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The habit of disguising ideology as expertise has created a deficit of legitimacy.

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
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More quotes by Paul Krugman

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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.
Paul Krugman
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So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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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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[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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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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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.
Paul Krugman
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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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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.
Paul Krugman
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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.
Paul Krugman
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The party of ideas has become the party of Beavis and Butthead.
Paul Krugman
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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.
Paul Krugman
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Economists don't usually make good speculators, because they think too much.
Paul Krugman
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America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity.
Paul Krugman
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Friedrich Hayek is not an important figure in the history of macroeconomics.
Paul Krugman
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Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be armed and dangerous without being ostracized but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P.
Paul Krugman
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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.
Paul Krugman
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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.
Paul Krugman
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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.
Paul Krugman
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Not all private equity people are evil. Only some.
Paul Krugman