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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Albany
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Paul Robin Krugman
Paul R 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.
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If you can create even the illusion of high profitability for a few years, then when the thing collapses you can walk out of the wreckage a very rich man.
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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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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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I think Stockman is an interesting sort of amalgam.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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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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Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
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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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In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.
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If you want to understand opposition to climate action, follow the money.
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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.
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Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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[D]ebt increases that didn't arise either from war or from extraordinary financial crisis are entirely associated with hard-line conservative governments.
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The important thing to understand is that the case for pollution control isn't based on some kind of aesthetic distaste for industrial society. Pollution does real, measurable damage, especially to human health.
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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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Friedrich Hayek is not an important figure in the history of macroeconomics.
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