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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.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
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Economist
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Pundit
University Teacher
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Albany
New York
Paul Robin Krugman
Paul R 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.
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However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
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These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.
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The planet will continue to cook.
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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?
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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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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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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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The federal government is basically an insurance company with an army.
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If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much.
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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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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.
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Economics is not a morality play.
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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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The science fiction world has a lot of people doing seriously imaginative thinking.
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By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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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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For most Americans, economic growth is a spectator sport.
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