By James Carville, CNN contributor
updated 9:53 AM EST, Fri December 9, 2011
Editor's note: James Carville is a Democratic strategist who serves as a political contributor for CNN, appearing frequently on CNN's "The Situation Room" as well as other programs on all CNN networks. Carville remains active in Democratic politics and is a party fundraiser.
(CNN) -- As usual, Professor Paul Krugman's piece in the Monday morning New York Times is causing a great deal of chatter among the political types. Krugman points out just how inept the Republican field is. In some cases he takes a scalpel (and in others a machete) to surely the weakest field of presidential aspirants any party has offered in modern American history (see my earlier CNN column comparing this field to 1980). I believe I can explain why this field is so inept. In order to proffer this explanation I am going to utilize Professor Krugman's field of economics.
Hold on: I confess I've never taken an economics course and if you ask me the relationship between interest rates and bond prices I would have a Herman Cain Libya moment. I could probably get the right answer but it would take me a while. There are some laws of economics that I believe all economists (be they salt, fresh, or brackish water) would agree on. One of these is: The more valuable a thing, the more people will be interested in purchasing that thing. And as Professor Krugman points out in his piece, the 2012 Republican nomination was clearly considered by most observers to be a thing of value.