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Confidence fairy
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The confidence fairy is a metaphorical character created by Paul Krugman in his July, 2010 New York Times column. The confidence fairy is his rhetorical way of explaining the popular belief that fiscal austerity can be expansionary, due to the increase in business confidence that can result. The idea that confidence plays a key roll in economic decision making is not a new idea (see the referenced article by Brad DeLong). It is Krugman's characterization of this idea as belief in a confidence fairy that is new. This characterization seeks to portray Krugman's opponents as childish and naive. This metaphorical character has been picked up my many other economists and columnists such as Brad DeLong, and Joseph Stiglitz. |
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