The Efficient Krugman Hypothesis

Proposed Wikipedia entry
The Efficient Krugman Hypothesis

This hypothesis originally proposed by Professor J. Bradford DeLong of the University of California, Berkeley has two versions, strong and weak.

The Strong version is:
Proposition 1: Paul Krugman is always right.
Proposition 2: If your analysis indicates that Paul Krugman is wrong, see Proposition 1.

The Weak version:
Proposition 1: Paul Krugman is always right.
Proposition 2: If your analysis indicates that Paul Krugman is wrong, recheck your analysis for errors.

Curiously in contrast to the case of the Efficient Markets Hypothesis, the Stronger version of the Efficient Krugman hypothesis has substantially greater empirical support.