Paul Krugman posted on a familiar topic yesterday—the failure of most inflation hawks to admit that they were wrong—and included praise for one such hawk who has indeed changed his mind and said so:
There’s an interesting contrast with one of the real intellectual heroes here, Narayana Kocherlakota of the Minneapolis Fed, who has actually reconsidered his views in the light of overwhelming evidence. In our political culture, this kind of switch is all too often made into an occasion for gotchas: you used to say that, now you say this. But learning from experience is a good thing, not a sign of weakness. (“A Tale of Two Fed Presidents”)