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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.

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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Albany
New York
Paul Robin Krugman
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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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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.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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Economics is not a morality play.
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Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine.
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The public has no idea that the deficit has been falling like a stone.
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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.
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Whenever you see some business person quoted complaining about how he or she can't find workers with the necessary skills, ask what wage they're offering. Almost always it turns out what said business person really wants is highly (and expensively) educated workers at a manual-labor wage. No wonder they come up short.
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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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Not all private equity people are evil. Only some.
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I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
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I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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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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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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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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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.
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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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Bad ideas flourish because they are in the interest of powerful groups.
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Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
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