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Politics determines who has the power, not who has the truth.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Economist
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Albany
New York
Paul Robin Krugman
Paul R Krugman
Politics
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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.
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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
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If you are a good economist, a virtuous economist, you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.
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Default is not in our stars, but in ourselves.
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The public has no idea that the deficit has been falling like a stone.
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I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.
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Not all private equity people are evil. Only some.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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On the political as on the economic front it's important not to fall into the not as bad as trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.
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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.
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The goal in the end is not to win elections. The goal is to change society.
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Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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Anyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
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And when the chickens that didn't hatch come home to roost, we will rue the day when, misled by sloppy accounting and rosy scenarios, we gave away the national nest egg.
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Economists don't usually make good speculators, because they think too much.
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When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.
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America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity.
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The federal government is basically an insurance company with an army.
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