The physicist Wolfgang Pauli had a concise retort to a theory or paper that was so fundamentally incorrect that it beggared analysis. Such work, he said, was "not even wrong."
The judgment could be applied to an economic proposal being floated by Republican presidential candidate Ted Cruz and at least tacitly endorsed in one form or another by his rivals Rand Paul, Ben Carson, Mike Huckabee and Chris Christie: returning America to the gold standard.
As economic policy, a return to the gold standard would be so not right that it's not even wrong.
The gold standard is one of the few economic nostrums on which...