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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.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
Columnist
Economist
Essayist
Journalist
Pundit
University Teacher
Writer
Albany
New York
Paul Robin Krugman
Paul R Krugman
Happens
Real
Time
Forced
People
Lots
Decide
Debt
Danger
Pay
More quotes by Paul Krugman
When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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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 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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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
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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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Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.
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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.
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Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
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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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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.
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Economists don't usually make good speculators, because they think too much.
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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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Economics is not a morality play.
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There are no atheists in foxholes and there are no libertarians in financial crises.
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The problem with digital books is that you can always find what you are looking for but you need to go to a bookstore to find what you weren't looking for.
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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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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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We should try to create the society each of us would want if we didn't know in advance who we'd be.
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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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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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