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For most Americans, economic growth is a spectator sport.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Paul Robin Krugman
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More quotes by Paul Krugman

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Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.
Paul Krugman
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Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine.
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We have a lot of evidence on what happens when you raise the minimum wage. And the evidence is overwhelmingly positive: Hiking the minimum wage has little or no adverse effect on employment while significantly increasing workers' earnings.
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Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
Paul Krugman
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The party of ideas has become the party of Beavis and Butthead.
Paul Krugman
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The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.
Paul Krugman
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Bad ideas flourish because they are in the interest of powerful groups.
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We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
Paul Krugman
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One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education then the “high school movement” made us the first nation to embrace widespread secondary education.
Paul Krugman
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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
Paul Krugman
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The French, unfortunately, actually believe what they say, and that has been very destructive.
Paul Krugman
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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
Paul Krugman
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Whenever you see some business person quoted complaining about how he or she can't find workers with the necessary skills, ask what wage they're offering. Almost always it turns out what said business person really wants is highly (and expensively) educated workers at a manual-labor wage. No wonder they come up short.
Paul Krugman
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Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?
Paul Krugman
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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
Paul Krugman
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So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
Paul Krugman
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But where will the Fed find another bubble?
Paul Krugman
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What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists.
Paul Krugman
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I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
Paul Krugman
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When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
Paul Krugman