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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Paul Robin Krugman
Paul R Krugman
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More quotes by Paul Krugman
as an economics professor I am by nature inclined to the view that the truth isn't out there, it's in here - that usually you learn a lot more by thinking really hard about the data than you do by sniffing around for supposedly inside information.
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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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There are no atheists in foxholes and there are no libertarians in financial crises.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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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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Bad ideas flourish because they are in the interest of powerful groups.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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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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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
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The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
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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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Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the greater fool 4. Run with the herd. 5. Overgeneralize 6. Be trendy 7. Play with other people's money
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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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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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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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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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