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Paul Krugman versus Paul Krugman

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Ale Wong/Meet The Press/AP

(Read caption) In a March 2005, file photo provided by 'Meet the Press', Paul Krugman of Princeton Univsersity and The New York Times, speaks during the taping of "Meet the Press."

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Tyler Cowen points out that Paul Krugman of the 1970s, the brilliant trade economist whose work later got rewarded with the Nobel price in economics, argued that devaluations are usually contractionary.

This conclusion puts him at odds with Paul Krugman of the last 20 years, the Keynesian economist who thinks devaluations is the key to prosperity always and everywhere (or at least everywhere where there isn't full employment.).

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Bizarrely enough, it was the latter who got to attend the Nobel prize ceremony because the former has ceased to exist.