Arrogance of the Elites

"Arrogance of the elites" is a phrase with which readers of this site will be familiar; see, for example, posts with that headline here and here. Now Paul Krugman gets into the game with a column today asserting, "the real story behind the euromess lies not in the profligacy of politicians but in the arrogance of elites — specifically, the policy elites who pushed Europe into adopting a single currency well before the continent was ready for such an experiment." Mr. Krugman, a Yale graduate who teaches economics at Princeton, won the Nobel prize in economics, and has a column in the New York Times, might strikes some people as an elite himself. When even the elite are complaining about the arrogance of elites, it may be a sign that there is something to the problem.