Nobel Prize-winning economist weighs in on failure of Texas power grid

A Nobel Prize-winning economist who has become known for his hard-hitting arguments is taking on the Texas power grid debacle.

Paul Krugman’s collection of many of his New York Times columns is titled "Arguing with Zombies."

He said the collapse of the Texas power grid didn’t just reveal a few shortcomings but showed the entire philosophy behind the state’s energy policy is wrong.

"The whole premise behind Texas deregulation was don’t worry producers will take precautions because they know that if they can keep their plant operating when everyone else shuts down they can make a big profit. They’ll be the supplier of last resort. Turns out, when that happens, everyone screams bloody murder," Krugman said.

He will share more of his thoughts Thursday night at 6 p.m. during a virtual event with the World Affairs Council of Dallas/Fort Worth.