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Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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I think Stockman is an interesting sort of amalgam.
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The French, unfortunately, actually believe what they say, and that has been very destructive.
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Every once in a while I feel despair over the fate of the planet. If you’ve been following climate science, you know what I mean: the sense that we’re hurtling toward catastrophe but nobody wants to hear about it or do anything to avert it.
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The goal in the end is not to win elections. The goal is to change society.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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There are no atheists in foxholes and there are no libertarians in financial crises.
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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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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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Politics determines who has the power, not who has the truth.
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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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