea for Krugman to admit his past mistakes comes after the Harvard professor explained at length in a series of Huffington Post blog posts why he thinks Krugman's own economic models failed him. As one of "the most renowned economists" with a huge influence on public debate, Krugman must admit that his economic predictions are not infallible, Ferguson said.

"He is the only economist I know of who says that he's always right and has made only two mistakes in his career," he added.

The irony is that last year it was actually Krugman who was making a very similar demand of Ferguson. Krugman wrote in a New York Times blog post that Ferguson's Newsweek cover story about why President Barack Obama did not deserve reelection was filled with "multiple errors and misrepresentations." Rather than admit any mistakes, the Harvard professor issued a point-by-point defense of his work.

Watch the full interview from HuffPost Live below.

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