The largest municipal bankruptcy in American history is “just one of those things”

According to Paul Krugman, there really isn’t anything to be learned from Detroit’s bankruptcy. It was “just one of those things,” you see. Cato’s Walter Olson has a devastating piece on Krugman’s strange notion.

A tornado is “just one of those things” because is has no human cause. When a city goes bankrupt, it has many human causes.

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