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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
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Economist
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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Debt
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The federal government is basically an insurance company with an army.
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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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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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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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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 French, unfortunately, actually believe what they say, and that has been very destructive.
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Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.
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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.
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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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Friedrich Hayek is not an important figure in the history of macroeconomics.
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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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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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We have a lot of evidence on what happens when you raise the minimum wage. And the evidence is overwhelmingly positive: Hiking the minimum wage has little or no adverse effect on employment while significantly increasing workers' earnings.
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Economics is not a morality play.
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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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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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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.
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.
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We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
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But where will the Fed find another bubble?
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