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These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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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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The goal in the end is not to win elections. The goal is to change society.
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Default is not in our stars, but in ourselves.
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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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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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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 French, unfortunately, actually believe what they say, and that has been very destructive.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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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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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much.
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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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On the political as on the economic front it's important not to fall into the not as bad as trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.
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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.
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The federal government is basically an insurance company with an army.
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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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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 world economy is in a nosedive, and understanding what I call depression economics - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.
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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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The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
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