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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.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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For most Americans, economic growth is a spectator sport.
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The French, unfortunately, actually believe what they say, and that has been very destructive.
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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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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 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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If you want to understand opposition to climate action, follow the money.
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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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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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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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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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[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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The federal government is basically an insurance company with an army.
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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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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.
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Anyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
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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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The planet will continue to cook.
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