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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
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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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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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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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Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.
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I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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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 public has no idea that the deficit has been falling like a stone.
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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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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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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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The world economy is in a nosedive, and understanding what I call depression economics - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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The French, unfortunately, actually believe what they say, and that has been very destructive.
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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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The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes it's the invisible handshake in the boardroom.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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Are you, or is someone you know, a gadget freak? If so, you doubtless know that Wednesday was iPhone 5 day, the day Apple unveiled its latest way for people to avoid actually speaking to or even looking at whoever they're with.
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